How a debtor became one of our clients…
Age of Invoice: 60 days old
Principal Sum – £41,374.60
Interest, Compensation and Reasonable Costs – £2,068.73
Days to recover: 17 days
Client – Interior Design Company vs Debtor – Construction Company
Principal Sum – £41,374.60 – Interest, Compensation and Reasonable Costs – £2,068.73
On April 2016 we were instructed by an interior design company to recover a commercial debt against a construction company for a principal sum of £41,374.60. Under “The Late Payment of Commercial Debts (Interest) Act 1998” our client was also entitled to claim interest, compensation and reasonable costs to the sum of £2,068.73.
We came to an agreement that the debtor would repay our client in instalments over a course of 17 days. We successfully recovered the full principal sum and additional costs totalling £43,443.33, within the agreed repayment terms. The invoice dated back to February 2016, being 60 days old at the time of instruction.
Over a year later…
The debtor mentioned above contacted us to help recover outstanding monies owed to them by a fellow construction company.
Age of Invoice: 122 days old
Principal Sum – £68,346.79
Due to our now client (previous debtor) experiencing what it is like to be chased for payment they were extremely impressed and wanted us to chase money for one of their clients. This is due to our professional service, having a firm understanding of their industry and being able to negotiate the best way of repayment for debtors, whether that be through manageable instalments etc. The power of outsourcing to a third party is also key to our success as it ensures debtors of the seriousness of the situation which is usually enough to jolt them into payment as soon as contact is made.
Allowing clients to maintain a working relationship with their debtor is at the forefront of Darcey Quigley’s service and is something that has allowed us to be so successful for over 10 years in business.
So why choose Darcey Quigley & Co?
- All cases are actioned within 1 hour of instruction
- You will have a dedicated senior credit management consultant
- You will receive a full case update or payment within 48 hours
- We have a 93% success rate
- We will aim to recover all costs you are entitled to (Under the Late Payment of Commercial Debts (Interest) Act 1998), covering your recovery costs
- We are specialists in a wide range of industries and work with SME’s to large multinationals
- No commercial risk to your business, as we only charge upon successful recovery of your overdue funds
If you have any overdue or problematic accounts you would like to discuss, contact us today to see how we could assist you in recovering these debts. Call 01698 821468 or email [email protected]