Guildways

When you're chasing debt from an Individual, the first step to follow is the Pre-Action Protocol for debt claims.*

To ensure you are fully compliant with the protocol, you are required to include the following in your letter:

➡ Up-to-date financial information including details of any interest and administrative charges added to the debt amount

➡ Details of the agreement under which the debt is payable

➡ Confirmation that further information or a copy of any written agreement can be made available if your customer asks for it

➡ The method and how payment can be made, and details on how to contact you if your customer wants to discuss payment options

➡ A copy of the Reply Form, Information Sheet and Financial Statement Form

➡ An address to which your customer can return the Reply Form

If you're claiming payment of debts from individuals or sole traders click the link below to download our free Pre-Action Protocol letter template. You will also receive templates for the Reply Form, Information Sheet, and Financial Statement Form.

https://guildways.com/pre-action-protocol/pre-action-protocol-for-debt-claims-guide

*If you wish or need to issue court proceedings later down the line, it is important that you have followed this protocol correctly.

Pre-Action Protocol for Debt Claims Guide - Guildways Download a free Pre-Action Protocol for Debt Claims template letter. The Guild ways guide ensures that you are fully protocol compliant.

Meet Tara!

Tara joined Guildways in 2024 as a Pre-Action Commercial Debt Recovery Paralegal in the pre-legal department. She graduated Sussex University in 2023 with a degree in Law and Business Management.

Day-to-day you will find Tara chasing overdue invoices for clients both in the UK and internationally.

In her free time, she enjoys walking her dog Frank and looking after her many plants.

Learn more about our team here - https://guildways.com/about-us

What is the process for requesting payment of an invoice?

At Guildways, we begin the process off by chasing your businesses unpaid invoice for a minimum of 30 days on a no win no fee basis.

(60 days for international debtors as it may take longer for correspondence to arrive overseas).

This process involves our team of experts will send a series of letters, emails and make debt collection telephone calls to encourage payment. All of this is done on a pre legal basis. Meaning, at this stage no legal action has been taken to recover your overdue invoice.

If, after our debt collection cycle has been completed and your invoice is still outstanding you will have the option to move your case across to our sister company Lovetts Solicitors to assist. (Provided your debt meets their criteria).

Sign up today to begin your debt collection process - https://guildways.com/sign-up

Sign up - Guildways Sign up for free today with one of the leading UK & International Debt Collection specialists.

Are you clearly outlining your payment terms with your clients?

Without a contract or agreement in place, it makes it easy for clients to pay late or utilise common excuses of not paying on time.

Cash flow is the lifeblood of your business. We strongly recommend to have strong payment terms outlined in your contracts and invoices to reduce the risk of late payments and reinforce to your clients the consequences of paying late.

Follow Guildways for more debt collection guidance!

Guildways work on a no collection no fee pricing structure.

This means, our clients have peace of mind that their cases are being handled at the highest service level and it removes the risk of losing more money from their business.

No collection no fee means if we don't recover a sum of your overdue invoice, you don't pay a penny. When we do collect your overdue invoices we charge a percentage commission on any recovered funds. The level of commission is dependent on the country in which your debtor resides.

Contact us here and we’ll be in touch to explain how the process works and start chasing your unpaid invoices - https://guildways.com/contact-us

Contact us - Guildways Contact Guildways today to discuss your UK or International debt collection requirements.

We understand how frustrating it is when a customer doesn't pay on time. You may not want to cause conflict and lose repeat business as a small business. However, having strong payment terms and acting on unpaid invoices is imperative.

At Guildways, we pride ourselves on providing our clients the highest service level possible.

We can do so by:

👉 Taking the time to learn about the debt
👉 Ensure we research the history of the debt
👉 Provide clients with a no win no fee pricing structure
👉 Identify key personnel that are responsible for paying the invoices
👉 Give you 24/7 access to your case via our client case management portal

Are you tired of chasing unpaid invoices?

Learn more about Guildways here - https://guildways.com/

UK & International Debt Collection - Guildways UK & International Debt Collection specialists operating on a No Collection-No Fee commission basis.

For the most part, when a new client approaches Guildways they don't know where to start the debt collection process or what each step involves.

At Guildways, we allow you to take complete control over your cases with 24/7 access to all case documents via our case management portal, CaseManager.

Our team won't take action before consulting with you first to ensure you have full transparency about the details of your case.

