It seems fairly certain that the 2020 coronavirus is going to pitch Britain into a deep recession. And during a recession, you need to ensure you are ahead of the crowd when it comes to debt collection – after all, you need what’s owed to you more than ever during tough economic times.
So what will this recession look like and how do you get what you’re owed in an economic downturn?
First, let’s look at some figures. During the first three months of 2020, the UK economy contracted by 2.2%. This is the largest contraction in the British economy for more than 40 years – and only 9 days of that period was spent under COVID-19 lockdown.
And that was just the start. Some analysts think that the economy of the United Kingdom shrank by more than 20% in April alone. Since then we’ve endured three full months of lockdown, and the signs are that we could be in the depths a recession sharper than even the Great Depression of the 1930s.
At the moment, we are only just beginning to see the real effects of that, but already it’s estimated that 600,000 workers have lost their jobs despite the government’s job retention scheme. What’s more, according to the Office for National Statistics, 42% of businesses have less than six months of cash in reserve.
This means that the risk of going into debt is significant, as firms struggle to stay afloat, and individuals suddenly find they no longer have a steady income.
And as harsh as it sounds, you know that, in a difficult economic climate, you can’t afford to put yourself under pressure because of someone else’s economic misfortune. That’s where we at Nightfox come in: to help you best collect what you’re owed.
Whether you’re a business looking to collect money from another business, looking to recover a personal debt or seeking to repossess assets, we will do so in a professional, effective and efficient way.
In tough economic times, debtors often have multiple creditors. At Nightfox, we are committed to making sure our clients’ voices are heard loudest so your debts get prioritised.
Plus, our no-nonsense approach means we assess every case individually, begin each new case within 24 hours of our services being engaged, and ensure you pay only what we quote you when we recover your debt for you. Our administration fees are fully recoverable, too.
Recessions are tough times for everyone – but we can help you ride the storm by making sure what’s owed to you gets paid.