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LATEST NEWS & EVENTS Debt recovery 'crucial for firms'  Given the tough economic circumstances, it is crucial that companies manage their debt recovery, it has been suggested. Writing on Business7, Donald Forsyth said that overdue debts should be chased up quickly and phone calls can prove effective for this purpose. He commented: "The key is doing what you said you'd do when you said you'd do it. If you say you'll call back on Tuesday, then you must." This helps show that businesses are serious about claiming what is owed to them, Mr Forsyth noted. In addition, when money is overdue, enterprises should stop supplying immediately, he continued. This means they avoid adding to their risk. Meanwhile, before credit is extended to a new customer, a credit application form should be completed, he noted. This should improve cash flow and minimise bad debts, he suggested. Making comments on FreelanceUK recently, managing director of Creditsafe Sid Home identified a number of excuses used by people to avoid payments, including cheques being lost in the post and claims that there is a dispute. Rick Munro, partner at Lamport Bassitt, said: "It is important that those who do not pay through the usual reminder systems are sent to lawyers earlier rather than later in the hope that pressure can be applied whilst there may still be resources available to pay." 
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