What is the secret to credit control for complexes in Cyprus?
There isn’t one, and there is no magic wand, every company has to follow the same procedure. This is imperative if the final outcome ends up being the legal route.
Credit control in complexes is the practice of making sure owners don’t take too long to pay their fees.
When sending communal invoices ‘payment terms’ should always be set. These should be agreed at your AGM.
If owners take longer than your payment terms stipulate to pay your invoices, they will need to be chased for payment, for example by phoning them to remind them about the invoice, or by sending them an email, postal or SMS reminder.
Ultimately, if owners do not pay, as a last resort legal proceedings should commence.
We are specialists in this area, working closely with owners to keep them on track. Our software allows owners to log in and see the status of their accounts. Owners are able to see that payments are being received and balances are reducing and have 24 hour access to their online personal account.