Do you need some expert debt collection guidance?

Get in touch today to learn more about our no win no fee services - https://guildways.com/contact-us

Breathing Space regulations may affect your business's debt collection.

In 2021, Breathing Space regulations came into force to assist individuals and sole traders with problem debt.

The regulations allow sole traders and individuals who are struggling with debt to request 'breathing space'. As a creditor, this means you will not be allowed to continue with any debt collection activity against your debtor for a minimum of 30 days.

As this is a fairly new regulation, there are lots of questions surrounding the types of Breathing Spaces there are, what this means for creditors and what debts are exempt.

Click the link below for all your FAQs:

https://guildways.com/breathing-space-regulations

Breathing Space Regulations - Guildways From 4th May 2021, Breathing Space Regulations lets individuals or sole traders stop creditors conducting any debt recovery activity for at least 60 days.

Is your business constantly dealing with late paying customers?

Here's why:

1️⃣ You have no automation in your invoicing process
2️⃣ You’re not following up to check your invoice has been received
3️⃣ Your invoice is missing information
4️⃣ You don’t have strong payment terms

Late payments have a significant impact on your business's cash flow. In our article below, we have explored the best solutions to each of the factors above.

Read our full article here - https://guildways.com/2024/02/27/why-do-your-customers-keep-paying-late

Why Do Your Customers Keep Paying Late? - Guildways Late payments can significantly impact a company's financial health. Here are some common reasons why your customers may be paying late.

Let's breakdown the key components to avoiding payroll overpayments ⤵

1. Efficient payroll processes

We recommend utilising automated payroll systems and regularly auditing your payroll records. Along with providing training to your payroll staff on updated regulations and best practices.

2. Maintenance of the employer-employee relationship

Regularly updating employees on their wages, benefits, and any changes in the payroll process can build trust and reduce errors.

In cases where overpayments do occur despite preventive measures, honest and timely communication is crucial.

3. Dedicated payroll software

real-time data tracking, dedicated payroll software eliminates human error and reduces the risk of overpaying employees.

These software solutions provide detailed reports and analytics that offer insights into employee compensation trends, making it easier to identify discrepancies or anomalies in payments.

For more in-depth information click below to read our full article.

https://guildways.com/2024/07/12/key-tips-to-avoiding-payroll-overpayments

Key Tips to Avoiding Payroll Overpayments Keeping payroll accurate requires attention to detail and proactive measures to prevent errors before they occur.

Meet Gourav!

Gourav graduated from Kingston University London with a master’s degree in accounting and finance.

He currently serves as a pre-action commercial debt recovery paralegal, combining financial acumen with legal expertise to provide customised solutions for businesses. His approach focuses on maximising recovery while ensuring compliance with regulations.

Outside of work, Gourav enjoys spending his free time at the gym, finding it rewarding both physically and mentally.

Learn more about our team here - https://guildways.com/about-us

Guildways collects debt on behalf of clients across all sectors, and has done so in over 100 countries around the world.

Our team of experts have worked with various different industries including:

➡ Flight compensation
➡ Construction
➡ Healthcare
➡ Education
➡ Finance

We can get results for our clients by taking the time to research the history of the debt, and any contractual issues that may compromise payment. This includes gathering information about your customer and identifying the key personnel who may authorise payment.

Explore more sectors we work with here - https://guildways.com/sectors

Sectors - Guildways We collect debts across all sectors including B2B, B2C, utilities, insurance, finance, university fees, NHS, overpayment of salary, EC261 and others.

Have you considered segmenting your debtors?

There are a number of ways you can do this:

➡ 30 days overdue
➡ 60 days overdue
➡ More than 90 days overdue
➡ Amount owed

By segmenting your debtors in this way, you can tailor your debt collection strategies to increase effectiveness. If your debtor is more than 30 days overdue you may wish to pass the case onto a debt collection agency to assist.

If your debtor is more than 90 days overdue you may look to suspend their account or any scheduled work until payment has been made.

This is a great way of showing your customers or clients that you have strong payment terms and reducing the risk of future late payments.

Follow Guildways for more debt collection guidance!

Utilising a third party debt collection company will improve your collection rate.

Here's why:

➡ We hold specialised knowledge and experience
➡ We stay updated on changes in debt collection laws and regulations
➡ We use more advanced tools and technology
➡ We have access to tracing services

At Guildways, we offer a risk free no collection no fee pricing structure to give you peace of mind that your cases are being handled at the highest service level possible.

