Collection of unpaid care home fees
Collection of Unpaid Care Home Fees
The sad fact of modern-day life is that times are tough financially for everyone and in this kind of scenario, it is the most vulnerable in society that can be hit the hardest.
By 2040, it is estimated that over 25% of the UK population will be over 65 years of age and it is natural to assume that the demand on the care home industry will become ever greater.
Some issues can develop as a result of the sensitivity of the debt in question.
When an elderly person falls behind with their care home fees, chasing payment from them or relatives can feel really awkward.
However, in the current financial climate, all businesses including care homes are under pressure to ensure that their invoices are paid.
As local authorities continue to reduce the contribution they make to provide adequate care for the elderly, a growing number of residents may experience financial difficulty, which obviously leads to late invoices and the problem of broaching this sensitive subject.
Add to this an indeterminate percentage of those who simply won’t pay and it can add up to a lot.
Failure to manage these debts properly can lead to serious shortfalls in profitability if it is allowed to continue for too long. Care home Fees Debt Collection is on the rise in the UK so it is not an isolated matter. Taking a pragmatic action to recover unpaid fees is a sensible move.
For people living in care homes, there are options available. A way to fund or avoid paying care fees is by the use of equity release.
This example of an equity release calculator is a great way to see what is available.
The difference between profitability and going out of business is a compelling enough reason to act and the smart action is to get a specialist debt assistant from a professional.
Employing a reputable debt collection agency can help you deal with this most sensitive of issues and similarly sensitive debts, such as funeral costs.
Your care home has to be sustainable in terms of meeting its overheads and liabilities. The non-payment of fees are detrimental to that so you need to take action or face financial ruin.
Many care homes have failed to take a professional course of action, those care homes are no longer in operation. The Collection of unpaid care home fees is critical to ensure sustainability.
Working on your behalf, a debt collection agency can make contact with the debtor in a friendly and professional way that absolutely takes the feelings of all parties into consideration.
There are even particular agencies that have specialist expertise in sensitive debt recovery that will give you a better chance of being successful.
All of this and part or all of the cost can be offset by late payment terms and conditions put in place to protect you.
It pays to think smart and the smart move is professional, specialised debt collection.