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FSB’s new Debt Recovery tool: Rochdale firm's success

A high street retailer from Rochdale who’d previously written off an unpaid invoice dating from January and totalling over £300, has been paid after giving the new FSB Debt Recovery tool a whirl. 

Owner of Cartridge World on the town’s Kingsway, Guy Sedgwick, was owed the debt for goods sold more than eight months ago. Despite attempting to contact the client on several occasions, including emails, telephone calls, and even two visits in person, he’d been unable to make contact with the business owner. 

Guy, who’s been in business and an FSB member since 2006, had all but written off the unpaid invoice when he saw the new Debt Recovery tool, available to all full members, promoted in an FSB email. FSB Debt Recovery is a complete debt recovery tool for commercial and consumer debt, and can even be used overseas. The service is available no matter what size of debt is owed.

Guy-Sedgwick

Guy got his cash thanks to FSB Debt Recovery – you can too!

Before any legal action is taken with the debtor, the first stage is a letter produced by FSB Debt Recovery’s partner Debt Guard, which, in most cases, is enough to ensure prompt payment. With FSB Business Essentials membership you can have up to 20 legal letters per year issued, at no cost.

Explained Guy: “As soon as I saw what it entailed, I thought, ‘why not give it go?’ I had nothing to lose and it was the last roll of the dice so as to speak before righting the invoice off in total.

“On the few occasions in the past when I have had similar issues, I’ve found it’s not worth the bother for just a few hundred pounds as getting a solicitor to chase it costs more than the debt itself, so this seemed ideal.

“Registration on the web portal took just a few minutes. I put in the invoice details in to the online system in even less time, and that was that. That was the Monday, a physical letter was sent out on the Tuesday, and on the Saturday the debtor sent in a member of staff with his payment – and a load of excuses as to why it hadn’t been paid! 

“I was gobsmacked,” he added. “I never thought he’d pay up – and the money I’ve saved has more than covered my FSB membership for the year. I’d definitely use the system again,” he said.

In fact, Debt Guard say around 75% of bad debtors will cough up after they’ve received that first letter. This figure increases after the second is sent, which is in fact a ‘Notice Before Action’ letter, a genuine precursor to small claims court action. 

If the debt remains unpaid the case can be sent to county court at no cost to the FSB member, although a percentage of the invoice total is taken to help with recovery costs. 

For more details about FSB Debt Recovery, click the link HERE