£23k Car Commission Payments Paid Within 2 Hours!
Age of invoice: 4 Months old
Principal Sum: £23,000
Time to recover: 2 Hours
Commercial debt is a common challenge faced by businesses across industries, including the used car business. When outstanding payments are not settled promptly, it can impact cash flow, hinder operations, and strain relationships with suppliers and creditors. This case study explores how Darcey Quigley & Co effectively addressed a commercial debt scenario in the used car industry, showcasing the importance of communication, transparency, and strategic debt recovery processes.
In this case, an online platform selling used cars was owed £23,000 by a client who had used their website to sell 28 vehicles but had avoided the commission payment on all the vehicles. Credit terms were 7 days but the funds were left unpaid for 4 months. It had initially been discussed that the customer would make a part payment of £17,000, however after a further two weeks of waiting for this payment, no funds were received, and no reason was given for non-payment. The vehicles had been sold and there were no disputes about quality, and at this point, communication became impossible. The customers reluctance to settle the outstanding amount had created a lot of financial uncertainty for our client which is why they sought help from our team.
The power of outsourcing your unpaid invoices to a debt recovery agency works wonders when it comes to getting your debtor’s attention. This is how they know you’re serious about recovering what you’re owed, and your debtor will realise the consequences if they continue to avoid you. Our process has a 93% success rate in getting businesses paid, so our team began to contact the debtor via multiple avenues including telephone, email social media and Whatsapp. In 89% of cases, our team are successful in also collecting additional costs including interest and compensation. After our initial call with the debtor, they refused to pay any of the late payment charges however our team did not give up hope.
Despite the initial refusal to pay late payment charges, the debtor’s stance shifted dramatically after receiving the breakdown of charges from our team within 1 hour of contact. After just two hours of receiving the itemised statement, the debtor made full payment of the outstanding £23,000, along with all associated costs, effectively resolving the commercial debt situation. This rapid turnaround highlighted our strategic approach to debt recovery, emphasising the importance of clear communication, transparency, and professional negotiation techniques in achieving successful outcomes. Fantastic result for our client.
If you have outstanding invoices please don’t hesitate to get in touch with our friendly team of commercial debt experts today on 01698 821 468 or schedule a call for a time that suits you.
Lynne is the Founder and CEO of Darcey Quigley & Co.
She is passionate and determined to help businesses get overdue invoices paid quickly.
Having worked within the credit management industry for over 27 years and ran UK leading commercial debt recovery specialists Darcey Quigley & Co for over 17 years, Lynne has helped businesses recover commercial debts from every continent across the globe.
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