Credit Procedures | Credit Control

Debt management: who is it suitable for?

August 5, 2009

A debt management plan is an informal financial agreement. It involves a re-arrangement of how outstanding debts will be cleared. Creditors may be asked to accept lower monthly payments and/or freeze interest, helping you repay your debts at a slower, affordable rate.

Bear in mind, though, that repaying your debt over a longer timeframe might increase the overall cost you have to repay (due to interest). Also, creditors are not obliged to agree to any changes in the contractual agreement – if they do accept the changes, this will usually be for a pre-defined period of time (after which, they may wish to re-negotiate with you – or your debt management company). [Read more...]

Easy Credit Control Procedures

May 18, 2008

Credit control procedures differ from credit control policy in that the procedures is the implementation of the policy. For example, when something happen (a) is the response to that something.

Having a clear set of credit control procedures ensures that your credit control department runs smoothly. The following is a list where procedures should be thought about and written down they help to reduce the cost of credit.

Late payment

this is always the most obvious and important within any credit department. What will you company response to late payment be. This is a list of options: [Read more...]