Bad Debt Insurance
24 April 2006, 02:53 PM
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Bad Debt Insurance
We've just had another company go bust on us 
owing us about £20k, and this is the 4th year on the trot that we've had a bad debt, so I was thinking of ways to protect the business in the form of bad debt insurance, as it just seems like I've been working for years for absolutely f**k all. Our bank, the set of tossers that they are, have lowered our company overdraft and want us to go into invoice financing. Now we don't really have so much of a problem with credit control and it seems to me that the bank just want even more control over our company's finances. The invoice financing deal also includes bad debt insurance which is the only attractive part of the deal taking into account current events.
Does anyone have any experience of insuring against bad debts and can they make any recommendations ? I'm also thinking of switching banks as I seriously would not **** in my bank managers mouth if his teeth caught fire, the number-crunching ******* that he is.
owing us about £20k, and this is the 4th year on the trot that we've had a bad debt, so I was thinking of ways to protect the business in the form of bad debt insurance, as it just seems like I've been working for years for absolutely f**k all. Our bank, the set of tossers that they are, have lowered our company overdraft and want us to go into invoice financing. Now we don't really have so much of a problem with credit control and it seems to me that the bank just want even more control over our company's finances. The invoice financing deal also includes bad debt insurance which is the only attractive part of the deal taking into account current events.Does anyone have any experience of insuring against bad debts and can they make any recommendations ? I'm also thinking of switching banks as I seriously would not **** in my bank managers mouth if his teeth caught fire, the number-crunching ******* that he is.
24 April 2006, 03:11 PM
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Hi MJW. I know what it's like with bad debts, my business went through similar phase in early 90's when firms were going bust regularly. We also considered factoring, though bad debt insurance wasn't a part of the deal then.
It seems strange your bank wanting to reduce your o/d, I think I'd be having a quiet word with a couple of other banks to see what they could offer.
Haven't come across any insurance I'm afraid but I'm sure if it exists then SN will reveal a source!
I hope the bad debt isn't too much of a body blow and that you come out of your corner fighting!
CC
It seems strange your bank wanting to reduce your o/d, I think I'd be having a quiet word with a couple of other banks to see what they could offer.
Haven't come across any insurance I'm afraid but I'm sure if it exists then SN will reveal a source!
I hope the bad debt isn't too much of a body blow and that you come out of your corner fighting!
CC
24 April 2006, 04:02 PM
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Originally Posted by MJW
We've just had another company go bust on us owing us about £20k, and this is the 4th year on the trot that we've had a bad debt, so I was thinking of ways to protect the business in the form of bad debt insurance, as it just seems like I've been working for years for absolutely f**k all. Our bank, the set of tossers that they are, have lowered our company overdraft and want us to go into invoice financing. Now we don't really have so much of a problem with credit control and it seems to me that the bank just want even more control over our company's finances. The invoice financing deal also includes bad debt insurance which is the only attractive part of the deal taking into account current events.
Does anyone have any experience of insuring against bad debts and can they make any recommendations ? I'm also thinking of switching banks as I seriously would not **** in my bank managers mouth if his teeth caught fire, the number-crunching ******* that he is.
owing us about £20k, and this is the 4th year on the trot that we've had a bad debt, so I was thinking of ways to protect the business in the form of bad debt insurance, as it just seems like I've been working for years for absolutely f**k all. Our bank, the set of tossers that they are, have lowered our company overdraft and want us to go into invoice financing. Now we don't really have so much of a problem with credit control and it seems to me that the bank just want even more control over our company's finances. The invoice financing deal also includes bad debt insurance which is the only attractive part of the deal taking into account current events.Does anyone have any experience of insuring against bad debts and can they make any recommendations ? I'm also thinking of switching banks as I seriously would not **** in my bank managers mouth if his teeth caught fire, the number-crunching ******* that he is.
Euler Hermes and Marsh to name a couple.
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