ABOUT THIS EPISODE
In this episode of "Minimise Debt, Maximise Cash with Top Service," Emma Riley, CEO of Top Service and the 2025 Credit Professional of the Year , introduces a discussion between Lauren Woolley, Head of Business Operations, and Phillip King, Non-Executive Director. They discuss effective strategies for dealing with debtors who ignore payment requests.
Lauren advises trying every available communication avenue, including telephone, email, text message, and social media platforms like LinkedIn and WhatsApp. She also suggests contacting different individuals within the debtor company and leveraging your own company's contacts to reach theirs. Stopping ongoing work on a contract when invoices are outstanding is also a valid tactic to encourage payment.
If initial attempts fail, Lauren recommends escalating the issue by contacting senior-level personnel like directors, finance directors, or even the CEO. Top Service members can utilize their payment reminder and "escalate to third party" email or letter templates, as third-party involvement can often encourage payment and lead to the issue being taken more seriously.
Top Service offers a "no win, no fee" debt recovery service, where trained operatives with industry-specific knowledge work to recover outstanding monies quickly. Additionally, businesses can utilize statutory late payment legislation to add late payment fees and collection costs to overdue invoices, even going back six years. These fees help cover administration costs and act as a penalty for non-payment.
Lauren shares a success story where Top Service recovered a significant, two-year overdue balance in less than ten days after the member had failed to collect it internally. The operative effectively communicated with relevant decision-makers, justified the balance, and outlined the consequences of non-payment, leading to full payment.
For more information on Top Service's debt recovery services, listeners can call 01527 51802 or visit their website. Emma Riley concludes by inviting listeners to connect with Top Service Limited on LinkedIn or check out the video version of the podcast on their YouTube channel for more tips on maximising cash and minimising debt in the construction industry.
To enquire about Top Service services for your Business, go to https://www.top-service.co.uk/contact-us/
Music by Purple Planet
