Minimise Debt, Maximise Cash with Top Service

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Minimise Debt, Maximise Cash with Top Service is the must-listen podcast for credit management professionals in the construction industry. Hosted by Emma Reilly, the 2025 Credit Professional of the Year, this show dives deep into the real-world challenges of credit control and cash flow in construction — where margins are tight, timelines are critical, and debt can derail progress fast. Subscribe now and take the guesswork out of credit management — it’s time to minimise debt and maximise cash with confidence.

  1. 7h ago

    Construction Credit Update with Emma Reilly - Oct 2026

    In this September update, Emma Reilly shares how Top Service members are navigating current industry challenges, recovering aged accounts, and protecting their cash flow. What's in this episode: Record Debt Recovery: Why August wasn't a slow month for Top Service members, and how clear consequences for non-payment drive results. £1M Fraud Prevention Milestone: How construction-specific trading data helped prevent nearly £1 million in direct fraud losses over the past 12 months. Team & Member Celebrations: Recognizing team achievements and new CICM accreditations. Preparing for Q4: Key steps to review your credit management strategy before heading into the final quarter. Connect with Us: LinkedIn: Search Emma Reilly Top Service to connect and share your feedback. Subscribe: Hit subscribe on Spotify or your favourite podcast platform so you never miss an update!

    Construction Credit Update with Emma Reilly - Oct 2026

  2. Sep 28

    Navigating Market Uncertainty & Economic Pressures in Construction Credit

    In this episode of Minimise Debt, Maximise Cash, host Emma Reilly (CEO of Top Service) introduces an extract from a webinar hosted jointly with the CICM. Moderated by Philip King (Non-Executive Director), the panel features Simon Howell (Tarmac), Rosie Payne (Saint-Gobain), Chelsea Ware (Travis Perkins), and Sue Chapple (Chartered Institute of Credit Management). Together, they explore the evolving market challenges facing credit managers in the construction industry, including geopolitical instability, rising energy costs, unpredictable customer cash flow, and fixed-price contract risks. Key Takeaways & Discussion Highlights Market Uncertainty & Rapidly Moving Variables: Unpredictability as the Only Certainty: Simon Howell highlights that geopolitical events and global issues are creating fast-moving impacts on energy and material inputs, making forecasting and assessing customer financial health far more difficult than in the past. Outdated Financial Data: Traditional methods, such as relying on a customer's annual set of accounts, are no longer sufficient because circumstances change much faster than reporting periods allow. Cost Pressures & Energy Surcharges: Manufacturing Cost Spikes: Rosie Payne points out that energy costs have severely impacted manufacturing processes. Passing Costs vs. Customer Pressure: To cope with rising manufacturing expenses, businesses have had to introduce energy surcharges. However, this creates a delicate balancing act to avoid over-pressuring customers who are already struggling financially. Tightening Cash Flow & Unpredictable Payments: Cash Tightening Across the Sector: Simon notes a widespread trend of delayed payments as customers seek to conserve cash in response to economic pressures. Declining Market Sentiment: Overall sentiment across key sub-sectors, such as housing and house building, remains low, increasing risks across supply chains. Fixed-Price Contracts & Retentions: Fixed-Price Contract Risks: Chelsea Ware calls attention to the resurgence of older fixed-price contracts. Subcontractors and suppliers locked into fixed rates are hit hard by unexpected price increases from suppliers, resulting in severely squeezed margins and cash flow issues. Retentions & Detail Scrutiny: Retentions continue to create financial strains long after project completion. Credit teams are having to delve into far deeper detail regarding client retention agreements than was previously necessary. Webinar Announcement To sign up for the next webinar, please visit: 👉 https://www.cicm.com/cicmevents.html Connect with Us Have questions about managing credit risk or handling market uncertainty in construction? Reach out on LinkedIn: Emma Reilly: Search for Emma Reilly Top Service on LinkedIn. Subscribe to Minimise Debt, Maximise Cash on your favourite podcast platform so you never miss an episode!

