CPA Successes 22nd May 2017

By James Salmon, Operations Director.

We have had a very good couple of weeks with some big debts collected for our members. Overall we have collected millions. It’s just a shame for us at CPA that we don’t charge a percentage on our Overdue Account Recovery Service. All these debts were collected using our online service which is a part of our members fixed subscription fee which is great for them. Just imagine if they had been with a debt collector who had charged them 15% or 20% on these debts! No, our members enjoy debt recovery as an all included service in their credit management package.

For example, earlier this month we collected almost £20k from one debtor (an engineering company) for a steel works company in East London. Our member was paid within a few days of passing the debt to us. All included in the service as part of their annual subscription. If they had gone to a commission charging debt collector they would have paid exponentially more on just this one debt. And they’ve got the rest of the year to make good use of the service.

On the same day we had a member in Equipment rentals who was owed over £5,000 by a conferencing company. The debt was a couple of months old when we were instructed but we were so happy to hear they had received payment in full, less than week later. This member has already recovered so much in debts through us that their annual subscription is equivalent to less than 2% of their recoveries.

We recover so many debts, even very small ones. Our members can instruct us to collect debts of any size. We are happy to help work on debts other collectors wouldn’t touch and we will work as vigorously on them as the larger ones. However it is a fact of human nature that the bigger debts do make more of a story.

For example we are happy to tell you that we had a manufacturer in the midlands who in the last couple of months has given us almost 30 debts worth about £150k to chase for them. Only one debt has gone through our debt recovery system and not been paid in full. One of those successes was £8k debt that was invoiced last year in 2016 to another manufacturer in Surrey. We were so happy to see that we were able to secure payment in full. A few weeks later that gave us a debt of over £20K owed by an engineering company and it was reported as paid almost immediately after we wrote our first letter and email to their debtor.

Do you have some debts that could use the CPA touch? Why not call us and see how our credit management services could help you.