A collections strategy that is appropriate to your institution and customers must be developed and recorded for all your debts. The credit risk sections covered in Pre-sales can be used as a guide, specifically types of customers and types of activities. Other factors to consider when deciding the priority of any collection could include invoice value, days overdue and whether there are any known payment issues.
Successful debt collection is prioritised, polite, and persistent. The following chart should be used as a guide, but institutions can extend or reduce the suggested time frame, if necessary.
To view a bigger version of this timetable, please see: High level debt collection timetable
Latest version 29 April 2024.