Accounts & Credit Control Process
Accounts
To make your life easier, we prepare a detailed estimate of likely expenditure on your development at the start of each financial year for the year ahead.
At the end of each financial year, we arrange a professional, independent certificated set of accounts showing a summary of actual expenditure against budget. We then distribute the findings to ensure that all property owners are kept fully informed.
Customers can also see their service charge estimate and year end accounts online through our online service – click on the ‘My OM Account' link on the navigation bar.
Credit Control Process
Our Credit Control process is integral to the smooth running of a development.
When service charge invoices go out, just prior to the beginning of the financial year, it is essential that payment is made in accordance with your lease/transfer so that contractors, utility companies and insurance premiums can be paid promptly.
If you are struggling to pay your service charge, please contact us as soon as you start experiencing difficulties. We also recommend that you seek advice - the Citizens Advice Bureau provides free, independent, confidential and impartial advice on a number of issues relating to debt.
For property owners who fail to pay their service charge, we do have to commence a Credit Control process, to protect the interest of all other owners at your development. Our initial Credit Control process is run to an agreed standard and in accordance with your occupational Lease/Transfer. As a guide, most leases have a standard policy or ‘basis of obligations’ allowing the leaseholder 21 days to pay, from the invoice date.
If no payment is received following issue of the first reminder letter, then we send out a 2nd Credit Control letter which involves an administration charge and interest can be charged.
If payment is still not received, a further reminder letter is sent indicating that it is a ‘final notice’ before legal proceedings. This letter confirms that the additional charges have been added as indicated in the first letter and that if payment is not made within 7 days the debt will be referred to a Debt Collection Agency or a solicitor, which will then incur the third party debt collection agency’s or solicitor’s own legal charges.
