Progress Debt Recovery Ltd

Janine Price, Managing director, Tailored Recruitment

Tim — Thu, 17 May 2012 08:56:07 +0000

I would just like to thank Progress Debt Recovery for their help, fast recovery of owed money

and high quality service. Not only did I feel that my company had a personal service, but they were quick and efficient in recovering owed money from a difficult client of ours. Knowing what great service I have received from this company I know who I can go to in the future.

Letter from client.

Outstanding debts to small and medium sized companies

Tim — Wed, 16 May 2012 12:45:45 +0000

Small and medium sized companies are now owed a staggering £35bn, some of which is owed by larger sized companies. With many large companies taking longer to pay their suppliers, some smaller companies are now waiting up to five months to be paid. Unfortunately, SMEs (small and medium enterprises) are becoming more vulnerable to late payments causing severe cash flow problems and some are even put out of business due to unpaid debts. The debts owed are at their highest levels for five years and most suppliers are waiting far longer than the 120 days usual payment terms, a timescale often dictated by larger companies.

At the end of 2011 the average debt owed by companies to their suppliers reached £45k compared to £39K for the first half of 2011. Apparently, it is not only large companies who are responsible for late payment of bills with the public sector also considered to be slow payers of bills and debts. The voluntary scheme ‘Prompt Payment Code’ which encourages good practice for payment of bills appears not to be working. Despite rules that apparently allow companies to charge interest on unpaid bills this rarely happens and late payment of bills continues to cause severe debt recovery problems for many businesses.

Another high street store with massive debt recovery issues

Tim — Thu, 10 May 2012 15:13:10 +0000

Another high street store, another administration process and yet more potential job losses. Clintons, founded in 1968 and grew the business with what was once the most profitable product on the high street is now facing the wrath of their largest supplier. American Greetings are in the process of recovering a massive debt owed by Clintons which is allegedly forcing the company into administration. Employing over eight thousand people, Clintons is the country’s biggest card retailer operating over six hundred Clintons and over one hundred Birthdays stores.

The company’s £35m worth of loans have been sold by Barclays and RBS to American Greetings and whilst the banks had waived certain loan conditions it is American Greetings who will force the administration of Clintons. The administrators may continue running the stores whilst trying to find a buyer for the debt ridden company. However, with stiff competition from the growing numbers of online card retailers such as Moonpig and Funky Pigeon, a quick sale may be extremely optimistic. Clintons could soon be yet another victim of growing debts brought about by the financial crisis and changing consumer habits and be added to the long list of high street casualties such as Woolworths, TJ Hughes, Game and Peacocks, to name but a few.

Brian Webster, Director, Solar North West

Tim — Wed, 09 May 2012 10:28:20 +0000

Thank you for all your help in retrieving monies owed to myself from

various debtors over the last few months. I had originally wrote off
these monies and I am delighted that you managed to recover all these
monies owed to myself.

Your service is very professional and efficient and I would have no
hesitation on recommending yourselves to anyone else who require your
services.

Kind Regards,
Brian Webster, Director
Solar North West

Continental debt recovery slows and exchange rates increase

Tim — Tue, 08 May 2012 16:17:54 +0000

The continental debt crises may at least be causing some cheer amongst British holiday makers who now find that a holiday in debt ridden Spain or Italy will cost much less due to the highest exchange rates for several years. Whilst eurozone governments continue to deal with the debt crises, anti-austerity measures and public protests, British travellers heading for the continent will see their holiday money now benefitting from a strong pound. There may be even more positive news to come, as it is thought that the exchange rates will continue to improve over the coming weeks and months.

Fears of a potential derailment of debt recovery and deficit reduction plans has led to growing concerns of a new financial crises and break up of the eurozone, and will no doubt remain top of the political agenda across Europe. However, the markets are volatile and with recent elections in France and Greece clearly showing that their debt recovery plans and austerity measures are no longer acceptable, it is this latest eurozone economic crisis helping the pound break above the 1.24 euro rate. British people living in the eurozone who regularly transfer funds from the UK and British holiday makers looking to buy euros will see their hard earned cash go that little bit further for the time being at least.