Debt Collection Services

1. Policy in Debt Collection

• We have found that a straight forward professional approach to debt collection produces for better debt recovery than the traditional tactics. If your debtor is still in business, we feel you have a 90% chance of recovering your money. 

• An account that may seem hopeless or destined for lengthy litigation may be resolved amicably through persuasive communication and with a voice of reason. 

• No advance fees: we operate on performance-only basis; when we perform, we get paid. Our motivation is to get your money back in your hands. We know that until we do so, we will not be paid. Accordingly, our motivation is propelled by mutual success and is result oriented. 

• We are able to reach out and touch your debtors whenever they may be.  When reason and negotiation fail, we are able to litigate and execute the claim for you because when needed, we can sue your debtors whenever they are located.

• Our talented negotiators and lawyers bring a robust and imaginative approach to collect your debt.  We are able to resolve any legitimate dispute and create workable solutions to recover your money. For those difficult to find debtors, we have established relationship with private instigators who will find your debtors and their assets.

• We make sure our debt collectors have ample time in their scheduling to allow them the opportunity to provide you with the personal touch needed to make our relationship work.  We do all the right things to maintain your loyalty by offering affective, personalized and courteous and prompt service. 

2.Benefits to hire a Debt Collection Agency 

• The creditor save his/her time and other costs;

• Debt Collection Agency reduces the creditor’s debt portfolio and arrears;

• Allows the creditor’s workforce to concentrate on other pressing duties than chasing debts;

• Debt Collection Agency provide creditor with new sources of information;

• Debt Collection Agency also increase recovery of creditor’s bad debts and improve cash flow;

• Debt Collection Agency advisory enables creditor improve credit control procedures;

• Better handling of new accounts as more time is utilized.
  

Experience and Staff in debt collection process

We are a proactive and professional debt management firm that values business reputation. We will take care to represent your brand without ruining your business relationship as you enjoy our Debt Management Services. Our team of experienced collectors carries out all collections in a legal, ethical and professional manner. 

Our Objective is to:

• Collect the creditor’s unpaid accounts.

• Act as a mediator between creditor and debtor.

• Increase the creditor’s revenue base through other recovery techniques.

• Identify, ascertain and establish causes of bad debt, arrears or poor payments.

• Re-establish the lost relationship between debtor and creditor.
  
  

3.Approach in Debt Collection

• Assessment of debt portfolio 
  When it comes to collecting debt, it is important to start with the rights approach depending on the circumstances and the clients.  This implies to proceed with transaction analysis which will lead us to know the identity of the customer,  the exact amount owed, the terms of sale, the products/services purchased, the payment due date and other open invoices, even those not yet past due. The idea behind is that your customers will continue to come to you if they are treated with respect and dignity. Knowing transaction background will allow our staff the ability to work with happy and disgruntled customers in professional manner.
  

• Customized approach 
  Many customers pay only after you contact them, believing that if you do not ask them for the money, you really do not care if they pay slowly. After a while they know who pressures them and who does not, so be one of the "early birds" and start your collection process promptly. While we deliver our letter of authority issued by the creditor, we also send a letter demanding payment of a debt developed with the aim of getting payment and preserving relationship with the debtor as far as possible. The debtor has an obligation to pay within the terms of the agreement. It is the job of the collection person to make sure that this obligation is met. The tone may be indulgent at first, but should be intensified and accelerated as much as necessary to ensure payment by a debtor. After the initial contact with the delinquent customer, it is important to keep additional contacts on a strict schedule. A follow-up is essential; otherwise the collection effort will become ineffective. Systematic follow-up of accounts, even those which cannot pay immediately, reinforces the serious nature of the outstanding debt and emphasizes the importance attached to it by the creditor. That in itself is an important collection advantage.

• Track Payment Agreements 
  In any case, you can't get blood out of a stone! A debtor may ask for time to pay, subject to the acceptance of a Payment Plan Offer by the creditor, we are able to quickly make a binding payment agreement between the creditor and the debtor incorporating terms protecting the creditor. When a debt is subject to a Track Payment Agreement, the chance of not recovering payment or incidental costs is vastly reduced. Plus, by directing debtors who want to enter into a payment plan to submit their proposal, the offer will come complete with the following:

  • Disclosure of the debtor's financial circumstances,

  • The debtor's consent and agreement enabling the creditor whether to accept the payment plan offered, and

  • An irrevocable offer to enter into an Agreement on the basis of the payment plan offered entitling the creditor to recover future debt collection costs.
    

• Disputed Approach
  If the debtor has not sent a payment, answered a letter, or returned a phone call for at least three weeks, in spite of all the efforts to recover. If there seems to be a pattern, then it's probably time to place the account with an advocate.On final demand letter where the collector tells the customer that the next step is litigation, this letter will be sent through bailiff’s services. This also indicates the creditor’s sense of urgency and seriousness of the collection.
  
  

4.Working Methodology
The working methodology will be subject to the following: 

• Agreement on a workable arrangement between the creditor and the Debt Collection agency ;

• Letter of authority issued by creditor, contacts and related documents;

• Collection specialists personally carry debt collection work as outlined above on every debtor.
  
  

5.Collection terms and rates
No advance fees: we operate on performance-only basis; when we perform, we get paid.  The rates vary depending on location, age, debt portfolio, debtor category and volume of work. Our fees for debt collection services shall be (VAT exclusive) and as follows: 

• Debts from 3months to 11months will be charged at a commission of 10%, 

• 1-2 years will be charged at a commission of 20%,  

• 2-4 years at a commission of 22%, of any amount collected.
  
  

6.Reporting Method
We provide clients with the following as status report:

• Weekly update regarding work in progress;

• A frequent telephone and email discussion with the creditor’s Contact Person and this is usually an on-going activity.

• A Monthly overall report on debtors allocated with detailed information on work done, work in progress and accomplishments.