ICSM ISSUES RED ALERT: with furloughing about to end the number of companies not paying their invoices is escalating - Ian Carrotte's warning on the growing crisis

Ian Carrotte of ICSM has issued a red alert warning to businesses with unpaid outstanding invoices or have concerns over slow paying companies.

He said ICSM members had free use of legal letters which had an 87% success rate and also their micro debt system which brings in payments which are often for written off invoices several years old.

“We are getting daily alerts from members about customers who are not paying their bills,” he said, “and the main reason is their life support system with furlough payments are ending soon. The ending of the scheme is a death sentence for zombie companies who have not chance of remaining solvent when the money dries up.

“It’s an accepted theory that when furlough ends lots of companies will go bust – which is why the system has been extended by the Chancellor of the Exchequer Rishi Sunak. At the moment more than a million people are still on the payments meaning tens of thousands of companies are still taking the cash. It cannot go on. It’s vital for members to make use of our legal letters, micro debt service and debt recovery sector to get paid before the collapse happens.”

About ICSM Credit

ICSM Credit has more than four decades of experience as a credit intelligence group whose members gain inside information about firms in trouble allowing them to avoid bad debts and rogue traders. To join costs less than a tank of fuel - while at the moment there's a special free temporary membership offer during the Covid-19 crisis which gives access to free legal letters. ICSM also has an effective debt collecting service which has a global reach - ask for details from Paul.

For details about ICSM Credit call 0844 854 1850 or visit the website www.icsmcredit.com or email Ian at Ian.carrotte@icsmcredit.com on how to subscribe and to join the UK’s credit intelligence network to avoid bad debts and late payers. Follow ICSM Credit on FaceBook, Twitter and YouTube and Ian Carrotte on LinkedIn.

To keep up to date subscribe to the FREE ICSM Credit Newsletter to hear all the latest insolvency news and to see who has gone out of business click on the orange panel on the top left of the home page of the website www.icsmcredit.com or send an email to Ian.carrotte@icsmcredit.com

For details for the work of the journalist Harry Mottram visit www.harrymottram.co.uk