If someone owes you money, you should act promptly as more and more individuals and businesses anticipate struggling to be able to pay bills in the coming months.
Granting credit, rather than getting paid upfront, always presents a risk. Doing a little research on a potential customer, can help reduce the risk of giving credit to a business that may be unable to pay. There are no guarantees to getting paid but you can use Companies House, the London Gazette and paid for services such as CreditSafe, to check whether there are warnings or red flags about granting credit to a particular company.
With the political and economic state of the country fluctuating greatly, many people and businesses will be struggling to make ends meet and pay bills on time or at all. With only a finite amount of money available, you need to ensure you are taking effective steps to get your customers to pay you as a priority.
We encourage you to read an article here on the BBC website which recalls a day with a debt helpline. It hits hard just how desperate many people are and what tough circumstances people find themselves in.
If someone owes you money, act promptly, to avoid finding yourself at the back of the queue.