    Navigating Market Uncertainty & Economic Pressures in Construction Credit

  3. Sep 21

    Expert Tips & Final Advice on Charging Statutory Interest

    Here are the podcast episode notes based on the provided audio file: In this episode of Minimise Debt, Maximise Cash, host Emma Reilly (CEO of Top Service) shares the closing segment from a joint webinar held with the Chartered Institute of Credit Management (CICM). Moderated by Philip King (Non-Executive Director), the episode features quick, actionable advice from industry experts, including Paula Swain, Nicola Hannant, Elysia Ady, and Ivan, followed by key takeaways and a wrap-up from Emma Reilly on how to implement statutory late payment interest effectively. Expert Final Tips & Takeaways Paula Swain (Kearns Legal Services): Review Contract Terms: Regularly review and update your business’s terms and conditions to ensure late payment interest is properly integrated. Monitor Legislation: Keep a close watch on potential government updates regarding mandatory late payment charges and statutory enforcement. Nicola Hannant: Drive Internal Education: Focus on proactive education across your business so all teams—from credit to sales—understand the legal standing and application of late charges. Elysia Ady (Top Service): Make Charges Work for You: Ensure statutory late payment fees are structured and applied in a way that actively supports your business’s cash flow goals. Ivan Carvalho (CICM): Stay Connected & Skilled: Engage continuously with professional bodies like the CICM for upskilling, training, and qualifications to keep abreast of industry updates. Audience Contributor (Kerry): Don't Waive Interest Instantly: If a debtor requests that late payment interest or statutory compensation be waived, stand firm initially and attempt to collect it on behalf of your business/client rather than giving in right away. Emma Reilly's Key Wrap-Up Insights Explore "Per Invoice" Charging: Consider charging statutory compensation and interest per individual invoice rather than as a single lump sum, as this can significantly boost recovery outcomes. Consistency & Team Clarity: Maintain a consistent policy across all branches and ensure internal teams understand why and how late payment legislation is being enforced. Get Accounting Systems Ready: Align your accounts department on how incoming late payment interest and compensation are coded and documented (handling requests for separate invoices). Partner with Your Debt Collection Agency (DCA): Work closely with your DCA or legal partners. Ensure they understand your parameters, cost coverage needs, and negotiation boundaries so they can act effectively when contacting debtors. To receive the information pack on charging statutory late payment interest mentioned in the episode, please click the link on Emma's name in the player notes. Webinar Announcement & Information Pack To sign up for the next webinar, please visit: 👉 https://www.cicm.com/cicmevents.html Connect with Us Have questions about credit management or enforcing statutory interest? Reach out on LinkedIn: Emma Reilly: Search for Emma Reilly Top Service on LinkedIn. Subscribe to Minimise Debt, Maximise Cash on your favourite podcast platform so you never miss an episode!

    Expert Tips & Final Advice on Charging Statutory Interest

  4. Sep 18

    Credit Insights from Vertikal Days

    In this special extra episode of Minimise Debt, Maximise Cash, host Emma Reilly (CEO of Top Service) takes you to Vertikal Days—the UK's premier trade event for the lifting, access, and height safety industries. To explore the unique financial hurdles facing the sector, Tosin Ajayi from Toes In Video Production hit the show floor to speak directly with industry leaders. From navigating slow payers and extended payment terms to dodging corporate insolvencies, our guests share what keeps them up at night—and how insider credit intelligence keeps their businesses thriving. In This Episode, You'll Hear From: Tom Brown (Head of Construction, Bear Business Finance) on balancing debt recovery with preserving long-term client relationships. Rachel (Marketing Manager, Radius Group) on the hidden operational costs of chasing payments and handling client administrations. James Selby (Owner, Access Lincs Limited) on keeping top of extended credit terms across the access sector. April Lawrence (Finance Director, J&M Crane & Transport Ltd) on mitigating cash flow delays and utilizing member-driven credit checks for new accounts. David Porter (Finance Director, The Hireman Limited) on the value of director visibility and real-time payment behavior tracking over traditional credit reports. Jamie (AP Lifting Gear) on gaining crucial sector-specific insights to assess customer reliability before extending credit. Key Takeaways: Beyond Companies House: Standard credit reports often miss the full picture—real-time trading data and peer-to-peer intelligence are essential for spotting bad debt early. Relationship-First Recovery: Effective debt management isn't just about collecting cash; it's about resolving issues without destroying key commercial partnerships. Proactive Credit Checking: Vet new clients thoroughly using industry-specific insights to protect your cash flow from day one. Connect & Resources: Top Service: Learn how to protect your cash flow at top-service.co.uk Media Partner: Video production by Tosin Ajayi at Toes In Video Production Don't forget to subscribe, rate, and share this episode with your network!

