How to get paid – the CPA way

It has been another barn storming day for the members of The Credit Protection Association and the CPA way with hundreds of thousands of pounds being reported as Paid in Full on our unique online Overdue Account Recovery system.

Old debts

We have had big debts which date back to 2010 and 2011 being reported as paid today. When one sees an eleven thousand pound debt from 2011 being reported as paid, emotions are a mix of relief and joy. That was too close.  Do you have any older debts that you could pass to the Credit Protection Association? Our new members often ask us to chase their oldest debts first; debts that have been pursued before without results. We are no magicians. If the debtor is bust and doesn’t have the means to pay or has disappeared off the face of the earth then we are not going to be able to get blood from a stone and magic up a recovery but it is always good to see an old debt get recovered once we start working on it.

The CPA Way

However we do encourage our members to start chasing payment as soon as a debt becomes overdue and to pass it to us as soon as possible. An overdue account is always more recoverable if you start the process earlier.  The longer you let your customer sit on that invoice, the longer the odds on its recovery.  The majority of the recoveries we see are on invoices that are one, two or three months old when they are passed to us. The CPA system encourages them to pay you direct. The Credit Protection Association – with an iron fist in a velvet glove – will gently remind them that they need to pay you. Invariably if they have the means to pay, they will.

Some of today’s successes

Just to pick out at random a few of today’s reported payments. We had a scaffolding company report a £9000 debt from last year as having being paid by a Welsh builder once it had been passed to us. We had a Glazier report several large debts that had been referred to us as being paid. We had an Electrical wholesaler report debts owed by various electrical contractors in the North West of England after having passed the overdue accounts to us just a week ago. And we had a recycling company report payment from a real estate after just one letter.

Conclusion

The Credit Protection Association works across all industries. You name the trade, we have helped someone in that sector. If you have to wait to be paid after you provide the service or goods then CPA can help you. Give us a call on 020 8846 0000.

By James Salmon 25th May 2017.

Previous Success Stories

Debt collection strategies pay off for CPA members

CPA Successes 23rd May 2017

CPA Successes 22nd May 2017

Another debtor pays in full.

Another CPA Success