CICM
JULY 23, 2020
Are you prepared to increase credit limits? If you are Credit Insured have your insurers been reducing cover? How does this affect trading with your customer base? Revisit your collection procedures. Have you considered employing a Debt Collection Agency in the short term? What timescales should you apply.
On Guard
FEBRUARY 23, 2023
Perform pre-sales credit checks to determine whether all the accounts are up-to-date, if it is an established company, and if this is a customer you would like to take on. Establish clear terms of trading Be sure to clearly communicate your terms of trading from the onset of the relationship, and that payments must be made within these terms.
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Credit Management Company
JULY 14, 2021
Everyone in the debt collection industry is familiar with the Fair Debt Collections Practices Act (FDCPA). Reputable collections agencies willingly follow these rules and treat patients with compassion and respect. The CFPB never said it wanted to stop collections agencies from performing their jobs.
On Guard
OCTOBER 1, 2021
And that does not just apply to the data that is collected in the car itself; customer data and payment data is also information that is used within the sector. An annual roadworthiness check reminder or a personal trade-in offer is something that benefits the customer directly. This enables personalised communication.
Credit Management Company
AUGUST 9, 2022
Before you can collect on any debt, you need to validate the debt in accordance with the Fair Debt Collection Practices Act. The Federal Trade Commission (FTC) has established debt collection guidelines to protect consumers from predatory collections practices. Here’s what you need to know about debt validation.
On Guard
MARCH 15, 2022
A dealer who sells passenger cars usually receives the sale amount after 23 days, while the trade in heavier commercial vehicles must wait no less than 40 days for payment. This often prevents the route to collection agencies and bailiffs. Take out credit insurance. But the differences are big. Fully automated.
Debt Recoveries
DECEMBER 14, 2020
Accept payment via as many channels as possible, ensure you have EFT (electronic funds transfer), take credit cards, cash, cheques, etc. Have a dedicated, debt collection agency on call, as part of your accounts receivable process. Do you have a credit application form? Clear terms on your invoices?
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