Nobody likes bad debts so the first step we take is to try and stop things ever getting that far. Once an outstanding invoice remains unpaid for 45 days or more, clients contact us with the news that this represents a potential bad debt that could result in an insurance claim. All decisions and actions relating to debt collection are always taken in consultation with our clients and this may result in debt recovery action being taken by CMR.
- We'll take prompt and decisive action as a third party debt collector, making sure our clients are first in line for payment. Sometimes we also agree a payment plan with debtors and then make sure they stick to it. All carried out in close collaboration with our clients.
- If payment is still not made we may negotiate a discount, so clients get at least some of the money they are due. Again, any such course is only pursued with the agreement and collaboration of the client.
- If none of these measures work, or if the debtor is proven to be insolvent, we collate all the required paperwork to make a fast-track claims submission on your behalf.
- We'll carry out a pre-claim check to ensure all documentation is present and correct. Flagging missing documentation helps prevent payment delays.
- Our close relationship with the insurer allows us to submit claims in their preferred form, to further expedite payment.
- If the debtor is still trading we will continue to attempt recovery of the debt, even after the claim has been paid.
We keep all parties informed of progress at all times, including external factoring companies and overseas agents, if relevant.