Debt Recovery In The Engineering Industry – Case Study
Age of invoice: 1 year old
Principal Sum: £5,000
Days to recover: 7 days
The engineering industry is heavily impacted by late payers and serial debtors leaving many firms out of pocket regularly. Despite their best credit control efforts, oftentimes businesses in the engineering industry are left with little choice whether to write off the debt or get a commercial debt recovery specialist involved.
Commercial Debt Recovery Engineering Industry Case Study
A client in the engineering industry was dealing with an extremely problematic late payer with an outstanding debt of £5,000 that was overdue by more than 1 year. When a debt is this old it can become hugely frustrating and feel like you’re banging your head against a brick wall.
Our client had informed us that they had tried to contact the debtor for several months but had no luck in speaking to someone in relation to the debt. This is a classic example of serial debtor behaviour, they were simply avoiding our client and were passing them from pillar to post, something we are all too familiar with seeing.
Once we received the debt we were able to directly get in touch with the correct person dealing with payments. Having acted very quickly our head of recoveries was able to arrange a payment date and money was in our clients bank within just 7 days.
What a great result!
Are you in the engineering industry and have overdue accounts? Act now or risk missing out on recovering the debt. If you are unsure when to outsource to a commercial debt recovery partner take a look at our article where we’ve put together some warning signs to look out for that signify that it is time to get the experts involved.
Do not hesitate to get in touch on 01698 821 468 or email [email protected]