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FAQ
Q: What is a professional debt collection service?
Q: Why are accounts referred for collection?
Q: What does a typical professional collection office do?
Q: What is your fee?
Q: What is your turnaround time for collection?
Q: How do I assign my cases to you?
Q: How can you collect in my area? I see you're head office is based in
Australia.?
Q: Can you handle bad checks/judgments/old debts/ personal debts?
Q: Are your rates the same for all debts processed?
Q: Are you Insured? How do I know you won't collect and keep my money?
Q: What is your ratio of recovery?
Q: How fast will you take legal action?
Q: How will I know what you're doing?
Q: What will it cost me if you don't collect?
Q: What kind of debts do you collect?
Q: What is your collection procedure like?
Q: Do you have an operating procedure?
Q: Besides collecting bad debts, what other kinds of services do you offer?
Q: What is a professional debt collection service?
A: A professional
debt collection service is a specialized business that collects past-due
accounts for creditors. Professional debt collectors are third parties to the
transaction that created the debt. They are collecting for the creditor but are
not employees of the creditor. Sometimes third-party collectors are confused
with creditors who have in-house departments collecting on their own behalf.
Q: Why are accounts referred for collection?
A:Most accounts are referred for collection because they have
gone unpaid beyond the due date and often
the creditor has not received any communication from the consumer.
People who provide goods and services to consumers on credit rely on their
customers' promises to pay. While they value their customers, they must also
depend on payment to meet their own costs and expenses. The longer an account remains unpaid, the
less likelihood that it will be paid. When the creditor can no longer afford to carry
past-due accounts and cannot collect them economically, the accounts are either
written off, or referred to professional, third-party collectors.
Q: What does a typical professional collection office do?
A: The collection service receives past-due accounts when those accounts cannot be collected economically
by the creditor. Third-party collection services can often collect accounts more
efficiently than creditors because their operations are streamlined and
specialized for that purpose. Often the collection service has to
first find an accurate address or phone number so that they can contact the
person who owes the account, a process called "skiptracing." After confirming
the proper address, the office must include in a first written communication to
the consumer a validation notice that allows him or her to dispute the validity
of the debt and/or request verification of the debt. Although exact procedures
vary by collection office, type of account and client, the consumer then
receives a letter or phone call from a collector, who asks for payment in full.
If payment in full is not possible, the collector works with the debtor to
solve the payment problems and make workable arrangements.
Q: What is your fee?
A: Our fee structure
is based on "No Collection, No Fee Commission" basis. A commission is charged on
successful collection and collected amount only. We have a standard collection
rate but depending on the volume and nature of the debts, preferential rates may
be given to clients.
Q: What is your turnaround time for collection?
A: We work on the cases between two to eight weeks before getting back to the clients. This allows us to perform all the necessary
searches and investigations, to contact and make appointments with the debtors and to conduct all the necessary
follow-up action.
Q: How do I assign my cases to you?
A: Send us an E-mail and let us find out more about the nature of the debt. Or send
us your contact and we will call you or get in touch by phone or fax. If
necessary, arrangements can be made for us to visit you. You may also wish to go
to our Online Debt Placement to submit your debts.
Q: How can you collect in my area? I see you're head office is based in Australia.?
A: Our group and affiliate offices are located in over sixty countries, and we cover all of Asia-Pacific,
Americas, Africa, Europe and Middle-East,. Our difference is your debtor is
immediately contacted by collection professionals in the local language, by
local experts. Our method uniquely bypasses traditional processes and shows your
claim really must be listened to. It also speeds up substantially the collection
process.
Q: Can you handle bad checks/judgments/old debts/ personal debts?
A: A bad check is a bad debt, and can even be evidence
of fraud. It is often more collectible
than a sales invoice. We take accounts of any age and from $1,000 upwards, so send your problem accounts to us today?
Q: Are your rates the same for all debts processed?
A: No. Commercial rates are always lower than non-commercial. Generally, you'll find our rates are less than rates charged by
traditional agencies. Most important, we consistently make personal,
professional contacts on your debtor(s). Price is always important, but the old adage that
you get what you pay for is also true.
Q: Are you Insured? How do I know you won't collect and keep my money?
A: Our company's Directors have been in the industry for more than thirty years, have an impeccable international reputation for honesty and integrity and the associate offices are licensed and bonded as required under the governing legislation of their respective countries.
Q: What is your ratio of recovery?
