The Factoring team take a proactive approach to recovering factoring charges and will work with owners to help prevent arrears becoming an issue. We will encourage owners to set up a monthly direct debit to spread the cost of the factoring charges and to assist owners with budgeting. We also encourage owners to engage with us if they are having difficulty in paying their charges and we will provide them with details of agencies who can provide advice or assistance including Citizens Advice Bureau, Money Matter, etc. We will also provide owners access to our Financial Inclusions Team who can provide Free, impartial and confidential Welfare Benefit, Money & Debt Advice.
Where owners do not contact us to discuss their debts, despite several reminder letters, the Association will pursue legal action to recover the sums due, and will also seek to recover the costs of doing so.
If owners fail to pay their accounts, we have a number of debt collection methods we may use to pursue them:
Full Debt Recovery Procedures are available on request.