Debt Collect Success Story

Business Club Ayrshire's member Debt Collect UK were instructed by a client who works in manufacturing to collect a debt of around £300,000 at the end of June start of July 2019. Our client had dealt with this company for over 15 years and had built up trust with them over this period, they had always paid them, although sometimes late. Our client is a small to medium sized business with around 25 employees so the fact they were £300,000 out of pocket was putting them under severe cashflow problems, and they didn’t want to rock the boat too much with one of their biggest clients. However their invoices had been outstanding from February – June 2019 and they had to take some action. They could not afford to instruct a solicitor to collect this debt for them as they just didn’t have the cash in hand to do this. Once instructed, after carry out some investigations we found out the debtor company which was turning over in excess of £100 Million per year, already had a Winding Up Petition lodged against it from another creditor, which they were paying. We served a statutory demand, we then got into some negotiations with the company around payment of the debt, informing them that we were already aware of the other creditors Winding Up Petition, an instalment plan was agreed and we are pleased to report that we recovered our clients debt in full including all the costs and interest a few weeks ago. The whole collection only cost our clients in the region of £2500, which equates to below 1% of the total amount recovered. We were able to recoup most of our costs from the debtor company. Our client is over the moon with this result, and due to our involvement has been able to relive their cashflow issues. Find out more about how Debt Collect UK could help you: www.debtcollectuk.com