A Peterborough debt collection agency has seen further evidence of the impact of the credit crunch as its portfolio of new instructions increases year-on-year by almost 100 per cent.
Managing director of Effective Credit Collections Limited Robert Partridge has reported almost double the instruction received on a month-on-month basis for September.
Effective exclusively handles business-to-business debt, and even he was sho
cked by the dramatic upsurge in the volume of new business.
"Obviously, a downturn in the economy is often seen as an excellent time for our industry, but we support business customers; many of them small or medium-sized operations, for who the delay in securing payment or, on occasions, the complete loss of revenue can be catastrophic," said Robert.
"With the liquidity of the banking system being in such turmoil at present, the ability to obtain funds, even when interest rates are historically at low levels, is becoming more and more difficult and that is having a real impact on the High Street."
With the festive season just around the corner, Robert warned all businesses not to be caught out by the late payers.
He said: "It is all too common for customers to delay settlement of their invoices, even in good economic times, but now more than ever you need to be on top of your ledger and ensure that this is nipped in the bud."
The full article contains 240 words and appears in Peterborough ET newspaper.
