Disconnecting from Cuscal
Updated: Mar 4, 2022
Over a number of years, numerous requests from Mutual Banks and Credit Unions have requested both LCollect and Collection Law Partners (BH Lawyers) to cease transacting with them through Cuscal (even if the Mutual Bank is still with Cuscal) to point now where we have a limited number of clients permitting us to transact this way. The cost for us to transact with clients through the Cuscal channel is large (both in fees to Cuscal and associated internal costs to maintain accounts). As a result, the difficult decision was made that from 1 December 2021, we are no longer going to transact through Cuscal.
What this change means:
Commission / Contingent Collection Accounts Funds collected on your behalf will be remitted at month end in accordance with your monthly tax invoice. Taking an example of $10,000 worth of payments received in a month, with $3,300 in commission (with GST), we would remit $6,700 to you at the conclusion of the month that would agree to the tax invoice
In instances where you receive payments directly on accounts under collection by us, there may be circumstances where you owe us money at the end of the month, and we will invoice you. Before 31/12/2021 please supply us with an email address for future tax invoices (if this has changed) and a bank account for any future remittance.
For security purposes we will need to confirm this over the phone. Legal Services with BH Lawyers / Collection Law Partners Feedback from other clients in this space has been the requirement to ensure that an up to date payout figure is readily available.
To ensure this occurs, we would email invoices as work is performed / milestones are achieved (for example, when a Statement of Claim is issued, we would invoice you for all work and the Court Fee once the Claim is issued). This avoids the delay associated with monthly invoicing.
Therefore, you will receive Tax Invoices for each of your matters on regular milestone basis from BH Lawyers / Collection Law Partners.
We are constantly improving our services to you, and look forward to some exciting announcements in 2022 as we further enhance and add value to the services we supply and look forward to continuing our relationship with our clients. If you have any questions or concerns, please contact us. Image Source: Anete Lusina