Electrical Contractor Joins CPA and recovers £9,500
The Credit Protection Association’s Field Service Manager, told us today about a new member who only just joined CPA a couple of months ago. This long established electrical contractor from Buckinghamshire had approached the Credit Protection Association for help a few months ago and she had just been to visit them to see how they were doing.
The member approached CPA after one of his creditors had asked CPA to chase him for money. We motivated him to pay his creditor and upon consideration our new member had thought the CPA recovery system might work for him and his debtors. He had a number of accounts that were very overdue and while it wasn’t a lot of money and wasn’t yet having a major impact on his cash flow, it was irking him that they were ‘getting away with it’.
Up until then they had been collecting their own debts but found that some would just ignore them, even when they called them.
Once CPA got involved and were able to investigate, it turned out that he was billing the wrong name. The correctly named business had a decent enough credit rating and no county court judgements showing so once we got the paperwork in order, CPA started chasing. The debtors initially resisted but we recommended legal action and our member decided to ‘give it a go’.
They have just received judgment and advice of payment from The Credit Protection Associations retained solicitors with all the costs recovered including late payment compensation and interest. Our member is thrilled with our success!
In fact his accounts department manager did a costing summary of the CPA subscription, and taking into account the cost of the subscription and the debts recovered to date (His other three debtors all paid in full as a result of our Overdue Account Recovery System and legal action wasn’t necessary) and they are already up by £9500 after only a few months! As she said to him, ”a complete result”!
They now monitoring all their customers with CPA so they get the email alerts of any changes, but more importantly, they are checking they have the correct trading names and making sure they are creditworthy before doing anything.
Our client is a very happy member and looking for opportunities to recommend CPA to others!
James Salmon, Operations Director, 22nd June 2016.
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