A Member who is in the waste paper recycling industry sent us a debt for approximately £600 debt a while back. By this time, the debt was nearly 5 months old and the Member had only the first part of the debtors’ name! Using their investigative skills our team were able to track the debtor down, and a correct identity was confirmed.
The case was promptly passed to our solicitors for a claim to be issued. Shortly we were delighted to send the Member a cheque for over £800 which included the full debt amount, the court fees, interest. They even paid our own charges so our member was not out of pocket.
This example should be seen as a keen lesson for all business leaders
When processing an order, make sure you have the correct legal identity of your customer, that all orders are confirmed in writing and that the correct details are shown on the invoice. Also keep all documents such as proof of delivery to support your claim. Then if payment is not forth coming, chase quickly and suspend the account if necessary to limit your exposure.
Above all, pass the matter to us as soon as possible as the quicker we act, the more likely we are to be successful.
Do you have debts in the recycling industry? 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 but why take the risk? Find out all about your customer and it will make getting paid a lot easier and more likely. If in doubt contact us at the Credit Protection Association and we shall see if we can help.
Ella Bond -October 2017
Give us a call on 0330 053 9263 or get in contact.
The Credit Protection Association is a credit management company established in 1914. If you supply goods or services on credit then we can help you!
Keep up to date with the latest news by following us on social media:-
What can CPA do for you?
Read our blog – The Hidden cost of slower payers.
Read Our Blog – How to overcome common excuses for non-payment
Read our blog – Debt collection agency
Read our Cash Flow Advice
Read about our overdue account recovery service
Read our blog – What is credit management?
Read our blog -What is a credit management company?
Read our blog -Credit Management that works!
Read our blog – How to select a debt collection agency