Daniels Silverman Expands its Senior Management Team

Leading credit management and collection company Daniels Silverman has appointed two new directors Roger Eagles and Arthur Duffy to further increase their expertise in the collections arena.  This will ensure clients are provided with the best service levels in the industry following a surge in demand for late payment advice from both corporate and small and medium sized enterprises (SMEs).

Carole Hughes, managing director says “Roger’s 30 years’ experience within the financial services industry will be a great asset to our company.  He has been involved in all aspects of consumer lending general collections and customer service operations.  For the last 20 years he has specialised in business development and maintaining excellent client relationships and will be targeted to continue the rapid development of Daniels Silverman’s growing corporate client base.  Arthur has accrued over 20 years’ experience in both commercial and consumer credit management and has a vast number of contacts throughout the industry.  His understanding of what a client is looking for when outsourcing debt collection will be invaluable to our business”

Roger and Arthur were both attracted to Daniels Silverman as a result of their ability to provide excellent customer care and their flexibility to tailor collection strategies to a client’s specific needs. In addition their unique debt recovery IT system provides a fast track to debt collection

New EU late payment rules to protect SMEs

New rules to introduce maximum payment periods for public and private sectors should be quickly implemented and properly enforced to shield European businesses from the strain of late payments says Carole Hughes, managing director of debt recovery agency Daniels Silverman.

“The European Parliament’s Late Payment Directive which recently won support from MEPs will introduce new rules for a standard deadline for payment and will encourage companies to honour payments for goods or services in a timely fashion.

“The European Parliament’s Late Payment Directive which recently won support from MEPs will introduce new rules for a standard deadline for payment and will encourage companies to honour payments for goods or services in a timely fashion.

“If properly enforced the new rules will prevent debtors from imposing long payment periods and will help businesses to streamline credit management. They will also support debt collection procedures before late payments have chance to cripple businesses.

“The new rules set down a standard deadline for payment. The basic deadline for both public and private sectors to pay bills for goods or services will now be 30 days unless another date is fixed in the contract. Contracts between private sector businesses can establish deadlines beyond 60 days, if “expressly agreed” and not “grossly unfair”. Public authorities can only extend the deadline to 60 days if “objectively justified”, and can never go beyond 60 days.”

New EU Payment Directive – good news for SMEs cashflow

The new EU Late Payment Directive which comes into force on the 16th March 2013 is good news for SME’s. Used effectively in credit control procedures, it will boost cash flow and profitability.

In essence it strengthens the provisions of the Late Payment of Commercial Debts Act by ensuring private sector businesses pay their debts within 60 days (30 days for the public sector) failing which creditors can now charge all reasonable costs incurred in recovering the debt in addition to interest and a fixed charge. Carole Hughes managing director of Daniels Silverman said “The high cost of issuing legal action without knowing if it will be successful is prohibitive. The MOJ’s latest statistics show a 15% reduction year on year continuing the downward trend since 2007. This new legislation will allow creditors to recover their reasonable costs of recovery action they are forced to take to obtain payment. This means there is a real alternative to Court action. Most debt collection agencies (DCA’s) only charge on successful recovery and now their costs should be recoverable from the debtor’s business” Worryingly most businesses are unaware of the new legislation and will therefore be missing out on the real benefits it could deliver to their business. Carole added “In a recent survey of SME’s 100% said their business had suffered due to late payment, the majority suffering losses in excess of £20,000. Only 1 in 3 were aware of the new directive and 72% were sceptical and believe it will make no difference to them. This is not the case. By using the full force of the legislation it should lead to debtors paying more quickly or facing the consequences of late payment penalties. Creditors need to act quickly to embrace the new legislation.”

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Client review – Elite Holidays Royal Travel SL

“Our system automatically generates invoices for the annual management fee, which are then sent to members. If the fee remains unpaid then a reminder would be generated and sent out. And previously that would have been that. We simply did not have the staffing resources required to spend time chasing the unpaid fees. A growing number of people were slipping behind with their payments, some had missed a few years even, so we investigated using a debt collection agency. In the UK, we were recommended to Daniels Silverman by another debt collection agency, who suggested that they would do a good job for us as a ‘high-volume’ client. Our experience with them has been really, really positive. We’d highly recommend them. Our dedicated client manager was excellent. She really got underneath the objections that were sometimes voiced by the debtors, and had a thorough understanding of the contracts they’d signed. Consequently we have recovered over £150,000 of the outstanding debt so far,  – a substantial amount for our business, and from our point of view, with a minimum of fuss.

Ian McMonagle, Director, Elite Holidays Royal Travel SL

Client Review – Ely Skip Hire

“Hassle free and effective. We have used Daniels Silverman’s debt collection services for 12 years and in that time we have always found them to be professional. They offer a hassle free and effective service; we simply fax them the details of missed invoices and they do the rest, saving us time and energy. Unlike some debt collection agencies they add their fees to the debt so it costs us nothing to use their services.”

Denise Roberts, company director, Ely Skip Hire