Debtor making constant promises of payment

An international virtual office company recently engaged our service to recover a debt just below £1,000 from one of their clients. They had made several attempts at communicating with their client about payment. The debtor had promised payment, but never came through. Eventually our client was not able to contact the debtor at all.

Our debt recovery team used several methods to make contact with the debtor, in which they were successful; however, with the debtor having a history of making constant promises of paying without actually fulfilling them, time was taken by our debt recovery agent to explain to the debtor that payment should be made by the date they were promising to pay, they were given a deadline and told the possible course of action that could be taken if payment was not made, settling the debt by that date. The debtor was monitored.

In the end, Sterling collected the debt in full in less than a month, including late fees, which covered the commission cost for our service in full.

Giving the benefit of the doubt is one thing, but if your client starts breaking promises of payment do not hesitate to call in overdue payments fast. When your client is struggling with cash flow and cannot keep to payment promises they may be spiralling to a point of no return, act quickly, protect your interest and get in touch with us to learn more about no win – no fee business debt recovery.

Categories: Business, Debt, debt recovery, International debt, late payment, promise of payment, SME