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Thus, timely debtcollection is crucial for every business. Moreover, debtrecovery is directly associated with your credit score. Therefore, it is vital to have a robust debtcollection strategy to enable you to stabilise your cash flow and acquire money from your debtors without hampering your business relationships.
While we welcome the major efforts of the Money & Pensions Service (MaPS) and others to promote access to free debt advice, now is also a good moment to consider what more can be done to help prevent people falling into persistent problem debt in the first place.
Lastly, creditors may be more willing to negotiate payment plans and lower interest rates during tax season due to increased competition among lenders and increased consumer confidence levels. All of these factors contribute to making this time of year a great opportunity for individuals dealing with high amounts of debt.
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