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Five steps to successfully chasing a late payment (1 CPD hour)



FULL CPD MODULE

This module offers advice on successfully chasing late payments, including:

  • Identifying who to claim from
  • Implementing good processes for monitoring payments
  • Escalating complaints where the debtor is evasive or unresponsive

After reading these articles you will be asked to record your learning points and some action points to earn a suggested 1 CPD credit. Below are some suggested questions to reflect on as you work through the module:

  • Are you and your administration staff aware of which commissioner is responsible for which payment? Do you have this information documented?
  • Does your financial administrator have a spreadsheet detailing all other sources of income?
  • For all areas of income do you have a clear idea on payment frequency and deadlines so that late or missing payments can be chased up?
  • Do you ensure that a log is kept to prove that claims have been made and payments have been chased up?
  • Are you aware of the hierarchy of contracts and resources to approach or use to resolve issues around delayed payments?
  • Do you have a contingency plan to manage cashflow while chasing up late payments?