The Debt Collector Ep #3 (Part 2)
Recapped from the previous episode: 57 investors raised $150,000 for a logistics company. After seven months of prompt payment, the company missed two months repayment. We agreed on a new repayment schedule with the SME and were waiting for postdated cheques to clear the outstanding amount. All was rosy until… Follow the previous episode.
The postdated cheques never arrived on the promised date. We continued to engage the SME director on three different occasions. As a result, on the first of November, we managed to secure three postdated cheques, a total value of $74,000.
Upon receiving the cheques, we pulled out the SME account to review its repayment status. Sadly, we noticed that the SME has missed yet another repayment of $10,000 due for the month of October. This time, we acted swiftly by issuing a statutory demand to request for an immediate payment which was paid made the following day.
Two months on, things were looking up as the payments were prompt but before we knew it the situation took a turn for the bad. We were hit by a bounced cheque scenario. We worked our way to close in on the director and the result leads to an agreement that a payment will be credited directly to our account. Nonetheless, it was yet another empty promised.
For the second time, a statutory demand was issued to the SME but the miracle that we were hoping to achieve the way that we did the first time did not take place. Instead, the payment came in at a later date via two postdated cheques of equal payment at $16,000.
Guess what? A cheque of $16,000 was met with a bounced cheque scenario too. Again, our team continue to engage the SME director and finally by end of April this year, we managed to collect back all the payment.
We learned that we must persevere and continue to engage the SME director to achieve our goal. We at MoolahSense will try our best to keep our promise to ensure our investor get back their capital and return on investment. Meanwhile, for our SMEs, we aspire to be a good listener and come up with a workaround plan to ensure they have sufficient liquidity to repay back our investor by settling any arising issue amicably.