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Get Out of Debt Faster by Saving on Your Household Bills


Getting your finances in order can be liberating for many people across the UK. Having a household budget for what you’re going to spend each month on groceries, utility bills and other essentials can help you save money. This money can then be put aside for a rainy day, a family vacation, a new car or anything else you’ve got your heart set on. Some may even use their savings to help them pay off previous debts that have accumulated over the past few years.

So how do you actually get your finances straight and reduce your monthly costs? There are a number of ways you can do this which we will outline below. However, one of the smartest ways that a lot of consumers achieve this is by using an online price comparison website such as Utility Saving Expert. Their free to use tools can instantly help you compare a range of everyday essentials such as gas and electricity bills, home insurance, car insurance and much more. By simply entering a few details, you can compare leading providers across the industry in a matter of minutes, helping you find the best deal.

Some of the steps listed below will be time-sensitive, meaning you can only take action when a current contract is due for renewal, whilst others can be actioned straight away. Let’s get started.

Reduce your weekly grocery spend

You don’t necessarily have to buy less food, but shopping at certain supermarkets can help you save money at the till. Fortunately, in the UK there is healthy competition between supermarket chains. We’ve got Asda, Tesco, Sainsbury’s, Morrisons, Lidl, Aldi, Waitrose and a few others to choose from. It can be convenient to simply visit the nearest store to where you live, but sometimes going the extra mile could save you as much as 20% on your food shopping.

It’s worth visiting a few different stores to get a feel on how they set their pricing for different goods. For example, fruit and vegetables may be cheaper in one store, while frozen food may cost less in another. We’re not saying that you need to visit five stores or more in a single week to save the maximum amount, but visiting more than one and keeping your options open can certainly be beneficial. As for what you buy, it may be worth considering cutting back on certain luxuries and buying what you really need.

Switch your energy supplier

Did you know that by switching energy suppliers you could actually save more than £400 per year? It’s important to get the best deal on gas and electricity tariffs at the time of renewal. Once your current energy deal expires, your existing supplier will normally move you over to their standard variable-rate deal, this is often the most expensive tariff. You can use an energy comparison site such as Utility Saving Expert to help you find the most competitive deal.

There are also other ways to lower your energy bills such as turning off electrical appliances when not in use, using a smart meter to monitor energy consumption, installing energy-efficient light bulbs or simply turning down the home temperature by one to two degrees. Combining all these could help you save a significant amount annually.

Managing debt

If you have accumulated debt in the past for whatever reason, it can be daunting to figure out how best to tackle it head-on. Many financial advisors will recommend that you concentrate on clearing those debts that have the highest interest rate first. This is because these are charging you the most amount of money on top of what you already owe.

If you have multiple debts such as personal loans, credit cards, store cards and overdrafts etc. It may be worth looking into what wider financial solutions are available to you. A qualified debt advisor can go through a range of options with you, highlighting the advantages and disadvantages of each solution. They will then be able to make a recommendation on the most suitable option based on your current circumstances, to help you consolidate any money you owe into one manageable monthly repayment plan.

Mobiles, Internet, TV packages

Saving money on your mobile phone bill, internet and landline provider and any TV packages you have subscribed to will normally only be possible once your current contract expires.

Consumers are holding on to their existing mobile phone for longer periods these days, as there isn’t enough of a difference between each new iPhone or Android smartphone to warrant an upgrade. Once your contract runs out, look for a Sim Only deal as this will save you a lot of money. Most internet and landline packages are similarly priced but it’s still worth comparing these. As for TV packages, think about what you really need. Do you really need to subscribe to every sports, kids, movies and other entertainment channels? Many consumers are switching to online streaming services such as Netflix and Disney Plus as these can provide more entertainment value through a much lower monthly cost.

In summary, comparing different products and services to help you find the most competitive deal can help you save a great deal of money each year. It’s also worth reassessing what you actually need and what you’re paying for unnecessarily regularly.


Tips for B2B Debt Collection


Any business cannot be run successfully without smooth functioning in the day to day operations. Any loopholes identified in the manufacturing of products, rending services and even interruption in cash flow cycle or debt overdue can hugely impact the revenue, and sustainability in the B2B market, So here are some tips to improve the B2B Debt Collection:

 

Know your Business Entity and their Business Thoroughly: Whenever you strike a deal with a customer, lender, business partner or anybody you join hands to do business, It is always crucial to perform a diligent background check about individuals, business entities to be sure they do not harm your business. Always have a backup of legal agreements of this deal including related invoices, loan papers, products, receipts, recordings of client communication and other documents and services you agree to run business with such entities. So that there is no threat of betrayal from the business dealers who would fail to make timely payments and make your debt collection process one step easier.

 

Do’s and Don’ts of Negotiations: When you enter a negotiation with your business party try to gather all essential information about conditions of talk. Being extremely attentive about what the party communicates and getting all conversations recorded is very useful in the debt collection process. Knowing the eligibility, debt collection laws and the amount that a debtor would owe you is what matters at the end of this debt collection process. The environment of negotiation should be calm and use a professional tone to talk. Do not threaten or be loud to your debtor. It is highly advisable to avoid getting into heated arguments with debtor or third party involved. Accept the timeframe and word of the debtor gracefully to recover your debt.

 

When to Initiate Demand letter and Follow up rules: Now that your relationship with the debtor has been firmly established based on trust, sound decision making, knowing each other’s benefits through service rendered. After reaching a stage of stable professional connection, you realize the debtor has surpassed the due date for payment or has past dues pending this would be the right time to send first communication letter known as demand letter reminding debtor to pay for the dues. A demand letter would state the amount, recovery time and a chance for the debtor to respond by agreeing to pay either in partial or full settlement. If debtors fail to respond then, the business party can follow up with regular calls or emails.

 

Hire A Debt Collection Agency to safeguard business reputation: When the above method does not work business can seek professional from a B2B collection agency to recover dues from the debtor to protect its reputation in the market at cheap commission rates.

File a Lawsuit at the Court: This is the last step when other options have failed by submitting enough pieces of evidence against the creditor to the court for recovery of all the debt.