A UK fashion wholesaler recently informed us of a customer who was failing to pay invoices at the value of £2.5k. There was a lengthy chain of promises made by the customer that the overdue invoices would be paid; however, they were not.
Our debt recovery team advised the debtor to pay, plus to pay additional late payment fees. An achievable, fast, payment plan was negotiated with the debtor and managed by Sterling to ensure each instalment was received on time.
With the debtor paying the full debt along with the additional fees, our client was able to benefit greatly. This being, they were able to receive the missing payment, cover our fees with the added late payment fees paid to them by the debtor, as well as continue the partnership with their customer.
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