Sign up for free today - https://guildways.com/sign-up

Sign up - Guildways Sign up for free today with one of the leading UK & International Debt Collection specialists.

Are you considering writing your unpaid invoices off as bad debt?

This is just what our client was ready to do before approaching Guildways.

Our risk free, no collection no fee pricing structure gave our client peace of mind that:

1. Their debts would be handled at the highest service level possible
2. There was no risk of more financial loss

If our team do not recover a sum of your unpaid invoice, you don't pay a penny.

Sign up for free today - https://guildways.com/sign-up

Your credit control process is going to be one of the main components required for an effective business model.

Guildways work with businesses every day so today we are sharing our top tips for implementing a best practice credit control strategy:

➡ Act promptly

Make sure that invoices are paid promptly and on time. As a credit controller it is going to be essential that you can establish the right balance between being proactive and not upsetting your loyal customers.

➡ Communicate and manage

This does not have to be endless emails or telephone calls, rather a simple courtesy call or reminder email would be much appreciated as sometimes there is a genuine reason for payment being delayed.

➡ Include your entire team

To make it as easy as possible for your entire team to follow your process, have a written procedure in place. This should outline, step by step, how you issue an invoice and the follow up process for chasing payment.

➡ Implement right tools

Having effective credit control management involves finding the right tools and software for your business. Simplicity is going to be key here because over complicating the process will make it difficult to implement the process to the whole team.

Follow Guildways for more debt collection guidance and advice on how you can reduce late payments to your business!

Do you have customers that constantly pay late?

It can be super frustrating and damaging for your businesses cash flow.

As we see a rise in business insolvencies, it's becoming more important than ever to protect your businesses cash flow. One fantastic way of doing this is by ensuring your credit control team have a solid system in place to follow up invoices as soon as they become overdue. As well as clear processes to minimise the risk of future late payments.

In our free guide, we have complied a list of top tips for debt collection, from over team of experts who have more than 25 years or industry experience.

Download your guide by clicking the link below.

https://guildways.com/debt-collection-ten-tips

10 Top Tips for Debt Collection - Guildways Download a free guide to the top 10 tips for debt collection. The free guide provides helpful tips to improve cashflow.

Our international services have always been carried out on a no collection no fee service. Over the past 25+ years our team have collected more than £11 million in more than 100 countries.

Doing business with customers around the world can create more opportunities, open up new markets, and create significant business growth. However, operating in more uncharted territories, particularly with customers you have never met before face to face, can make it more difficult to ensure timely payment.

You can prevent this from happening by seeking the services of an experienced international debt collector.

Contact us today for more information - https://guildways.com/contact-us

Contact us - Guildways Contact Guildways today to discuss your UK or International debt collection requirements.

According to the Insolvency Service, the construction industry has been hit with the highest rate of insolvencies in the year to April!

It's becoming more important than ever to make sure you have systems in place that will help to reduce the risk of late payments and provide a seamless solution for your businesses overdue invoices.

At Guildways, we work with various sectors to help your business improve its cash flow and provide an extra layer of protection.

Contact us today at [email protected] or call us on 0333 340 9000 to speak to one of our friendly experts.

https://www.ukdcnews.co.uk/insolvency/construction-sector/

Construction sector has the highest rate of Insolvencies - UK Debt Collection News The Construction sector was the worst hit industry for insolvencies in the year to April 2024, the Insolvency Service has revealed. Some 4,401 construction companies in England and Wales registered as insolvent in the period – 18 per cent of all businesses to do so. The figure is almost 500 more t...

Meet our Finance Manager, Emma!

Emma not only supervises the accounts team but also ensure that the high volume of payments received are handled correctly and remitted to clients promptly.

In her spare time, Emma enjoys reading, gardening and watching tennis 🎾

Learn more about our team here - https://guildways.com/about-us

If your business deals with international customers, it's important to understand the laws in those countries.

Each jurisdiction has its own regulations when it comes to debt collection. Meaning what will apply in the UK may not apply in the UAE, for example.

Our team of experts have been able to collect over £11 million across 100+ countries due to our extensive experience and research.

If you're struggling to reach and agreement with your international customers, get in touch today to speak to a member of our team - https://guildways.com/contact-us

Ethical practices help to improve debt collection rates.

