A bad debtor is a word that people loosely use to describe someone who do not pay their debts. However, Darcey Quigley & Co believe that this term only describes a small percentage of companies with outstanding invoices.
We describe a bad debtor as a company who doesn’t want to pay or doesn’t have the means to pay. We believe that this type of debtor is the most challenging for any business to recover debts from. Our approach to bad debtors is completely different to someone who is just a late payer. A late payer describes a company who has the money available but who choose to keep a hold of the money for as long as possible. Bad debtors require a more bespoke approach to recovering their debt and should not be pursued through legal channels until an attempt has been made to recover the debt through a commercial debt recovery company. This will increase your chances of success and dramatically reduce your overall costs.
Why not see what our Managing Director, Lynne Darcey Quigley has to say about what defines a bad debtor:
Bad debtor’s debts tend to be older as they will use a variety of delaying tactics and evasive techniques with the hope of the debt going away or for the debt to be written off. Darcey Quigley & Co take the time to understand your debts and your customers. This involves us making direct contact with the right person(s) and pursuing them for the outstanding debt until we get the situation resolved by getting you paid, getting your hire equipment back or retrieving products which have not been paid for back into your possession.
Why not see a working example of this directly from our Head of Credit Management Pamela Dunsmore which helps illustrate the fact? - VIEW FULL VIDEO HERE
Darcey Quigley’s forensic approach to commercial debt recovery ensures we know the finer details about the debt and your debtor. Part of our standard process is to perform financial checks on your debtor by credit checking the company, look for any assets, check for CCJ’s or for any financial markers which might suggest your money is at risk. It is only when we are in full possession of all the facts that we will develop an approach which will suit your needs only when we have agreed with you on the approach to take.
If you feel that you have been given the run-around from one of your customers and been promised payment on multiple occasions, why not get in touch. We can review your debt, provide free advice on the best approach to take and provide you with all available financial details associated with your customer.