Due to the coronavirus pandemic, and the resulting impact on businesses worldwide, credit controllers are being sympathetic when it comes to collecting commercial debts. However, given the current unstable state of the economy many businesses are going under which could put your debt at risk.

In this recent case study, one of our clients have lost £78,173 because they were overruled by their managing director not to send their debt for collection!

The credit controller was suspicious about their client, and due to the current economic circumstances, were very wary that they were still due money from them.

Having discussed the situation with their managing director they were told to hold off sending the case for recovery due to the fact that they were a loyal client. The debt was from February 2020, causing concern as many businesses have struggled to survive over the last few months due to the pandemic.

Eventually, after 7 months of no commitment from their client of payment, the case was passed over to us for recovery. After 2 days of calling and email correspondence, the liquidator called our head of recoveries to alert them that the debtor had gone into a voluntary liquidation this morning.

When it comes to commercial debt collection, it’s important to trust your gut and don’t delay! With so many businesses struggling right now getting paid is more important than ever and every penny really does count.

If you have a gut feeling that one of your customers is avoiding payment and may be going under, get in touch with us now. Our expert team will be at hand to chat you through the situation and explore the best solution for you and your business.

Call our team on 01698 821468 or email [email protected] to find out more.