Jun 01, 2020
At the start of the Covid Pandemic in the UK early 2020, companies started owing each other money left, right and centre…. Payfor was approached by a building company asking for our help in collecting £45K from their debtor. This was the first time that this company was owed such a large sum and it put a huge strain on their operations.
Our client told us that the debtor, a Scottish company, had been refusing to pay for more than 3 months blaming their inability to do so on the recent Coronavirus pandemic, and they were at a loss as to how to chase up the payment.
Following a swift onboarding process, the Payfor ops team got to work as soon as possible. Our first step is always to analyse the backstory, history of the claim, client agreement in order to formulate our Collections Strategy.
Having identified the best course of action, we initiated our usual 30-day chase campaign. They still wouldn’t budge! We began to see why our client felt so hopeless in the matter… Thankfully, we have the resources and experience to take matters like this further.
We began pursuing legal collection, passing the matter on to our London based law firm, who appraised the case providing clear actionable steps along with their quote to send a letter before action and/or issue proceedings should that be necessary.
After our law firm provided the quote, the client accepted and proceedings were quickly issued.
Once we escalated the matter to legal proceedings, the Scottish company offered a sizable settlement plus costs. Our client was happy with the sum and accepted the settlement. Every company deserves to be paid!
Going through a similar situation? Contact Payfor at email@example.com
This blog post is intended for informational purposes only and should not be construed as legal advice. The information provided in this post is based on general principles and may not apply to specific legal situations. Laws and regulations vary by jurisdiction and can change over time. Readers are advised to seek professional legal counsel before making any decisions based on the information provided in this blog post. Payfor Ltd is not a law firm and does not provide legal services. The company disclaims any liability for actions taken based on the contents of this blog post.
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