- How long shall I give my debtor before transferring the debt to you to collect?
The sooner you can give us the debt to collect, the better. The earlier we can start our collection work, the greater the likelihood of eventually being paid. Our fees are also dependent on the age of the debt; the earlier you transfer the debt to us, the less you will end up paying (both in fees and in bad debts!).
- After I send you some debts to collect, how do I know what the collection progress is?
We will provide you with regular progress updates on your collections. Furthermore, we will tailor a reporting format that conforms to your specific Management Information requirements.
- How long does it normally take for you to collect?
This varies significantly from case to case. It ultimately depends on the money / assets that the debtor has available or is able to free up. Very often the debtor has several creditors to whom they own money; what we strive to achieve is to get our client “to the front of the queue” as far as the debtor’s payment priority goes.
- How do your fees work?
Our collection service works on risk, in other words we charge a fee as a percentage of the money that we collect. With the vast majority of our mandates there are no upfront charges whatsoever prior to us collecting money. Our fees usually range between 10% and 25% of what we collect, depending on the age and face value of the debt. It is only in rare instances that we request monies upfront; these instances normally occur where advanced legal action is required, and we consider it possible that the debtor does not have attachable assets, or that the debt is not clearly defined and the matter may be successfully defendable by the debtor.
- What if my Head Office is in Pofadder?
From our Durban-based call centre, we collect for clients countrywide. We are able to exchange all necessary information with you electronically, in effect eliminating the need for us to visit your offices and vice versa. Our legal and tracing abilities extend to all corners of the country.
- My debtor seems to have disappeared off the face of the planet. Will you be able to find him?
We have a strong tracing department, with databases at our disposal that we use to track the debtors’ most recent contact numbers, addresses and places of employment. Furthermore, we employ field agents who visit the debtors at their places of employment or residences, in order to update their contact details and negotiate payment arrangements. We are normally very successful at tracing debtors that cannot be found.
- Who are your clients?
Our clients include the banks, quasi-government Development Finance Institutions, listed investment companies, retailers, property companies, medical practices, attorneys and educational institutions. A list of references is available on request.