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The effects of late or non-payment can have a disastrous impact upon companies. Sending of final demands and listing of bad payers can help recover any outstanding amounts.
The final demand letter is necessary before you can list a bad payer on any credit bureau. Sent to a non-payer, it notifies them of your intention to list them as a defaulter on a credit bureau. You can list a defaulter 28 days after the final demand letter was sent by post. A listing of a bad payer can include a company or individual who has broken the terms of the agreement in respect to the repayment conditions as set out therein.
TRANSUNION CREDIT BUREAU
Rules to remember before you can list a defaulter:
- You cannot list below an amount of R100.
- You must send out a final demand letter or a (Section 129) to the individual or company.
- The letter is available under both TransUnion and XDS Products
- You must wait a full 28 days for the debtor to respond before you can list.
Please take note of the following:
- “final notice” listing remains on the bureau for 1 year.
- “handed over” listing remains on the bureau for 1 year.
- “bad debt written off” remains for 1 year.
- “absconded” listing remains for 1 year.
- “repossession” listing remains for 1 years.