Debt Prevention
Financial Payment Control
This is a permanent monitoring of your partner or client's financial payments to you, notifying customers about late payments and other preventive measures in order to prevent conversion of delayed payments into debts.
Financial payment control covers reminding and warning by telephone or other means of communication and sending of a notification by post to the debtor in order to induce him/her to meet his/her financial obligations properly.
Financial payment control term – 15 days.
Steps of the financial payment control:
Day 1 - The information about a late payment is received from the client (data from invoices etc.);
Day 2 - Reminding on the late payment by telephone or other means of communication;
Day 4 – Notification on outstanding payment is sent by post, telephone or other means of communication;
Day 7 – Inducement for 8 days’ payment is sent per post (the inducement is drawn pursuant to requirements of the Civil Proceedings Code of the Republic of Lithuania for procedural documents).