SMEs turn to debt collection agencies to address the rise in cash deficits

Sept. 28, 2010 - PRLog -- Commenting on research by industry body Bacs which cites £32,000, up from £25,000 in December 2009, as the average amount owed to British SMEs, Carole Hughes, managing director of Liverpool based debt recovery agency Daniels Silverman Ltd, commented:

“Cash deficits caused by late payments and the loss of capital owed is creating serious cash flow problems for SMEs with some being forced into bankruptcy. With an estimated £24.6 billion owed to SMEs nationwide, up nearly £600 million on December 2009, debt recovery has become a major national issue.

“We have seen a steady rise in the number of companies seeking professional help with debt recovery over the past year, with a 50% growth in our client base over the period. SMEs are increasingly turning to debt collection agencies as a cost effective and low risk solution to the problem of late payments.

“Whilst streamlining credit control and billing procedures can minimise late payments, we advise companies to make use of the professional services offered by agencies which specialise in a range of debt recovery methods on a no recovery no fee basis.”

For further information please contact:

Nicolle Farthing / Anna Taylor
Broadgate Mainland
Tel: 020 7726 6111
nfarthing@broadgatemainland.com / ataylor@broadgatemainland.com

Notes to editors

Daniels Silverman is a leading national debt collection agency that has been providing professional debt recovery services since 1995. It specialises in business debt collection and consumer debt recovery on a no recovery no fee basis.

Daniels Silverman has developed a unique debt recovery IT system and unrivalled debt recovery processes for fast and cost effective debt collection.

Daniels Silverman is committed to delivering professional, ethical debt recovery services. It holds an Office for Fair Trading Licence and is a member of the Credit Services Association.

Website
http://www.danielssilverman.co.uk/

Twitter
http://twitter.com/DSilvermanLtd

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Founded in 1994, Broadgate Mainland is an award-winning company that specialises in financial services public relations.