Terms and Conditions – The legal basis on which you do your business
Having good ‘Terms and Conditions’ set out and incorporated prior to commencing business with a customer can help you avoid problems at a later stage.
Every company is different in the way in which it works, whether it is the way goods / services are manufactured, sold, delivered, invoiced …..
This means your Terms and Conditions should be tailor made to suit the way in which you work.
Make sure your customer knows in advance what they can expect from you and what you expect from your client.
Here at Lane and Co we are able to advise on the suitability of your present Terms and Conditions and we are able to arrange the review / redrafting of them to minimise the possibility of legal disputes.
To find out more please follow the link to our Terms and Conditions Consultation page.
CLAIM YOUR FREE LETTER BEFORE ACTION HERE
Non Disputed Debts and new clients only.
Today’s Creditor becomes tomorrow’s Debtor
As we all know cash flow is a vital for businesses, if your debtors do not pay you can find yourself in the position of being unable to pay your debts.
The stark reality of this is highlighted on the UK Debt Collection News website:-
They claim that in the past financial year, small and medium sized companies have written off a massive £58bn in debt.
On average SME’s (small and medium sized enterprises) wrote off £21,000 per day for the financial year 2015 – 2016 !!
Apparently the most common reason for debts being written off is that the debtor has become insolvent and gone into liquidation.
7000 Companies have already entered into liquidation in the first half of this year.
For more information – follow the link to the UK Debt Collection News website.
The lesson to be learnt is to act swiftly when a debt becomes due, make sure you do not become ‘tomorrow’s debtor’.
Allow us to recover your debts in a legal and professional manner, to take the first steps follow the link below to send us your instructions.
Reduce this figure NOW !!
UK SME’S owed £67bn in unpaid invoices
Insolvency News | UK SMEs owed £67bn in unpaid invoices
Bank of England Base Rate Cut to 0.25% – Will this affect you?
This new historic low was instigated in order to help the overall economy deal with the post-Brexit economic shock.
Generally a Bank rate cut is regarded as good for borrowers and bad for savers but how will it affect your business?
The traditional rule should mean cheaper borrowing for businesses, lower borrowing is supposed to boost both investment and hiring by firms. Since the cut though, banks have been slow to pass on the reduction in the general cost of borrowing and businesses seem to be wary of taking advantage of any reduction offered.
How will it affect the work Lane and Co do for you?
- If your Terms and Conditions state you will be charging interest at a rate stated above base rate then the interest claimed on your debt will reduce by 0.25%.
- The Statutory Late Payment interest rate is 8% above base rate and although the base rate has now been cut from 0.50% to 0.25% it is not until January 2017 that this cut will come into effect.
But don’t worry….
As long as we have a copy of your Terms and Conditions this is something we will manage for you.
Returning from Maternity Leave . . . . . .
Lane and Co are looking forward to welcoming Indy back to the Collections team at the beginning of October.
Her baby Keiyan Rajania was born last September.
Leave your debts in our capable hands
Latest News
When does 30 days Payment Terms mean….. 30 Days?
"30 Days" Can mean a lot of things.... For instance - When does the clock start ticking ? Is it .... ▻ Date of Invoice [...]
Urgent: 38 Businesses Shut Every Day Because of Late Payments
Late Payment Crackdown: Stricter Rules, Bigger Penalties, Faster Recoveries Recent UK Government reforms have launched the toughest measures on supplier payment delays in a generation. [...]