At Guildways, we pride ourselves on providing an ethical debt collection service for our clients. All whilst maintaining an exception service level.

When engaging with your debtors, it’s important for us to approach them with empathy and professionalism. By showing respect for their perspective, you can build trust and increase the likelihood of reaching a mutually beneficial solution.

There are cases where we need to understand the debtors situation in order to come to a suitable resolution for our client. This involves looking beyond the numbers and recognising that there may be valid reasons for non-payment. Debtors could be facing financial difficulties, unexpected circumstances, or simply struggling to manage their cash flow.

While it’s crucial to recover debts owed, it’s equally important to do so in an ethical manner that respects debtors situations.

Learn more about our no win no fee debt collection services here - https://guildways.com/

We pride ourselves on providing a stress-free, seamless solution to debt collection for businesses.

We understand how frustrating and damaging late payments can be to your businesses cash flow. Which is why we offer a risk free, no collection no fee pricing structure. This means that if we don't recover a sum of your invoice you don't pay us a penny.

This gives our clients peace of mind that their cases are being handled at the highest service level possible.

Are you tired of dealing with late paying customers?

Sign up for free today - https://guildways.com/sign-up

There are many factors you need to take into consideration when chasing debt from overseas countries.

Factors include:

1️⃣ Different laws & jurisdictions
2️⃣ Different time zones
3️⃣ Language barriers

At Guildways, we research the history of the debt and any contractual issues that may be compromising payment. This includes gathering information about your customer and identifying the key personnel who may authorise payment.

You do not need to write off your unpaid invoices as bad debt. Instead, enquire about Guildways international debt collection services here - https://guildways.com/contact-us

Contact us - Guildways Contact Guildways today to discuss your UK or International debt collection requirements.

Debt collection telephone calls are one of the most effective ways to recover your overdue invoices.

We understand how daunting these calls can be which is why we have given you a complete guide to making these calls below!

https://guildways.com/2021/06/10/how-to-make-a-debt-collection-telephone-call

Follow Guildways for more debt collection guidance.

How To Make A Debt Collection Telephone Call - Guildways Making a telephone call to collect a debt can be daunting prospect. In this article, Guildways provides tips on debt collection telephone calls.

Have you overpaid a former employee?

An overpayment is a genuine payroll error that your business may be able to recover.

However, in the case that this is a former employee a deduction to wages may not be possible.

In our free guide below, we have given you 4 debt collection letter templates that cover overpayment of:

✅ Salary/Wages
✅ Holiday Pay
✅ Benefits
✅ Training Fees

Download yours today ⤵

https://guildways.com/overpayment-to-a-former-employee

Overpayment to a Former Employee - Guildways Download free template debt collection letters if you have overpaid a former employee in error. The free guide provides helpful tips.

If you're business is chasing debt from an individual or sole trader, you need to be aware of Breathing Space Regulations.

These regulations came into force in May 2021 to assist both individuals and sole traders with their debt problems.

An individual or sole trader (that is not VAT registered) can ask a debt adviser to activate a Breathing Space period if they are struggling with debt. This means that, as a creditor, you will be prevented from any debt collection activity for at least 60 days.

Learn more about how Breathing Space Regulations may impact your debt collection activity here - https://guildways.com/breathing-space-regulations

Breathing Space Regulations - Guildways From 4th May 2021, Breathing Space Regulations lets individuals or sole traders stop creditors conducting any debt recovery activity for at least 60 days.

Meet Izabela!

Izabela joined our debt collection team in 2023 as a Paralegal. On a day-to-day basis you will find Izabela chasing clients overdue invoices, both in the UK and internationally.

In her free time, Izabela enjoys travelling 🛩

Learn more about our team here - https://guildways.com/about-us

Risk-free debt collection services with Guildways!

By adopting a no collection no fee pricing structure, we give our client peace of mind and financial protection. This means, if we don't recover a payment for your business, you don't pay a thing.

Read our article below to learn more about:

How no collection no fee debt collection works
The advantages of using risk-free debt collection services
How to choose the right debt collection agency for your business

https://guildways.com/2024/05/23/risk-free-debt-collection-services

Are you struggling to keep track of payments owed to your business?

We recommend using a CRM system to help monitor payment history. This will not only help you to keep track of payments but also monitor customers that are frequently late payers.

Leave a like if you found this helpful & follow for more debt collection guidance.