‘Perceptive Underwriting’
+44 (0) 20 3011 5700 tradecredit@nexusunderwriting.com

Summary

Our First Place product has been developed with STA International, a leading debt collection agency to provide you with the security of knowing that should an account become overdue there is an approved process that takes over and either collects your outstanding balance or enables prompt payment of your claim.

Product Overview

Features

Enhanced policy benefits subject to payment of an annual fee:

  • 5% indemnity uplift to a maximum of 95% of any insured debt passed to STA at the appropriate time that STA fails to collect.
  • Contribution to UK legal costs – normally 5% of the insured debt – made by CIFS for undefended cases (solicitor fixed costs and disbursements).

Debt Collection benefits:

  • No win no fee charging structure.
  • Cost free UK debt collection if you allow STA to collect costs and interest from the debtor.*
  • Preferred UK collection rates (should you opt to pay for collection costs) and low international collection rates. - UK & Ireland 5% - Europe 8% - ROW 12%
  • Fixed international agent fees when local market intervention is required.
  • Access to highly experienced collectors with expert negotiating skills working to ISO 9001- accredited processes.
  • Ability to place and track debts on-line 24/7.
  • Monies collected are paid to policyholders within 14 days of cleared funds received. All monies are held in a secure bank account.
  • Claims are paid promptly once the STA collection process is completed or the debt remains unpaid (subject to policy conditions).
     


About STA International:

STA International is a leading global credit management services provider delivering innovative, cashflow-enhancing services. Founded in the US in 1955, the company has a network of wholly-owned offices worldwide, facilitating international debt recovery and providing an extensive range of credit management services enabling clients to maintain control over and collect their receivables in a manner that preserves customer relationships.

With ISO 9001 accreditation, the company is a leading member of the UK Credit Services Association, the professional body ensuring ethical practice in the collections industry. STA International is also the sole UK delegate to the European Collectors Association, an international confederation of commercial collection agencies. This exclusive membership affords access to an unparalleled international network of credit management resources.

 

“It’s important for us to implement a very strict payment policy, so when we do place debts for recovery with CIFS partner STA International it’s a plus that we can do so swiftly, efficiently and without unnecessary administrative hassle like printing off copy invoices.”

Laura Saunders, Palmer Timber

To talk to us about this product call us on
+44 (0) 20 3011 5700

or

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CONTACT


Richard Marriage

Richard Marriage

Managing Director

T: +44 (0) 20 3011 5700
​E: tradecredit@nexusunderwriting.com



“ Over the last four years STA has collected 83% of the value of debt placed for collection and has returned in excess of £12m to policyholder’s cash flow. From March 2016 UK debt collection is free of charge* when STA is authorised to collect cost and interest from the debtor. *Late Payment of Commercial Debts (Interest) Act 1998 amended by Late payment of Commercial Debts Regulations 2013.


‘Perceptive Underwriting’