No business wants to deal with a return cheque because it means that the company is now short those funds it needs for operating, they have to spend time chasing the customer clear up the return cheque and they also spend time making the reversing accounting entries in the books.
In most cases, customers come in quickly and clear up the return cheque because it may have been an oversight somewhere. In other cases, debtors avoid your calls or promise to pay but never show up. These are the debtors CINCB will work on for you. To be most effective, you should contact us with your return cheque(s) within 30 to 45 days of the day the cheque returned to you or anytime as soon as possible thereafter.
In addition to our debt collection efforts, the debt information will be placed on the debtor’s credit report with CINCB which will alert any prospective creditor to the debtor’s poor credit status. This provides leverage in collecting your outstanding debt.
If we are unable to recover through conventional collection methods, we will recommend legal action as a next step. Litigation will only be initiated with your authorization.
A monthly statement of collection activity will be sent to you along with a collection proceeds cheque and you can request a status report of all of your outstanding accounts with CINCB at anytime.