Debt Collection is Time Consuming & Has Become a Specialised Field.
Our success is in the continuous follow-up procedure, leveraging immense pressure and responsibility upon the debtor to acknowledge liability and ultimately settle their debt.
Our success is in the continuous follow-up procedure, leveraging immense pressure and responsibility upon the debtor to acknowledge liability and ultimately settle their debt.
There are two basic collection phases, namely our Standard Collection Field and Legal Debt Collection Field, to which we have an association with Nourse Inc., an established Firm of Attorneys with offices in Johannesburg and Kwa-Zulu Natal. All accounts follow the Standard Collections phase, and we strive to obtain payment by the end of this phase. Should the debt remain unpaid, the debt will follow into the Legal Collections phase. Nourse Inc. will pursue the matter by issuing a summons and taking a judgment.
After registering the debt on our database, we start with an intensive strategy that includes, but is not limited to:
1. Letters of demand.
2. Daily telephone calls, faxes and emails.
3. Personal visits, enquiries, interviews and any other manner to ensure personal
contact.
4. Registering the debtor as a bad payer on all relevant platforms, i.e., Transunion.
TransUnion is a registered credit bureau and a repository of credit information on consumers and businesses. In simple terms, we store information on how you pay your accounts as provided by credit/service providers and courts, on time in regular instalments, or not.
The consequences of a debtor being reported on platforms such as Transunion results in the debtor obtaining a negative credit report. The types of negative account information that can show up on your credit report include:
Foreclosure.
Bankruptcy.
Repossession.
Charge offs.
Settled accounts.
Each of these can severely hurt your credit for years, even up to a decade. Debtors are flagged if
they are late payers or if they miss payments on their accounts.
During the Standard Collection phase, the whereabouts of the debtor will be traced, confirmed and
updated.
We will, following instructions from our client, attempt to negotiate a payment plan, the
instalments of which will be considered after establishing the financial position of the debtor.
Should this not be the case, the next phase of Legal Collection will follow.
Waiting for payment for 30 days.
Normally 60 days.
Overdue for 90 days or longer.