Milodon - we had stripped out the fat while dealing with the issue. For example, the vans were a mistake so they went, but we were left with the legacy of this big debt and the slightly loss making van operation. When you loose 9% of annual turn over in an industry where margins are fixed somewhere around 8% you are on a hiding to nothing. We could have made it through if the little things didn’t crop up, 250 for a minor bump here, a missed delivery slot there which stood the vehicle for a day etc.
Any 1, 2, or even 3 of the things we could have survived, but all of them at the same time broke the back of us.
But, on the basis of how much I spent in Week 10 compared to how much I earned in week 10, we were on the right side, it was just the past which tripped us up.
Own Account Driver - We had credit insurance through our factoring company but at the time the defaulter defaulted, we were both factored by the same company and they refused to do any thing about it. They claimed conflict of interest meant they couldn’t pursue legal action against another of their clients, which meant that the insurance didn’t mean a thing.
Truckman1000 - I’ve received you PM but your settings mean I cant reply.