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Ensuring your business get's paid
- 1. Our Aim To give the owners of small and medium sized businesses the assurance they’ll get paid for the work they do 2002 Assessment Recovery Training Management Credit Reporting Consultancy
- 2. 5 Step Process Know your customer Establish payment terms Invoice Secure payment When all else fails Assessment Recovery Training Management Credit Reporting Consultancy
- 3. Know your customer Step 1 – Know your customer Company Owners/Directors Reputation & Assets Establishment Limited Company Who are they Individuals Partnership Where are they Organisation Sole Trader What are they liable for Assessment Recovery Training Management Credit Reporting Consultancy
- 4. Know your customer Physical Credit Location Companies References House Land Registry Facebook Linked In CCJ Google Bankruptcy Good Credit Checking Organisation Assessment Recovery Training Management Credit Reporting Consultancy
- 5. Know your customer Company Establishment Company Name Rannock Properties Ltd Registered Number 02095986 Legal Form Private Limited Liability Company (GB) Incorporation Date 03 February 1987 Issued Capital (Returns) GBP 30,000 Registered Office Rannock House, Geddington Road, Corby, Northants, NN18 8ET Main Trading Address Rannock House, Geddington Road, Corby, Northants, NN18 8ET Telephone 01536 260261 Fax 01536 400208 Website www.tolots.co.uk Trading Style Assessment Recovery Training Management Credit Reporting Consultancy
- 6. Know your customer Company Directors Mr Dudley Leslie Annible Positions Held Director Address 42 High Street, Cranford, Kettering, Northamptonshire, NN14 4AA Date of Birth 03 July 1970 Nationality British Occupation Director Date Appointed 27 Apr 2009 Other Associations None Assessment Recovery Training Management Credit Reporting Consultancy
- 7. Know your customer Credit Rating – Company 1 Credit Value Credit Limit £20,000 Risk Index 0 20 40 60 80 100 Risk of Failure 87 out of 100. 13% of UK Businesses have a lower risk of failure Credit Decision Very good credit Recommended Action Proceed Delinquency Score 87 Late Payment Risk 13% of UK Businesses have a lower risk of paying significantly late Assessment Recovery Training Management Credit Reporting Consultancy
- 8. Know your customer Credit Rating – Company 2 Credit Value Credit Limit Insufficient data to provide a safe credit score, seek suitable guarantees Risk Index 0 20 40 60 80 100 Risk of Failure 2 out of 100. 98% of UK Businesses have a lower risk of failure Credit Decision Maximum risk Recommended Action Decline Delinquency Score 4 Late Payment Risk 96% of UK Businesses have a lower risk of paying significantly late Assessment Recovery Training Management Credit Reporting Consultancy
- 9. Know your customer Assets Date of Accounts 30/11/2010 Sales Turnover - Exports - Profit/Loss Before Taxes - Equity Shareholders Funds 390,984 Tangible Net Worth 390,984 Total Fixed Assets 607,360 Total Assets 672,237 Total Current Assets 64,877 Total Current Liabilities 142,617 Net Current Assets (Liabilities) - 77,740 Long Term Debt 138,636 Number of Employees - Assessment Recovery Training Management Credit Reporting Consultancy
- 10. Know your customer Ongoing Trading – Credit Monitoring Monitor This Company Change of Address Change of Ownership 0 20 40 60 80 100 New Director CCJ 0 20 40 60 80 100 Assessment Recovery Training Management Credit Reporting Consultancy
- 11. Know your customer Know Your Customer - Summary Customer Establishment Directors/Owners Reputation/Assets Monitor Take Action Assessment Recovery Training Management Management Assessment Recovery Training Credit Reporting Consultancy
- 12. Know your customer Know Your Customer - Summary Customer Establishment Directors/Owners Reputation/Assets Monitor Take Action Note 1. You don’t have to offer the same credit terms to all customers 2. Credit terms can vary over time 3. You don’t have to offer credit terms at all Assessment Recovery Training Management Credit Reporting Consultancy
- 13. When all else fails 5 Step Process Know your customer Establish payment terms Invoice Secure payment When all else fails Assessment Recovery Training Management Credit Reporting Consultancy
- 14. When all else fails When All Else Fails You can’t get paid for the work you have done Put it down to experience – and learn from it i.e. Do something to ensure that it doesn’t happen again Pursue the debt Assessment Recovery Training Management Credit Reporting Consultancy
- 15. When all else fails Pursuing the debt Is it worth it? Is the debt in dispute? Is it likely to be contested/avoided? Debt Recovery Claims Principal Sum Late Payment Compensation Interest – 8% above base rate Court Fees Assessment Recovery Training Management Credit Reporting Consultancy
- 16. When all else fails Pursuing the debt - How Letter of Claim (14 days) Serve Notice on the Defendant (14 days) Default Judgement (or hearing) Pay the Sum Claimed Enforcing the Judgement Assessment Recovery Training Management Credit Reporting Consultancy
- 17. When all else fails Enforcing the Judgement – Part 1 Apply to the County Court for: Order for Questioning Charge on Property or Shares Third Party Debt Order Warrant of Execution (Bailiffs) Petition for Bankruptcy Assessment Recovery Training Management Credit Reporting Consultancy
- 18. When all else fails Enforcing the Judgement – Part 2 Apply to the High Court for the enforcement of the County Court Judgement High Court Enforcement Officers can forcibly seize assets belonging to the defendant to the value of the claim Assessment Recovery Training Management Credit Reporting Consultancy
- 19. When all else fails Step 5 - When All Else Fails - Summary Don’t let it get that far Have clear processes and procedures Follow them Keep your customer informed Know who to call Assessment Recovery Training Management Credit Reporting Consultancy
- 20. PayAssured Helping businesses to get paid From a polite phone call on your behalf to court action and enforcement Assessment Recovery Training Management Credit Reporting Consultancy
- 21. PayAssured Credit Management Assessment Credit Management Training Credit Management Service Credit Reporting Debt Recovery Consultancy Services Assessment Recovery Training Management Credit Reporting Consultancy