Are you tired of hearing late payment excuses from customers? Sadly, many firms and individuals who are owed money get used to receiving explanations and apologies for delayed payments.
It can be extremely frustrating to deal with customers who don’t pay on time, especially when you’ve done everything you can to accommodate them. In this blog post, we’ll discuss the benefits of debt collection agencies and share some case studies that show how debt recovery can help businesses get paid what they’re owed.
If you’re struggling to collect late payments from customers, consider enlisting the help of a debt collection agency.
What are the benefits of working with a debt collection agency?
– You’ll get paid sooner: A debt collection agency can help you recover late payments quickly and efficiently.
– You’ll save time and money: The sooner you collect late payments, the better. Additionally, you won’t have to spend your valuable time chasing down customers for payment.
– You can focus on your business: When you outsource debt collection to a professional agency, you can free up your time to focus on running and growing your business.
– Peace Of Mind: When you outsource your debt recovery, you can have peace of mind knowing that the debt is being dealt with by professionals. This can be a huge relief for business owners who are struggling to chase the debt themselves.
– At My Debt Recovery, we offer a range of different debt collection services including our “no collection, no fee service”. This means that if you don’t get paid, neither do we. So there’s no harm in discovering if your case is worth pursuing with us.
If you’re looking for a debt collection agency in the UK to help you recover late payments, we can help. At My Debt Recovery, can help you to get your money back quickly and without any hassle.
Still not convinced that debt recovery is right for your business?
Check out our case studies to see how we’ve helped other businesses collect late payments:
– Case Study: Fruit & Vegetable Wholesaler
Challenge: Our client provided fruit and vegetables predominately to the restaurant trade. An account had built up to £110,000 which had been outstanding for more than 2 years. Despite several attempts to get the account paid, the debt remained.
Solution: We initially spent time on fully reconciling a considerable volume of invoices to match with the statement of account and proof of deliveries. We then made a demand for payment, which the debtor continued to dispute. The debtor was unable to substantiate the grounds for the dispute nor provide any evidence. Our client engaged our Escalate no cost litigation service. Litigation proceedings commenced which were defended, however, our claim was successful. Bankruptcy proceedings commenced and also defended, again our claim was successful.
Result: Immediately prior to the final bankruptcy hearing, the debtor settled at £180,000 (including costs, plus interest). The case took in excess of 12 months and without the litigation funding, it would have been hard for our client to sustain.
– Case Study: Mechanical Service
Challenge: Our client provided Plumbing, heating and mechanical services. Our client acted as a subcontractor to a subcontractor and following a dispute with the debtor and the main contractor our client’s final account remained outstanding for payment for over 6 months. The relationship between the parties had broken down.
Solution: On engagement, it was important to try and establish a relationship with the debtor to be able to work through the account to achieve an amicable resolution. Court proceedings should only be a final resort to avoid costs for all parties. We agreed with them the items not in dispute and provided further evidence to support our client’s payment request. Eventually, only a small element remained in dispute re counter charges and a settlement agreed.
Result: £70,000 collected within 2 months of our engagement via an Instalment plan over 5
– Case Study: Copywriting Services
Challenge: Our client provided website copywriting services. The project was completed but the debtor then ignored various requests for payment. There was no dispute raised in relation to the work.
Solution: On instruction, we contacted the debtor by letter, email and telephone. The consequences of non-payment were made clear and details of the further costs that would be incurred were provided.
Result: Debt collected in just 7 days.
No matter the size of the debt, we can assist. We have helped hundreds of businesses get paid what they’re owed. Check out more of our case studies.
For more information about late payment excuses and how to respond to them, check out our blog post entitled “How To Manage The Most Popular Excuses For Non-Payment.” In this post, we share some of the most common late payment excuses and offer tips on how to handle them.
Take action on late payments today
If you’re tired of hearing late payment excuses from customers, contact My Debt Recovery today. We’ll help you get paid quickly and efficiently, so you can focus on running your business.
If you’re unsure whether your case is suitable for debt recovery, please contact us today for assistance. We can help understand your situation and provide the best plan of action.