Case Study – Overseas Collection
in West Africa
Client: Swedish Export Insurance
Debt type: Commercial
Country: Benin, West Africa
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Our Case
Client: Swedish Export Insurance
Debt type: Commercial
Country: Benin, West Africa
Debt amount: € 116,092.68
Invoice due: Feb 2018
Approach
The case was passed to our partner in Benin, who successfully established contact with the debtor. They stated that their company was in financial difficulties (Due to Covid-19) and would not be able to address the matter until lockdown ended.
Challenges
Clearly the geographic location was a challenge, the company claimed to be in financial difficulty due to the downturn in trading conditions, caused by COVID-19. In addition, there were prevailing issues in getting funds out of the country.
Success
Our partner managed to negotiate payment arrangement amount of €5,000 until company financial situation improves, the customer has successfully made 5 instalments of €5,000, next instalment due this month. Our partners in Benin will be reviewing the financial health of the company going forward. If this improves significantly, our partner will request that the value of the instalments is increased.
Key Success Criteria
Having a local partner who was able to negotiate directly with the customer.
Benefits
- Access to an established and relevant contact network.
- Collaborative working practices with incumbent credit control team.
- Improved cashflow.
- No reputational risk.
- Regular reporting.
About Us
- CCICM is a multi-award winning company.
- Over 35 years’ experience in managing credit control.
- We work for Governments, Banks, Accountants, Asset Based Lenders, Turnaround Professionals, Private Equity Firms, Multinationals, and SMEs.
- Headquartered in the UK with 90 partner offices worldwide.
- FCA authorised and regulated ISO27001 & 9001
Our Pricing Model
- We operate on a contingency fee basis – ‘no win – no fee’.
- We do purchase debt portfolios and will consider each opportunity on a case by case basis.
