Nexus CIFS exclusive collections
As a policyholder of Nexus CIFS, First Place collections give you a choice for UK commercial debt recovery: Principal where you pay the STA commission, or Principal Plus, where your buyer pays the STA commission:
- Principal: If you have used us before March 2016 then you will have used this ‘full collection service’ as standard. We add interest and collection costs to your commercial debts and whether we collect them or not, you pay our commission for monies recovered up-to-and-including the amount placed.
- Principal Plus: Since March 2016, you can opt for this service where STA recovers its collection costs from your buyer, not you. Three simple conditions apply: You will pay STAs commission only if you; amend the amount outstanding after placement or; accept a full-and-final settlement equal to or less than the amount placed or; reject STAs funded legal action to recover commission from the debtor (Clause 6.3 in our Terms & Conditions). In all other cases, STA is responsible for the recovery of its collection costs, not you.
- International Collections: For international commercial collections, nothing has changed, and the overseas collections remain as before with you responsible for paying STAs commission on monies recovered.
You can place debts online via Your Debts Online where you’ll also have access to our progress on each debt; our costs and charges by debt, your invoices and statements and our overall collection success rate. If you already have access to Your Debts Online or want to register, you can do so here.
INTERESTED IN LEARNING MORE ABOUT BECOMING A NEXUS CIFS POLICYHOLDER? Nexus CIFS is one of the UK’s leading suppliers of Trade Credit Insurance and related credit management services. Its policies provide companies with comprehensive protection from the risk of bad debts – default – and customers’ business failure, all underwritten in the Lloyd’s market. If you would like to learn more about credit insurance with Nexus CIFS, you can visit their website here.