Cedars Business Services boasts a long ledger of successful debt recovery instances. Still, even after decades of experience, a challenge arises here and there that makes our experts put their heads together and devise tailored solutions to recover past-due accounts against a formidable challenge.
We needed to brave the elements of Brazil’s complicated economic atmosphere. Our seasoned debt collection experts took this collection case in stride to assist a client in recovering a substantial sum. As we mapped out our strategy, we understood the critical importance of gathering every information to ensure thorough due diligence and a solid foundation. The case details were compelling, but the test was yet to come.
Gauging the complexity of the case, our agents immediately dove into the details, meticulously and strategically executing each phase of the recovery process, and took the following first steps:
Upon deeper investigation, we discovered the customer was grappling with significant financial difficulties exacerbated by Brazil’s convoluted economic infrastructure.
The challenges were aplenty:
The combination of these issues made traditional recovery methods less viable. Our agents quickly recognized that recovering this account would require a delicate touch, a robust strategy, and an innovative approach to customer engagement.
The bedrock of a successful collection case is establishing trust between involved parties, but the customer’s sporadic responses and broken promises eroded trust, adding another layer of complexity.
Our agents quickly established an understanding with both parties involved and facilitated communication.
Our extensive research and local expertise proved crucial in moving the needle. This revised schedule, involving additional costs and interest, allowed for a more significant sum than initially anticipated recovery.
Our agents also explored alternative payment methods, such as credit card payments, PayPal, and even direct payments from the customer’s clients, to overcome the customer’s transaction difficulties despite the associated fees.
The ensuing months involved numerous discussions and negotiations.
Our team maintained consistent communication with the borrower through our omnichannel approach, including email and phone calls, demonstrating both patience and persistence. We also leveraged the opportunity to remind the customer of the potential re-application of full fees and interest, and the pursuit of legal action should they fail to adhere to the agreed payment terms.
While our eventual goal was a favorable outcome for our client, the most significant reward was to achieve an amicable and successful resolution, and we won!
And then came the final curtain call.
Once the settlement was agreed upon, we ensured the final stage was seamless.
We collaborated with all parties involved to finalize the payment agreement, which the customer honored through a series of installments.
For organizations facing complex debt recovery scenarios, let this success be an example of what’s possible with the right expertise and approach.
