Excellent recovery rates and bespoke reports are key to success

Excellent recovery rates and bespoke reports are key to success

Posted by Richard Gwynne, on February 26, 2020. Tags: ,

Spratt Endicott recently started work with a leading supplier of specialist building material. The client is a multi-branch operation and has offices country wide. Within a relatively short amount of time, Richard’s Debt Recovery Unit had recovered nearly £500,000 of outstanding debt, against which, they also managed to recover 75% of the debt files that had been closed year-to-date.

One of the key advantages Richard and his team were able to offer the client was the ability to give branch by branch reporting regarding value of debt passed, debt collected and more importantly, to tag reports with the reasons of why the debt was not paid, such as poor invoicing and delivery failures.

This recovery rate was accomplished by introducing a far more aggressive pre-legal collection cycle. Letters and phone calls from a solicitor reminding the customers about their unpaid debt are usually seen as imperative and are almost always paid soon after, thus avoiding costs and court fees.

From these bespoke reports, Spratt Endicott’s client could identify areas for improvement in their processes. This level of detailed reporting is an invaluable advantage that Spratt Endicott passes to all of their clients, allowing them to identify areas for improvement internally.