    Credit Insights from Vertikal Days

  5. Sep 14

    Retaining Customers When Charging Late Interest

    Here are the podcast episode notes based on the provided audio file: In this episode of Minimise Debt, Maximise Cash, host Emma Reilly (CEO of Top Service) introduces a discussion featuring Nicola Hannant from CEMEX and Paula Swain of Kearns Legal Services. Moderated by Philip King (Non-Executive Director), the conversation addresses the real-world implications of charging statutory late payment interest. The panel explores how to retain clients after applying charges, whether late fees spark competitive customer loss, and how credit teams should handle complex scenarios like internal fraud discoveries or acceleration clauses in contract terms. Key Takeaways & Discussion Highlights Retaining Customers After Applying Late Payment Interest: Automatic Reviews: When an account is escalated to a "letter before action" stage, the account is placed on a pending status. Selective Trading Periods: Even after a debt and its statutory compensation are settled, businesses may pause trading with that customer for 6 to 12 months to observe whether their payment behaviour stabilises externally (using platforms like Top Service). Commercial Alignment: If a customer threatens to walk away over late payment fees, the credit team collaborates internally with the commercial/sales department to evaluate whether to negotiate the charges or hold firm based on the client's long-term value. Do Competitors Win Business by Not Charging Interest? Zero Market Loss: Nicola notes that CEMEX does not see business loss to competitors simply because statutory charges are applied. Red Flag Customers: Paula Swain points out that if a client's main concern is avoiding late payment charges, they may already be planning on paying late—making them a risky customer to hold onto anyway. Chasing Fraudulent Accounts Before Due Dates: Statutory Interest Restrictions: If an account is identified internally as fraudulent and credit facilities are pulled before an invoice is officially due, creditors cannot charge statutory late payment interest or compensation at that stage, as the contractual due date has not yet passed. Best Practice Action: Place the account on hold immediately. As soon as the original payment due date passes, escalate legal action as quickly as possible. Acceleration Clauses & Multiple Invoices: Handling Acceleration Terms: If contract terms contain an acceleration clause (stating all future invoices become immediately due if one goes overdue), statutory late payment charges are generally only applied to the originally overdue invoices during initial collection efforts, rather than charging late interest across the accelerated future balance. Webinar Announcement To sign up for the next webinar, please visit: 👉 https://www.cicm.com/cicmevents.html Connect with Us Have questions about credit management or enforcing statutory interest? Connect on LinkedIn: Emma Reilly: Search for Emma Reilly Top Service on LinkedIn. Subscribe to Minimise Debt, Maximise Cash on your favourite podcast platform so you never miss an episode!

    Retaining Customers When Charging Late Interest

  6. Sep 7

    Construction Credit Update with Emma Reilly - Sept 2026

    In this episode, Emma Reilly breaks down the fast-shifting UK construction landscape. From credit insurers tightening risk limits to upcoming parliamentary legislation aimed at cracking down on late payments, learn how construction businesses can turn market challenges into opportunities for profitable growth and cash flow protection. Key Takeaways & Episode Highlights 1. Market Update: Credit Insurers Tightening Belts Reduced Coverage: Trade credit surveys across the building materials sector show insurers are growing increasingly cautious, leading to slashed or pulled credit limits on key accounts. Higher Costs & Stricter Terms: Insurers are hiking premiums, tightening renewal terms, and often delaying risk profile updates, leaving suppliers hesitating to trade. Proactive Risk Management: Rather than letting aged invoices sit, businesses must turn overdue debt into active working capital to fuel future deals. 2. Commercial Payments Bill (Late Payments Bill) Updates Parliament is progressing new legislation targeting the £11 billion lost annually by UK businesses due to delayed invoices: 60-Day Hard Cap: B2B contract payment windows will be capped at a maximum of 60 days (30 days for public authorities); extended terms will be legally void. Mandatory Late Interest: Overdue accounts will automatically accrue simple interest at 8% above the Bank of England base rate, with no option to contractually opt out. Ban on Retentions: Construction retentions are set to be banned following a two-year transition period. Enforcement Powers: The Small Business Commissioner will gain statutory powers to investigate persistent late payers and issue fines of up to 1% of annual UK turnover. Corporate Transparency: Large firms must publish board-level or audit-committee-level commentaries detailing poor payment performance and remedial plans.Action Steps for Construction Suppliers Recover Debt Early: Use firm, professional debt recovery teams to collect unpaid accounts without damaging crucial trading relationships. Leverage Data: Don't rely solely on insurer limits—use real-time, sector-tailored credit intelligence to set self-insured limits safely and close more sales. Connect & Resources LinkedIn: Search for Emma Reilly Top Service to share feedback, suggest episode topics, or discuss credit management strategies. Website: https://www.top-service.co.uk/contact-us/ Contact the Top Service team to optimise your credit risk management and debt recovery process.

