Uncollected debts cost Cayman businesses millions of dollars every year which causes a negative effect on the bottom line and ultimately is a contributing factor to the cost of living increase. CINCB was developed to provide a solution for businesses to avoid incuring more costs once in house collection efforts have been exhausted. CINCB is here to help maximize profits and increase the bottom line by reducing bad debts.
CINCB collects commercial and consumer account receivables worldwide. We utilize conventional and effective collection methods and when necessary utilize a network of law firms experienced in collections.
The first thing you need to know about selling on credit is that you need a credit policy. We have developed a sample Credit Policy Handbook to help you with creating your own credit policy. Please take the time to review this document because it is important to have a proper policy in place.
The second thing you need to know about past due accounts receivables is that after it reaches 90-120 days overdue and you have made efforts to collect on it during that time, you need to start calling a collection agency for help. The reason is because the older a debt gets the less likely it is to be collected. Below is a graph prepared by the United States Department of Commerce showing the effect of aging on debts. As you can see the age of the debt determines its value, this is why it is necessary at times to make settlements on old accounts receivables.
Once you have decided to turn your accounts over to a collection agency, rest assured that the CINCB team is professional and understand that we are also representing your business. We follow standard international collection practices.
Our team will begin working on your accounts right away and continue working the cases until we are able to effectuate a settlement in full or arrange a payment plan. All settlements that are secured which are less than the full value of the debt plus collection costs will be presented to you for consideration and final approval. Thereafter we will notify the debtor of your decision.
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.