Numerous challenges overcome to recover lender’s position
Our collections experts have recovered the position of an asset based lender despite numerous challenges, particularly regarding paperwork and proof of debt.
After the owner manager of their client sadly passed away and gaining access to copy invoices and other essential paperwork was challenging as a result, we were instructed to assist the lender in the recovery of £21,125 owed by a customer in France.
But thanks to the multilingual capabilities of our team and quick thinking when it came to providing copy invoices to the customer, more than £17,000 has been recovered so far to comfortably recover the lender’s position.
Not confident of recovery
While many of our collect out instructions are quite complex, this case was particularly so and the instructing lender wasn’t confident about the chances of recovery – let alone the likelihood of their position being fully recovered.
The owner of their client, which was in the perishable foods sector, managed all of the invoicing from his laptop. But when he suddenly passed away his children, who weren’t part of the business, were unable to access it and provide the copy invoices their customer was requesting.
However, our collections team contacted the haulier who picked up and delivered the goods to the customer to obtain proofs of delivery. This enabled us to work with the lender to reproduce copy invoices and, by providing these to the customer along with the PODs, we have been able to recover £17,306 to date.
The collect out has been even more complicated because the French customer spoke very little English. But the multilingual capabilities of our team allowed us to liaise confidently with their accounts team to explain the situation, respond to their queries and requests, and ultimately deliver a successful conclusion to the delight of our client.
We can provide a range of expert debt collection services to asset based lenders and their clients, from full sales ledger recovery to outsourced credit control. For more information about how we can help, call 023 8070 7392 or request a call back.