Debt Collection - Place Debt

It is important to begin your in-house credit management procedures as soon as a debt is incurred and before it becomes past due. Call the customer a few days before the debt is due to follow up on payment and identify any issues. Call again a few days after it is past due. If payment is not received within 90 days of invoice then do not hesitate to place the debt for collection. In the New Zealand credit culture, the fact that a payment is delayed for more than 90 days nearly always indicates a real payment issue. As upwards of 70% of these payment issues usually originate with the credit giver and not the debtor, the sooner the issue is identified and resolved, the better.

We thrive on information. When placing a debt for collection we need as much information as possible. We need copies of invoices, notes made by your accounts staff, information about the debtor and their business and information about your relationship with them.

A debt placement form and good supporting documents speed the implementation of collection processes. The debt placement form and supporting documents can be faxed, posted or emailed. The most important supporting documents to send are copies of invoices, statements and any correspondence between you and the debtor and the account application and any personal guarantees. The more information you provide the more likely we are to be able to collect your debt quickly!