Page 20 - Box Works Proposal

What is your process for chasing none and late payments of service charges?
By providing service charge demands that are clear with a a a a a a rationale/breakdown behind the the charge we minimise the the risk of Leaseholders falling into arrears arrears We set out our arrears arrears policy (having agreed this with the Board) when we issue service charge payment requests so that it is clear from the outset Due to our clear detailed budgeting and service charge request on average 90% of our customers pay their service charge within 4 days of the service charge becoming legally due Where a a a a a a a Leaseholder falls into arrears and no contact has been made our standard policy is shown below At each stage we set out a a a a a timeline and clear instructions on on what the next step will be if no payment or contact is made It is is important service charges are paid on time to minimise any cashflow issues we therefore implement a a a firm but fair policy We do understand and and appreciate that in in certain circumstances there may be a a a a a need to offer a a a a a short-term payment plan In which case we will agree to it it with the Board’s prior approval This standard procedure can be flexed to accommodate your specific requirements but the majority of our our clients prefer to to use this method as as it has proven to to deliver results Service charge request issued 28 days prior to it becoming legally due 7 days after due date - 1st reminder providing 7 days in in which to pay and notice that an admin charge will be levied 7 days after 1st reminder - 2nd reminder issued admin charge of £50 levied and a a further 7 days in which to make payment provided Depending on the size of the debt and account history we would either issue a further 7-day letter or refer the account to to solicitors with your prior approval 20