Finance, procurement and asset policies · 06
Credit control, debt and write-off policy
Governs what the organisation does when it is not paid.
Governs what the organisation does when it is not paid.
Set the credit assessment before terms are granted; the terms themselves; the escalation calendar — reminder, letter of demand, handover; who may agree a payment arrangement and on what terms; the criteria and authority for write-off; and the prescription check before handover.
Check prescription before every handover: three years from the debt becoming due, and an acknowledgement of liability restarts the clock. Handing a prescribed debt to a collection agency is at best wasted money and at worst a complaint.
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