Overdue Payment Reminder Letters
Does your accounts team issue final reminder letters for overdue accounts?
At Collection House Ltd, we can issue 7 day reminder letters on your behalf. Having one of the UK's leading DCA's involved in your collection cycle carries a huge amount of weight and is normally sufficient to focus minds and get you paid.
We have recovered £162,952.40 in 2024 from just one client using this service.
Cost-Effective
Maintains Relationships
Improve Cashflow
What is an overdue payment reminder letter and why is it so effective?
An overdue payment reminder is a letter produced by Collection House Ltd that reminds your valued client that payment terms have been exceeded and that payment within 7 days is required to avoid escalation and additional fees.
The fact we are not you and are an established Debt Collection Agency with various escalation resources at our disposal carries weight and focus minds.
Maintaining client relationships whilst getting paid
"Clear communication and reassurance from start to finish, resulted in an immediate payment from an important client."
Van & Skip Hire Company
Likely Outcome
In most instances our involvement will provoke the desired outcome, resulting in payment being made or payment proposals being put forward. Once engagement has been achieved either by correspondence or payment, our file will be closed.
What happens if payment is not made?
If our payment reminder has not provoked payment within 7 days you will be given the opportunity to refer the file for formal Debt Recovery proceedings. At this stage your customer will be liable to for additional costs.
Tailored to suit your needs
As all businesses are different, we can tailor our overdue payment reminder letters to suit your business model and needs. For those clients who implement our payment reminder into their internal collection processes resulting in volume payment reminders being issued, will benefit from reduced fees. This tends to result in a fixed monthly fee rather than a letter fee per payment reminder letter.
Internal Collection Process
Introducing our overdue payment reminder into your internal collection process is likely to have a big impact on DSO and will improve cashflow, with the comfort of knowing that you can refer the file to Debt Recovery if payment is not made.
Our Letter Fees
Debts between £250.00 - £1,000.00 - 10% of debt value
Debts between £1,000.01 - £5,000.00 - 5% of debt value
Debts between £5,000.01 - £10,000.00 - 4% of debt value
Debts between £10,000.01 - £25,000.00 - 3% of debt value
Debt above £25,000.01 & Above - 2% of debt value
We charge a fixed letter fee based on a % of the total debt value as set out above. We do not charge any further fees even if the letter provokes an immediate payment.
Our Services:
Current MCICM members at Collection House Ltd
Richard Matthews MCICM: 5010602
John Matthews MCICM: 6021838
Louise Tan MCICM: 6024713
CSA Membership Number 1278
Registered Office:
Collection House Ltd, 1,2 & 4 The Longbarn, Paxcroft Courtyard, Trowbridge, Wiltshire, BA14 6JB
COLLECTION HOUSE is a registered trade mark of Collection House Limited - Co Reg: 04110830