Reporting overdue or adverse information

Insolvency

WHAT?

Your customer has become Insolvent.

WHEN?

To be covered, you must report an Insolvency within 30 days (or 14 days if you have been allowed to opt-out of Inclusive Collections) and submit your claim within six months of the date of Insolvency. You can find details of this in your Policy, which sets out when you must submit a claim.

Organising your claim quickly will reduce any avoidable delays to its resolution, reducing the chance that your cashflow is interrupted.

HOW?

Report an overdue on our online portal.

NEXT STEP

Find out how to submit a claim by reading our guide: How to submit a claim.

USEFUL TIP

If you have a Retention of Title (RoT) provision in your contract with your customer, you should make an RoT claim to the Insolvency Practitioner as soon as possible to get your goods returned to you.

In all cases, you will also need to submit a proof of debt to the Insolvency Practitioner.

Late payment

WHAT?

You should keep track of overdue payments beyond your Maximum Extension Period (MEP). This is the length of time during which you must try to collect payment before notifying us that it is late. Goods and services supplied to a non-paying customer after the MEP will not be covered under your Policy.

Please refer to your Policy Schedule to find out your unique MEP. It is 60 days, unless stated otherwise, and it may differ from country to country. The MEP starts at the end of the payment terms you have agreed with your customer. If in doubt, use the Overdue Reporting Calculator tool.

You must notify us of any and all accounts where payment has not been made at the end of the MEP, even if there is a dispute with the customer.
 

WHEN?

If your date for payment passes, then follow-up with your buyer and emphasise that the debt is now overdue. The latest point you can report to us an overdue payment is within 30 days (or 14 days if you have been allowed to opt-out of Inclusive Collections) of the end of the MEP. You also need to place the debt for collection as soon as it’s overdue to maximise your chances of successfully recovering the money owed.

HOW?

• If your Policy includes our collection services, submit a collection case on our online portal.
  
• If it doesn’t, you need to report an overdue instead (also on our online portal).
  
  

NEXT STEP

Find out how to submit a debt for collection by reading our guide:
How to log a collection case.

Other adverse information

WHAT?

To make sure you comply with your Policy, please keep us up-to-date when problems arise with your customers. We need to know if you are aware of anything which suggests that payment is less likely.

Adverse information means anything that causes concern about payment and includes the Adverse Events listed in your Policy, such as:

• Bounced cheques
• Unpaid direct debits
• Post-dated cheques beyond the Maximum Extension Period
• Repayment plans which extend beyond the Maximum Extension Period
• Information about cashflow difficulties
• A political risk event in your customer’s country which prevents payment

Check your Policy wording for a full definition of Adverse Events or contact us for advice.

WHEN?

Immediately but no later than 30 days (or 14 days if you have been allowed to opt-out of Inclusive Collections) of becoming aware of anything making payment less likely.

HOW?

• If your Policy includes our collection services, submit a collection case on our online portal.
  
• (for certain circumstances, such as a political risk occurrence, we only require an overdue report).
• If it doesn’t, you need to report an overdue instead (also on our online portal).
  
  

NEXT STEP

Find out how to submit a debt for collection by reading our guide: How to log a collection case.