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Get 3 months free bad debt protection
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What is bad debt protection?
Bad debt protection is a product that can be added to your invoice discounting facility that ensures that you still receive payment in the event that your customer can’t settle their invoices.
We offer up to 100% protection on customers who have been pre-approved by our bad debt protetion team, which means that you have peace of mind that customer insolvency won’t negatively impact your cash flow.
How does bad debt protection work?
Should a customer insolvency arise, we will handle the entire procedure on your behalf. We will liaise with the insolvency practitioner and, once we are in receipt of all necessary supporting documentation, the process will be resolved within as little as two weeks.
We have an expert bad debt protection team that will work with you to assess any potential risks from your existing or new customers, carrying out credit checks and providing advice on request, minimising your exposure to bad debts.
Isomass Ltd
"Thanks to the debt protection facility from Close Brothers, we have avoided debts of more than £4,000. It has become a vital part of our invoice finance facility – you never know what can happen and this protection gives us peace of mind that the business can progress even when faced with customer insolvencies."
David Bignall, Company Director
Benefits of bad debt protection
- Up to 100% protection against bad debts from customers pre-approved by our bad debt protection team.
- Direct access to our expert in-house bad debt protection team.
- Saves time and money in the event of customer insolvency.
- Includes bad debt limit checks on new or existing customers.
- Offer is available to new Close Brothers Commercial Finance customers only.
- Available to new customers entering a factoring or invoice discounting facility with Close Brothers Commercial Finance.
- Available to existing customers with an unprotected factoring or invoice discounting facility with Close Brothers Commercial Finance.
- Qualifying new facilities must have a formal offer from Close Brothers Commercial Finance.
- Customers must sign to a minimum 18 month contract plus six month notice period.
- Bad debt protection charges will be agreed with each customer.
- Bad debt protection charges will not be applied for a period of three calendar months from the date of facility commencement. Thereafter, the agreed bad debt protection charges and its associated Minimum Fee will apply for the remainder of the contract.
- All applications will be subject to the usual sales ledger credit assessment process.
- If customers serve notice, the relevant clause of the Debt Purchase Agreement will apply.
- The offer is open to businesses in the United Kingdom (including Northern Ireland and Republic of Ireland) only.
- No cash alternative can be provided.
- Close Brothers Commercial Finance may decline to quote.
- Close Brothers Commercial Finance reserves the right to amend the eligibility criteria at any time and cancel any agreement which does not comply with these terms and conditions.
- Close Brothers Commercial Finance reserve the right to terminate this offer at any time without notice.
- The offer is not available with any other promotion.
Promotion terms and conditions - Offer is available to new Close Brothers Commercial Finance customers only.
- Available to new customers entering a factoring or invoice discounting facility with Close Brothers Commercial Finance.
- Available to existing customers with an unprotected factoring or invoice discounting facility with Close Brothers Commercial Finance.
- Qualifying new facilities must have a formal offer from Close Brothers Commercial Finance.
- Customers must sign to a minimum 18 month contract plus six month notice period.
- Bad debt protection charges will be agreed with each customer.
- Bad debt protection charges will not be applied for a period of three calendar months from the date of facility commencement. Thereafter, the agreed bad debt protection charges and its associated Minimum Fee will apply for the remainder of the contract.
- All applications will be subject to the usual sales ledger credit assessment process.
- If customers serve notice, the relevant clause of the Debt Purchase Agreement will apply.
- The offer is open to businesses in the United Kingdom (including Northern Ireland and Republic of Ireland) only.
- No cash alternative can be provided.
- Close Brothers Commercial Finance may decline to quote.
- Close Brothers Commercial Finance reserves the right to amend the eligibility criteria at any time and cancel any agreement which does not comply with these terms and conditions.
- Close Brothers Commercial Finance reserve the right to terminate this offer at any time without notice.
- The offer is not available with any other promotion.
