Case Study – UK Collection for
Overseas State-Owned Credit Insurer
Our Client: State-owned credit Insurer
The debtor: UK based business
Debt: Circa $60,000.00
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Our Case
Our Client: State-owned credit Insurer
The debtor: UK based business
Debt: Circa $60,000.00
Approach
Methodical analysis of all the documentation to build an exhaustive picture of the task in hand.
Challenges
These cases always require a lot of detailed analysis of the documentation. The collector spent the first 2 hours conducting all the relevant database searches and trying to establish the location of the goods. He urged me to make a call to Southampton port to establish if the goods had passed through the port or not. The port authorities confirmed that the goods had left port and supplied the date.
Following this, using the contact details sourced in the supporting documents our collector contacted the sales department of the debtor. It was explained who we are and the reasoning behind our call. Subsequently we were provided with further contact details to use. Our collector immediately made a phone call to the mobile number sourced and established contact with the director of the company, a call back was requested. A full breakdown of the balance and the supporting documents had been sent over all on day one of the case being referred to us.
I followed this up with a phone call to the director again who was less than pleased I had disclosed financial information to other members of the company. An explanation was given as to why this was not breaking any legislation.
He said this balance was disputed. He also confirmed that he had the goods. He went on to say that he had asked for the goods to be returned to the supplier and even offered to pay for the shipment. He asked what amount would be accepted as a settlement on the account. He said he wanted to resolve this in as friendly a way as possible as he has a good relationship with the supplier and wished to preserve and continue with the trading relationship. The collector asked for details of the dispute and he said that some of the goods are defected but would not elaborate on this; He was made aware that we would still need details of the dispute to enable us to negotiate an acceptable settlement figure with our client.
Success
In turn the customer started to liaise with the Policy Holder which resulted in a settlement payment of $58,000.00. in full and final settlement. The file when the closed with a closure report issued to the client.
All actioned and processed with 12 days of the case being loaded onto CCICM’s collections system.
Key Success Criteria
Experience in exactly how these cases both arise and can be resolved. Knowledge of the documentation involved and how to present requests to port authorities that makes it easy for them to respond to us both quicky and with accuracy. Firm but fair negotiation with the debtor.
Benefits
- Access to a successful end to end solution for outsourced Care Sector Accounts.
- Access to an established and relevant contact network.
- Collaborative working practices with incumbent credit control team.
- Improved cashflow.
- No reputational risk – we are a safe pair of hands when dealing with this debt type.
- 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.
