CINCB Hand Delivered Pre-Collect Letter Service
A hand delivered Pre-Collect Letter from Cayman Islands National Credit Bureau is a great way for you to start getting serious about your outstanding debts. Pre-Collect Letters should be incorporated in your company’s credit policy. And Pre-Collects should be sent out when the debt reaches 90-120 days overdue, however, they can be sent out any time before or after that overdue period.
A Pre-Collect Letter gives your customer one last opportunity to settle their account with you before you turn the account over to a debt collection agency…
It is also a super saver on collection costs to your customer if they come in to settle their account with you within the prescribed time frame.
The process is simple: All you need to do is provide to CINCB a Notice to Send Pre-Collect Letter. CINCB will then hand deliver a Pre-Collect Letter on CINCB letterhead to alert your debtors of their delinquent account, requesting payment in full to avoid having the account listed with a debt collection agency.
Pre-Collection Letters have many benefits:
- Gives your customer one final opportunity to pay their account with you while at the same time advises your customer that you are serious about collecting on the debt.
- Gives your customer notice that collection charges will be added to their account if they do not pay their account with you within the prescribed time. This is especially important if your credit application form does not include a clause that allows for debt collection costs to be paid for by the debtor.
- Gives your customer notice that their credit history is in jeopardy if they do not pay their account with you within the prescribed time. This is usually a very persuasive consequence that frequently results in payments in full.
- Advises your customer that you are a member of CINCB.
Please note that the Pre-Collect Letter advises your customer to pay their account in full directly to you. They do not come to CINCB offices to pay on their account. Therefore, you must add on to your customers account CINCB’s Pre-Collect Notice charge in order to recover this cost.
CINCB’s service charge for PreCollect Letters is very reasonable.
Upon sending out the letter, your account with CINCB will be charged the scheduled fee and you will see the transaction charge on your next monthly CINCB Statement of Account.
Please note that you are under no obligation to list the debt with CINCB if the debtor does not respond to the Pre-Collect Letter. However, should you choose CINCB to conduct debt collection services on your behalf, we will do so with the utmost of professionalism and confidentiality.
CINCB looks forward to the possibility of being of service to you.