Our client sells goods using a Regulated Agreement under the Consumer Credit Act, and in some cases were seeing significant arrears in repayments, later into the agreement. Where over a third of the value of the asset has been paid, a Return of Goods Order must be issued through the Court to regain possession of the asset, leading to additional costs of up to £700 per case.
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Our client’s business merged the operations of an acquisition into their existing operations, creating one extremely large organisation to gain the benefits of economies of scale. Redundancies were made in the acquired company and the newly acquired ledger was merged with the acquiring business, however it became apparent that the resource levels assigned to the combined business were not adequate. The aged debt profile on the acquired ledger was already high, and the situation was exacerbated as many of the acquisition’s credit controllers had left.
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Our client had used a large traditional law firm to manage their legal action requirements for debt recovery for many years. They had become disillusioned with the entire process which was considered to be very slow, very expensive, and poorly informed, and as a result had avoided using legal action in their credit control process. This resulted in more accounts unnecessarily written off, and created a perception among their customers that any threat of further action was unlikely to be delivered.
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Our client, a large retailer operating over 750 stores, needed to reduce costs in order to remain competitive. This was done at both store and Head Office level, resulting in a freeze on headcount with leavers not replaced, and moving to a new, smaller Head Office facility. Additionally, our client supplied the goods sold in-store to businesses on a trade credit basis which suffered as a result of this headcount reduction.
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