IPSE member saves thousands with PCG's Agency Failure insurance
At the beginning of 2009 when IPSE member Gavin Chaplin first suspected the Agency he was working through was going under he called the IPSE legal helpline for advice.
“It was an uncomfortable situation because there was some doubt that I could get out of the contract” he says.
His agency had not paid invoices for 2 months. After posting up his situation on IPSE’s online forums, other members advised him and prompted him to contact CreditSafe Ltd, a commercial debt recovery agency that offers preferential rates to IPSEPlus members.
“I can’t recommend Sid and Sue at CreditSafe enough for their support in an unfamiliar situation, and for their experience.”
As a IPSEPlus member, Gavin not only had access to CreditSafe, but also had Agency failure and default insurance as part of his membership. In order to process the claim, Abbey Tax merely required invoice and contract details in addition to the completed claims form, but it was necessary to wait for the outcome of liquidation proceedings for the Agency as there will be instances where there may be some form of payout to creditors. Unfortunately, this can be a process which lasts up to a year.
Last week Gavin received the maximum payment under the insurance.
“Payment from the Agency failure insurance together with forum advice and effective action by Sid at Creditsafe and Creditsafe's solicitors means my loss has been greatly reduced.”