TASCollect Ezine

Working in the local economy means TCS is always abreast of local economic challenges and the issues impacting Tasmanian business.

We understand the challenges you and your business face, which is why we aim to provide articles to share our knowledge with you and assist you and your business to make the best credit related decisions and lessen the risk of incurring bad debt where possible.

We provide our clients with our quarterly TASCollect ezine, which features articles to assist you in with your credit management practices.  We have provided a selection of these articles below.

How does the Statute of Limitations apply to debt collection in Tasmania?

2020-10-06T09:21:07+10:00October 6th, 2020|TASCollect|

The Statute of limitations is the law setting out the maximum period of time that a debt can legally be pursued for payment. Once this period expires the debt becomes “Statute Barred” and it is impossible to take legal action to recover it. These time periods vary between Australian states and territories so understanding the jurisdiction a debt was incurred in is very important.

For simple contracts in Tasmania a debt may be pursued within a period of 6 years and the time frame for when the limitation period commences […]

Poor business processes will let you down

2020-10-06T09:17:30+10:00October 6th, 2020|TASCollect|

Poor accounts receivable practices such as extending credit to unqualified customers, not collecting the correct customer information, not invoicing regularly, failing to follow up on overdue invoices or not following through when questions are raised by customers can all contribute to the erosion of an organisation’s major asset. Its debtors ledger.

You may be a business that has been adversely affected during the current pandemic or you may be a business that has thrived. Either way, ensuring you have the right processes […]

Light in the Dark – Navigating Volatile Times

2020-06-29T14:03:36+10:00June 30th, 2020|TASCollect|

The following article has been prepared by Will McShane, currently the Chief Operating Officer for Kriticos Nominees, a locally owned family company which owns a number of uniquely Tasmanian businesses in the Tourism, Hospitality and Financial Services sectors (including Tasmanian Collection Service).

Will spent a decade operating the Treasury of the locally operated MyState Bank (and ASX listed MyState Limited) and experienced one of the most volatile times for the finance sector, the Global Financial Crisis. For many of us, this is the first time we have experienced such a […]

How old is your customer?

2020-06-30T09:25:26+10:00June 30th, 2020|TASCollect|

When you refer a debt for collection it is important to note that except in certain circumstances recovery action should not be pursued against a “minor” – that is a person under the age of full legal responsibility.

Before a debt is referred to Tasmanian Collection Service for recovery action the onus is on the creditor to ensure that they are referring a debt that can be legally recovered.

An example of this might be a doctor’s surgery who work with patient files. The […]

What you should know about Credit Repair companies

2020-06-29T09:19:22+10:00June 30th, 2020|TASCollect|

Have you been approached by a Credit Repair company asking you to assist in having your customer’s credit history cleared?

At TCS, we are often approached by these companies. In most cases TCS has initiated legal action on your behalf and a Court Judgment has been recorded on your customer’s credit file as a result.

The Credit Repair company will often make comments along the lines “as the debt is now paid in full, we require you to sign a Consent Order to have the matter set aside”.

As we know, a […]

Payments Received March-May 2020

2020-06-26T10:05:52+10:00June 30th, 2020|TASCollect|

Despite troubling times we have not seen a huge drop in the number of payments made during the pandemic period of March – May 2020. We noted a small variance in April, in the number of payments received but this recovered in May.

COVID-19 Advice to Clients

2020-04-02T18:07:55+10:00April 2nd, 2020|TASCollect|

The current events associated with the COVID-19 pandemic are confronting for all Australians and Government actions require all of us to make changes each day.

Tasmanian Collection Service has a Business Continuity Plan that addresses the risk of a pandemic. In order to help keep our staff and clients safe, whilst also ensuring there is no disruption to the services we provide, we now have a significant portion of our staff working remotely. We have had flexible working practices in place for a number of years, so we are […]

Supporting customers through hardship and vulnerability

2019-12-13T20:13:54+10:00December 11th, 2019|TASCollect|

Our clients are becoming more aware of the requirements around dealing with customers who are at risk of or who are experiencing hardship and or financial vulnerability.

TCS is committed to a best practice approach to debt collection and as a result in November our collection team participated in best practice training on supporting customers through hardship & vulnerability via eMatrix, a firm specialising in this subject.

The training included how to identify vulnerable customers, identifying and understanding the best questions to ask to negotiate the best outcome for both the […]

Early Symptoms of distress from a Credit Manager’s perspective

2019-12-11T14:33:16+10:00December 11th, 2019|TASCollect|

Understanding the buying & payment patterns of your customers is key to detecting when there could be in impending problem. We asked Credit Manager, Leigh Garth to share some of her experience.
  1. Monitoring payment patterns. All of a sudden, the customer is getting later with their payments, however I am mindful of seasonal factors. I check patterns in prior years, matching the same period to ensure it is only temporary slow payment – (contact and put in a diary note for follow up)
  2. Have they changed method of payment? […]

What can you expect from your TCS Account Manager?

2019-11-25T06:57:47+10:00February 7th, 2019|TASCollect|

Tasmanian Collection Service allocates each of its clients an Account Manager who’s role is to assist you. They will seek to understand your business to determine how TCS can assist you best. This doesn’t relate only to matters placed with us for collection, your Account Manager will do their best to answer any credit or debt related questions you might have. Our Account Managers will seek to build a relationship with you based on our company values of Honesty, Integrity, Respect, Fairness & Confidentiality.

In terms of debt recovery, no […]

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