A: There is no quick answer for this question. The ability to collect is
basically dependent on how well you, the creditor, have done your job,
the age of the debt, the amount and location & jurisdiction of the debtor. If your
information is outdated, and your claim is old and poorly worked, our job is
made more difficult. It will also differ on whether the debt is of a commercial or consumer
nature and the country in which the debtor is located. We will provide you with advices on contact.
Q: How fast will you take legal action?
A: Our skills are to collect without legal action in the first place. Legal action is available at your discretion, but our
program is a pre-litigation series of personal contacts directed upon your
debtor. It is the speed and intensity of these professional, personal contacts
that gets the results we both desire. Having
said this, if legal action is required or recommended we will provide you with a
report on what action has been taken, why we recommend legal action, the
estimated cost of same, anmd turn around times to obtain judgement and execute
same, with the decision yours to make as to whether you wish to
proceed.
Q: How will I know what you're doing?
A: We provide monthly status reports, and dependant on the
case, are pleased to provide more regular reports
if the client so desires. In addition, you'll have access to the account
manager that's handling your work. Our online file monitoring and performance
review system will be up and running soon and you will be able to monitor
progress of your files 24 hrs a day.
Q: What kind of debts do you collect?
A: In general, we accept all kinds of claims provided the following
conditions are met:
Proper documentation to support the claim, e.g.
Invoices, bills, purchase delivery orders, contracts, etc.
and client and debtor
are not in the midst of litigation.
Q: Do you have an operating procedure?
A: Collection is the ultimate aim in our business. However, we also
strongly believe in upholding the corporate image of our clients and will not
compromise our operating procedures.
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Besides having our own code of conduct and
business ethics, we have set in place certain procedures to help keep us on
track.
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Regular meetings with our clients to obtain their
feedback and upgrade our services accordingly.
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Provide regular reports to clients to ensure that
our clients are kept informed of collection results, industry developments and information
gathered in the course of investigations and collections by our officers.
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We believe that the information gathered can also
help our clients improve our services to their customers and incorporate
this feedback into their own
operating procedure.
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Provide a value-added service of advising our
client on the next best course of action where we fail to collect, e.g. giving
our client sufficient information on the debtor's financial and litigation
history to enable our client to decide whether it is worth taking up legal
proceedings against the debtor.
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Within the organisation itself, employees are
carefully screened before we engage their services and we also conduct
continuous education and upgrading programmes for our existing
staff.
- Our company operates on approved international quality assurance guidelines and is complient with same.
Q: What is your collection procedure like?
A: Our general modus operandi is: the debtor is contacted directly via telephone, solicitors
letter or a field call and all efforts are made to settle the debt amicably
without having to instigate legal action. Most of the assignments are
completed at this stage. In the event our efforts are not successful at first
stage we then assess the debtors financial situation and assets.
In the event our investigations establish that there
are assets that would provide satisfaction of your debt, and the debtor refuses to respond to
our attempts to negotiate the recovery, we shall report to you accordingly,
advise you if legal action in our opinion is warranted, and if so what costs
would be involved. This ensures that you retain at all times control of the
file/s and costs associated with such legal actions. A regular report
(bimonthly, monthly, quarterly or as development occurs) is sent to the clients
(procedure may differ in some countries and a fee may be applicable for a field call)
Dependant on our clients needs
we will meet and explore how best to tailor a procedure
that fits their requirements. For example, some clients may not
have done very much on the cases before assigning them to us.
We would propose then that reminders are sent, calls and house
visits (if necessary) made and even legal letters of demand sent.
Others may have done all they could, including calling and sending
reminders, before giving the case to us. In that event, we may
propose more pro-active steps like field calls and legal letters.
The whole point of the discussion with client is to create a customised
procedure that we believe will yield more effective results for
our client.
Q: What will it cost me if you don't collect?
A: Our fee is based only on collection. There is no fee if
we fail and our costs for our recovery are only those quoted in our Agreement.
There are NO advance fees. NO binding agreements. You pay only our low fee if we
collect. There is no other charge, unless you elect to proceed to legal action, or wish to have asset
location investigations carried out.
Q: Besides collecting bad debts, what other kinds of services do you offer?
A: Collecting bad debts for individual and corporate clients is only one
part of our business. Our legal associates will provide legal advice and consultancy, field collection,
credit and debt management consultancy programs and comprehensive accounts receivable
and accounts payable management and collection services to clients.
Credit
reporting and business information, which is so essential in making
decisions regarding the granting of credit are another service
of the company, along with risk management and fraud investigation.
We are always available to our clients, for discussions and to
offer advice and implement programs to overcome or resolve their
problems.
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