The Impact of Inflation on Debt Recovery
At the beginning of 2021, inflation was at 1%. This has increased to 5% by the end of 2021 and is continuing to increase. This has had a big impact on companies and people's ability to pay bills from their disposable income. As inflation remained high towards the end of last year, it has made debt problems increasingly worse with outstanding invoices not being paid. However, Westbury Collections have seen a 70% increase in collections during January 2022 where people return to work and companies reopen following the covid-19 pandemic. Whilst inflation remains high, we have had a number of success stories recovering aged debt so much so that January has been our highest collection month for the last 14 months; maybe now is the time to collect any unpaid invoices or debts.
Contact us today to see if we can get monies owed to you to the top of the pile.