We successfully recovered £985K of the Funds Out position on behalf of a major Funder when a Polymer Company went into Administration.
This £6m Forest of Dean based Polymer Company went into administration with a lot of historical debt. The ledger was £1.1m and substantial queries were expected.
This was a factoring client and the Funder could have easily handled the Collect Out themselves. However, the two biggest Debtors owed £500K between them and the Funder was nervous that if anything went wrong they would end up losing a large amount of money.
They came to Credebt because of our unique Bad Debt Protection, which we were able to get in place for the full £1.1m, thus reducing the risk to the Funder to zero.
We assumed the full risk for the Debt on day one by paying our underwriter, at no cost to the Funder.
We visited the site, collected the books and records and downloaded the system back up.
We commenced Collections immediately after agreeing with the Funder that we wouldn’t charge them anything until we’d completed the Collect Out.
We liaised with the Funder’s Credit team who had previously dealt with Collections, to ensure that any information and customer responses were shared.
The Collect out was Completed in 3½ months and we recovered the Funder’s full Funds Out position, as well as a healthy £105K surplus which more than covered our Fee.
We charged a minimal Fee, up to and including their Funds Out position and only increased our Fee across the whole Collection once we’d reached enough of a surplus to cover it.
£105K surplus achieved
of Funds Out
How can we help?
Credebt provide a full range of expert Receivables Management Solutions to the Insolvency Profession, the Invoice Finance Industry, Turnaround Practitioners, advisers and their clients, from full sales ledger recovery to outsourced credit control.
For more information about how we can help call 08456-6385256
or email our MD, Glen Morgan at firstname.lastname@example.org
“Glen and his team have provided us with
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