Debt Recovery in the Auto Trade
One of our Members in the Auto Supply Trade supplies tyres to garages. They pass us a number of debts each year. All but two of their debts this year have settled following the debts being passed to the online CPA Overdue Account Recovery System. On the other two debts, the member asked our debt collection department to take action.
The first debt was a sole trade running his own garage and full payment was quickly secured from the debtor.
The second debt was due from a limited company, operating a garage. The debt amounted to £4.5k and went back to August 2016. The case was sent to CPA in February 2017. The case was passed to our solicitors for a claim to be issued. Judgment was awarded against the debtor and the Enforcement Officer was instructed. We were delighted when we received a payment from the solicitors amounting to almost £6.3k. This included the full debt amount, CPA’s remuneration, interest, Late Payment Compensation, court and solicitors costs and a contribution to the Members subscription. The payment is now on its way to our delighted Member.
Another member who supplies parts to the Auto trade sector, regularly has to pass debts to us for us to resolve. Just yesterday they were happy to report on our website that two debts that they had passed to us only 10 days ago had been paid in full. We have to rely on our members to report these payments as unlike our competitors, we don’t want to handle the money. We always direct your debtor to pay you direct. This enables you to maintain a good relationship with them and keep the goodwill.
Another member who provides and services equipment had a relatively small debt with a garage for some servicing work. They passed the debt to us and within a week they had reported payment.
Another success story from our litigation department
Back in January a Member in the Plant Hire trade entered a debt onto CPA’s Overdue Account Recovery Service. The debtor was a private individual. Unfortunately this was one of the few cases that was not resolved and the Member submitted the £2.4k for litigation in February 2017. The debt was over 6 months by that time! The case was processed and sent to our solicitors for a claim to be issued. No response to the claim was received and Judgment was entered. An Enforcement Officer was instructed to collect the debt and costs and I’m delighted to report that we have just sent our Member a payment in respect of the full debt amount, interest and all court, solicitors and enforcement fees! Great news for our Member.
Summary
The above are just a few of the many may success stories we have had in the last 24 hours. We have been prompting punctual payment for over 100 years. If you have overdue accounts, The Credit Protection Association could help you free up that cash flow.
Give CPA a call
James Salmon, Operations Director 5th July 2017