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In this episode of Minimise Debt, Maximise Cash, host Emma Reilly (CEO of Top Service) shares the closing segment from a joint webinar held with the Chartered Institute of Credit Management (CICM).
Moderated by Philip King (Non-Executive Director), the episode features quick, actionable advice from industry experts, including Paula Swain, Nicola Hannant, Elysia Ady, and Ivan, followed by key takeaways and a wrap-up from Emma Reilly on how to implement statutory late payment interest effectively.
Expert Final Tips & Takeaways
Paula Swain (Kearns Legal Services):
Review Contract Terms: Regularly review and update your business’s terms and conditions to ensure late payment interest is properly integrated.
Monitor Legislation: Keep a close watch on potential government updates regarding mandatory late payment charges and statutory enforcement.
Nicola Hannant:
Drive Internal Education: Focus on proactive education across your business so all teams—from credit to sales—understand the legal standing and application of late charges.
Elysia Ady (Top Service):
Make Charges Work for You: Ensure statutory late payment fees are structured and applied in a way that actively supports your business’s cash flow goals.
Ivan Carvalho (CICM):
Stay Connected & Skilled: Engage continuously with professional bodies like the CICM for upskilling, training, and qualifications to keep abreast of industry updates.
Audience Contributor (Kerry):
Don't Waive Interest Instantly: If a debtor requests that late payment interest or statutory compensation be waived, stand firm initially and attempt to collect it on behalf of your business/client rather than giving in right away.
Emma Reilly's Key Wrap-Up Insights
Explore "Per Invoice" Charging: Consider charging statutory compensation and interest per individual invoice rather than as a single lump sum, as this can significantly boost recovery outcomes.
Consistency & Team Clarity: Maintain a consistent policy across all branches and ensure internal teams understand why and how late payment legislation is being enforced.
Get Accounting Systems Ready: Align your accounts department on how incoming late payment interest and compensation are coded and documented (handling requests for separate invoices).
Partner with Your Debt Collection Agency (DCA): Work closely with your DCA or legal partners. Ensure they understand your parameters, cost coverage needs, and negotiation boundaries so they can act effectively when contacting debtors.
To receive the information pack on charging statutory late payment interest mentioned in the episode, please click the link on Emma's name in the player notes.
Webinar Announcement & Information Pack
To sign up for the next webinar, please visit:
👉 https://www.cicm.com/cicmevents.html
Connect with Us
Have questions about credit management or enforcing statutory interest? Reach out on LinkedIn:
Emma Reilly: Search for Emma Reilly Top Service on LinkedIn.
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