Customers who do not, or cannot, make full payment by the due date may request an extension to the agreed credit terms. The most common proposal is to make payment by instalments. You should discuss the situation with the customer and request supporting information to assess if their request is fair and reasonable to accept. You should state clear payment dates, amounts to be paid and have the customer agree to this in writing; by email is acceptable.
Contact the Credit Control team for guidance. Institutions must seek approval of all proposed payment plans from their Head.
Institutions should not agree to accept payment in instalments at the time of billing for goods or services already provided without first consulting the Credit Control team.
Latest version 17 April 2024.