    Construction Credit Update with Emma Reilly - Sept 2026

  7. Aug 31

    Managing Disputed Invoices & Statutory Interest

    In this episode of Minimise Debt, Maximise Cash, host Emma Reilly (CEO of Top Service) introduces an extract from a joint webinar with the CICM. Moderated by Philip King (Non-Executive Director), the panel features Nicola Hannant (CEMEX) and Paula Swain (Kerns Legal Services). Together, they answer questions regarding how to manage statutory late payment interest and compensation charges when invoices are under dispute. Key Takeaways & Discussion Highlights Handling Invoices Under Investigation: Removing Disputed Amounts: If a client has multiple outstanding invoices and a subset is under investigation, companies like CEMEX remove the disputed invoices from initial escalation (e.g., from a letter before action). Holding Accounts & Pausing Charges: The disputed portion is placed on hold while under review. Once resolved in favour of the creditor, a new process/letter before action is issued and statutory charges begin. Written Record: Ensure all dispute resolutions and communications are sent in writing so collection agents and commercial teams have a clear paper trail. Legal Perspective on Disputed Interest: Contractual Terms: Legally, creditors are entitled to carry on charging interest unless their expressed contract terms state that interest will be suspended during a dispute. Negotiation: Pausing interest during an active dispute is frequently used as a commercial negotiation tactic to maintain client relationships while ensuring fair resolution. Original Due Dates vs. Reissued Invoices: Date Retention: When a disputed invoice is corrected or adjusted (e.g., credit applied for partial items), creditors often maintain the original invoice date. Enforceability: Commercial and legal practices generally agree that interest shouldn't be enforced for the period the invoice was genuinely invalid or incorrectly billed. However, once the principal debt amount is corrected, interest can apply to the remaining valid balance from the original due date, subject to commercial agreement. Webinar Announcement To sign up for the next webinar, please visit: 👉 https://www.cicm.com/cicmevents.html Connect with Us Have questions about handling disputed debts or credit management strategies? Reach out on LinkedIn: Emma Reilly: Search for Emma Reilly Top Service on LinkedIn. Subscribe to Minimise Debt, Maximise Cash on your favourite podcast platform so you never miss an episode!

    Managing Disputed Invoices & Statutory Interest

  8. Aug 24

    Legally Preparing to Charge Late Payment Interest

    In this episode of Minimise Debt, Maximise Cash, host Emma Reilly (CEO of Top Service) shares an extract from a joint webinar with the CICM. Moderated by Philip King (Non-Executive Director), the panel features Paula Swain (Kerns Legal Services) alongside a Top Service member, discussing how businesses can legally prepare to charge late payment interest, navigate legal proceedings, and handle challenges when pursuing late payment fees. Key Takeaways & Discussion Highlights Preparing Legally Before Problems Arise: Update Terms & Conditions: Paula Swain emphasises that the best approach is to establish late payment terms directly in your contract terms and conditions—known as the "Fleetwood Mac approach" (setting out your own terms explicitly). Educate Stakeholders: Educating internal stakeholders and clients before a payment issue occurs ensures everyone understands that late payments carry consequences. Protect the Bottom Line: Unpaid interest and fees directly impact a business's bottom line. Because statutory legislation entitles businesses to recover these costs, failing to include them in terms and conditions risks missing out on valuable compensation. Legal Difficulties & Contested Charges: Common Disputes: The most frequent issue encountered during the legal process is debtors claiming that late payment charges are not payable. Delays in Recovery: Disputes around late charges can delay debt recovery and prevent creditors from obtaining default judgments quickly. HCEO Escalation: In cases escalated to High Court Enforcement Officers (HCEOs), clear identification and documentation of the charges are essential. Shifting Business Mindsets: The Real Challenge: The biggest hurdle for many companies is not enforcing the charges once applied, but making the initial shift as a business to start charging them. Improving Key Metrics: Implementing late payment charges helps improve Days Sales Outstanding (DSO) and streamlines overall cash collection. The "Seven-Day" Warning: Simply notifying a debtor that late fees will be applied within seven days often acts as a powerful incentive to prompt immediate payment. Webinar Announcement To sign up for the next webinar, please visit: 👉 https://www.cicm.com/cicmevents.html Connect with Us Have questions or want to catch up on earlier discussions? Listen Back: If terms like the "Fleetwood Mac approach" are unfamiliar, subscribe to the podcast and check out previous episodes where Paula Swain outlines the historical context of statutory interest. LinkedIn: Connect with Emma Reilly on LinkedIn by searching for Emma Reilly Top Service. Subscribe to Minimise Debt, Maximise Cash on your favourite podcast platform so you never miss an episode!

    Legally Preparing to Charge Late Payment Interest
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Minimise Debt, Maximise Cash with Top Service is the must-listen podcast for credit management professionals in the construction industry. Hosted by Emma Reilly, the 2025 Credit Professional of the Year, this show dives deep into the real-world challenges of credit control and cash flow in construction — where margins are tight, timelines are critical, and debt can derail progress fast. Subscribe now and take the guesswork out of credit management — it’s time to minimise debt and maximise cash with confidence.

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