Manufacturers Get a Break!: CPA Success Stories
5th April 2018.
While the construction sector stumbles and retailers collapse completely, the manufacturing sector is also struggling to keep its strength up.
Despite a steady pace of growth in March, the aftermath from the “Beast from the East” could trigger a slowdown, prompted by a relatively weak overall performance by the industry.
The manufacturing industry is vital in making up the overall health of the economy, with the success of our exports and imports demonstrating the country’s competitive edge. The Brexit referendum damaged the authoritative power of the UK, and while the Prime Minister works to reach a trade agreement with the EU, we must ensure our international allies see us as a prominent trade partner.
At the Credit Protection Association, our members come from a variety of sectors, from retail and restaurants to construction and manufacturing. In the last year, we have received an abundance of distress calls from our manufacturing members as they struggle with diminished demand. We have not only got invoices repaid, but our credit management products have put our members back in the factories with a confidence boost to themselves and their workers.
Here are some of our success stories:
In October 2017 we received a case from our member, a window supplier. The debt had a value of over £900 and was already 3 months old. We sent out 2 of our CPA letters, and within less than a month from the first letter, our member received the full amount!
Also in October 2017, we received a case from our Member, an industrial equipment supplier. The debt was by then 2 months old and our member wanted the matter resolved quickly. We immediately sent out our first CPA letter, and within 7 days our member reported they’d received the full amount.
In November 2017, we received a case from our Member, a concrete supplier. The debt had a value of over £3300 and was already 3 months old. Our 1st CPA letter was promptly sent, and in just 5 days, the member announced the debtor had sent the whole amount owed!
There are times, however, when the debtor digs their heels in. Either they cannot pay or do not want to pay, either way, they make the credit control process harder for them and for our member.
Our litigation team take on these cases and luckily for everyone involved, practically always get the member paid and satisfied!
Here are some success stories from our litigators:
In November 2017 we received a case from our Member, a precision engineering company. The debt had a value of £2,900 and was overdue by nearly 2 months. The case was processed and sent to our solicitors. An Letter Before Action (LBA) was issued to the debtor and was ignored. A claim was issued and the debtor paid the full debt amount, court fees, Late payment Compensation, interest, membership contribution and CPA’s remuneration, amounting to £4.0k direct to our Member.
In December 2017 we received a case from our Member, a civil engineering company. The debt had a value of £25.6k which was overdue by nearly 4 months and disputed. The case was processed and sent to our solicitors. A LBA was issued to the debtor and was ignored. A claim was issued and the debtor contacted the solicitors. After taking our Members instruction, the settlement was agreed with the debtor and £5.7k plus court fees of £0.6 have now been sent to our Member.
In January 2018 we received a case from our Member, a concrete supplier. The debt had a value of £8500 which was overdue by nearly 3 months. The case was processed and sent to our solicitors. A LBA was issued to the debtor and was ignored. A claim was issued and the debtor paid the full debt amount, court fees, Late payment Compensation, interest, membership contribution and CPA’s remuneration, all amounting to £11.0k, direct to our Member.
Whether the case goes through our collections team or litigation, at CPA we live by our motto of Prompting Punctual Payment, and we get our members paid!
It just goes to show, it never hurts to try. Whether you are manufacturers or contractors, you deserve to be paid for your services!
We are unique amongst debt collection companies in that we do not get our hands on your money -at all- it goes straight from the debtor back to you!
So whatever department of CPA you end up dealing with, the money is all yours!
Do not hesitate to get in contact with us for help and advice. Please pass the matter to us as soon as possible as the quicker we act, the more likely we are to be successful!
Don’t be afraid to ask for what is yours.
Do you have debts owed to you by your customers? Do you have old outstanding invoices that need chasing? Are you unsure of your debtors identity?
We at CPA are pretty good at resolving these issues so why not take a chance? Go ahead and contact us at the Credit Protection Association and we shall see if we can help.
Give us a call on 0330 053 9263 or get in contact.