[BNM] Harsh economic times - protecting ones interests

[Hazlitt Eastman]

Keep chasing them no matter how badly they react to it.

Try and talk to them about getting paid in installments.  If you think
they might go into liquidation you need to get as much out of them as
possible before that happens.  It is unlikely that you will get very
much if they do go into liquidation, maybe only a few pence in the
pound.  It also might take a long time.  One of our customers went bust
over 5 years ago and the liquidation process still hasn't been completed
and none of the creditors paid any money as yet.

Some ideas: -

-  Send them a letter applying interest at court rates to the debt if
they don't pay with in the next week/2 weeks
-  Send them a letter before action demanding payment within a week or
you will take them to court
-  Depending on the size of the invoices you could go and get small
claims court forms, fill them in with all the details and fax them to
the debtor with a covering note that you will file the form if they do
not contact you and make a CHAPS transaction to your account within 24
hours.  (this one often gets a reaction ;-)  )
-  Finally, take them to court.  Most payment disputes of this nature
get settled before they ever reach court.  But it does cost to go
through the process and it will take time...

Don't supply any more services to them until all the debts are cleared
and then only work for them if they pay up front.

Give me a call if you want to talk about the situation, we have done all
of the above at some point in our trading history.

Hazlitt
0870 1010150


-----Original Message-----
From: bnmlist-bounces at brightonnewmedia.org
[mailto:bnmlist-bounces at brightonnewmedia.org] On Behalf Of matt zb
Sent: 02 December 2008 13:20
To: bnmlist at brightonnewmedia.org
Subject: [BNM] Harsh economic times - protecting ones interests


Hi BNM,

Some freelancing advice required.

I've got a client, who owes me a considerable amount of money, who I
suspect
are struggling quite a bit cashflow-wise. They are very over-due on
invoices
and are reacting very badly to enquiries.

Is there anything I can do to ensure I get paid if they were to go
under, or
would receivers take care of that? I'm also worried that if I were to
start
any action against them it might push them over the edge.

Your thoughts appreciated.


matt zb


-- 

BNM Subscribe/Unsubscribe:
http://www.brightonnewmedia.org/options/bnmlist

BNM powered by Wessex Networks:
http://www.wessexnetworks.com