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Record breaking recovery of £6,480 in less than 24 hours

Posted in January 2015

Timbertech imports and distributes timber panel products to the construction and manufacturing industries.

Timbertech is one of Advocate’s long standing clients, to date we have a near 90% pre-litigation success rate and have recovered in excess of £120,000.

The won’t respond challenge

Our client’s credit control department had been chasing a commercial vehicle ply lining company by letter and telephone without success or reply. There were concerns that the business was in trouble as there had been no contact in 3 months,  historically they had always placed orders and  settled their account on a monthly basis.

Debt collection procedure

Timbertech pass most of their outstanding invoices to Advocate as soon as they reach 90 days and this appeared to be another fairy routine instruction. We have found that it is not unusual for customers to become debtors simply because they have found a new supplier and there is now no urgency to pay. An Initial Demand letter was prepared requesting payment within 7 days and outlining possible future legal action, this was issued on the same day that we received the instruction and opened the case file. As soon as the Initial Demand letter was issued our investigations began concentrating on the debtors current trading position to establish if they had any financial difficulties.

Our initial investigations were completed the following morning, the debtor business appeared to be in good financial health and trading normally. This was confirmed later that day when we received a payment remittance advice by email. Full settlement of £6,480 plus late payment interest and recovery costs resulted in the case being closed within 24 hours of receiving the instruction.

The usual result

An Initial Demand from a debt recovery specialist is sometimes all that’s required even if you have spent months chasing the debt. As soon as Advocate contact a debtor its clear to them that the matter has been escalated and legal proceedings are a real possibility.  If the debtor is trading normally and simply avoiding payment, they will find the means to pay quickly to avoid the consequences of legal action.

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