SUCCESS STORY
Claim Hunters are a leading Claims management company that specialised in reclaiming mis-sold PPI policies for their clients and helped around 50,000 customers reclaim money they were owed by lenders. They took a pre-agreed 20% of the collected fee for carrying out this work, which was payable by the customer once they had received their money.
The Issue
Claim Hunters had accrued a file of 3800 debtors over a period of 5 years however each one was less than £300.00 –this still totalled around £1,000,000 of unpaid invoices.
The in-house credit control efforts of 6 full-time staff to collect these fees, included expensive and labour-intensive phone calls, letters, and emails. Despite these attempts, Claim Hunters had to either write off the debt or instruct debt recovery specialists to enforce further action.
Claim Hunters opted for a specialist, traditional, debt recovery service that included legal action where necessary, but were left increasingly frustrated with the speed of legal recoveries, the lack of reporting available and the extortionate fees, for less than average results.
Lee Stangroom, Operations Manager at Claim Hunters, faced with the challenge of collecting these fees, decided to look at alternative ways to recover the debt owed.
The Solution
Recognising the cost and time taken to collect these fees coupled with the lack of visibility along the way, Claim Hunters opted to use PaymentPlan.
They were able to upload their debtor file and leave PaymentPlan to engage with debtors (all of whom were now quite obviously immune to messages from Claim Hunters) to effortlessly set up and chase in debt.
By using a different voice and appearing to help clients to clear their debt, rather than worry and threaten them into doing so, Paymentplan.co.uk started to produce results almost immediately.
The Results
Within just 6 weeks of uploading “Non-Payers” to Paymentplan.co.uk, Claim Hunters experienced an impressive recovery rate of 16%. All these fees are expected to be cleared within a maximum of 36 months; the term they specified.
Testimonial
“Given our previous experience in collecting outstanding debt, we were delighted with the results produced by PaymentPlan alongside the reporting, which since it was on my phone. I could tap into day or night to see new information and know exactly how much money had been collected and secured.”
