Contact our debt recovery specialists. Call 0141 331 2332
As we are now all aware, the Government has offered businesses a package of support during the current crisis. Packages include sick pay, business rates, tax and insurance as well as the Coronavirus Business Interruption Loan Scheme. Cynics amongst us say that the only aspect that these offerings have in common is that they are all difficult to access, along with the uncertainty as to precisely when any payments will be made.
COVID-19 is causing economic uncertainty across all areas of business and for individual families. Managing Director Stephen Cowan looks at the position on cash collection and what businesses should be aware of.
The Chartered Institute of Credit Management (CICM) is the world’s largest recognised professional body for the credit management community. As well as facilitating professional qualifications, the Institute’s members have access to a host of resources. For example, their “Knowledge Hub” covers such subjects as “credit risk” and “legal and compliance”, as well as “skills builder”.
The basic rule of jurisdiction is that an individual should be sued in the court where they reside, as opposed to the court where a pursuing creditor carries on business. The rationale for this is to protect “consumers” who are seen to be the commercially weaker party in the relationship.
In ancient Greek folklore a phoenix was a bird which cyclically regenerated or was otherwise reborn again. It’s a nice idea and most of you will be forgiven for thinking that the phenomenon could never happen. However, if we substitute for a “bird” a “limited company” then the concept is almost one of legal abuse.
Many English solicitors are mystified with Scotland’s procedures for the recovery of undisputed debt. This should not be the case. Like our English cousins, ultimately the process involves disposing of a debtor’s moveable property for auction and sale or to put it more prosaically “to convert the court’s judgement into cash”.
On 19 November 2019, Stephen Cowan presented a CPD webinar with The Sheriffs Office on the topic of cross-border enforcement between England & Wales and Scotland.
MMP Financial, trading as "My Money Partner" and "Swift Sterling", has gone into administration. Both businesses offered loans of up to £1,500 over periods ranging from two to seven months, with the entire process being completed online. "Piggybank" another short term lender, collapsed 24 hours prior to MMP Financial’s administration, leaving their 45,000 customers in a state of financial uncertainty. Piggybank offered loans of up to £1,000 to new customers for up to five months. Interest due on the borrowing would typically equate to an annual percentage rate (APR) of between 1,255% and 1,698%. In addition, in 2019 Wonga and Instant Cash Loans also collapsed.
The Times has reported that some of Britain’s largest retail stores are plunging shoppers into record levels of debt. The paper accuses the stores of allowing many shoppers easy access to credit facilities which charge up to 30% of interest on outstanding balances.
Testimonials
Yuill + Kyle are an extremely focused firm who are achieving great results for us north of the border. Their client-focused staff keep us 'in the loop' so we are able to make timely decisions, helping us to recover more of our money.
I would not hesitate to recommend Yuill + Kyle's services to other business colleagues. I recently sent Yuill + Kyle's pre-sue letter to 2 debtors. Within 2 days of Yuill + Kyle sending these letters one of the debtors paid his £560 and the other his £750, all for the fee of a 7 day letter!
I instructed Yuill & Kyle to send a pre-sue letter to my debtor. This resulted in the debtor paying their outstanding £2750. We also received a letter of apology from them!! Great result!!
I have to say that Yuill + Kyle have represented my best experience to date with solicitors, and although I was unable to take this matter further on this occasion I would have no hesitation in using you again or recommending you to others.
I would really like to recommend your services to everyone considering litigation. Your online service is fast, efficient and easy to use. We found that your costs are simply unbeatable for pre-litigation and I feel sure that when we require legal support, Yuill + Kyle will be our first choice.
Yuill + Kyle successfully recovered £19,000 for our client. We were delighted with their professionalism and fully intend to use them again in the future.
"Stephen Cowan displays calm equanimity in the face of challenging, complex and often adversarial situations, and responds quickly and professionally."
Contact our debt recovery specialists.Call 0141 331 2332
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