We will charge a debt load fee of $10 plus GST on each debt that you ask us to collect.
For debts less than 12 months old we charge a commission of 20% on the amount that we collect.
For debts older than 12 months and less than 24 months, we charge a commission of 30% on the amount that we collect.
For debts older than 24 months we charge a commission of 40% on the amount that we collect.
The fresher the debt the higher your chances of collection are. Ideally, we suggest debt should be regarded as overdue at 30 days and definitely handed for collection before 90 days. A debt becomes Statute Barred at six years after the last transaction date. Debt older than six years requires special process through the Courts to be enforceable.
No, but you do need to have informed your Customer prior to the supply of service or goods that collections costs will be charged on overdue accounts.
This Disclosure can be done in writing or by signage displayed at the point of sale.
No, but it helps ensure that your customer is aware of your trading terms.
No. We can collect any amounts, but you must be aware that we are unable to default list debts that amount to less than $125 of principal.
Yes. Advise all the outstanding debts to us, as you can combine the total debts owing. However, we need individual invoices or detail of each debt supported by evidence of supply to facilitate orderly collection.
Successful debt collection is all about communication and working together with your debtor to achieve a payment arrangement that they can accommodate.
If your debtor is unable to make a one-off payment it is often a good option to establish a payment arrangement which we will manage. Payment arrangements are often a sign of good faith and an indication of your debtor’s desire to pay the debt.
A ‘full and final payment’ must be accepted by you (the creditor) Your debtor cannot simply think of an amount and then tell you that this is a ‘full and final payment’!
If the offer is fair and reasonable, we would normally recommend you accept, as negotiation is often the best way to resolve overdue or disputed debt.
All payments received from your debtor throughout the month are held in a separate Trust Account and paid out within five business days following the end of the month.
Simply visit our website – Load Debt
Or phone us on 0800 227 435
Speak with your financial adviser, however, there are many benefits from writing your bad debts off early, including improved cashflow from reduced GST liability and provisional tax. We suggest that debts should be considered bad or doubtful at 90 days, unless there are mitigating circumstances that you and your debtor are aware of.
A debt is considered due and payable immediately supply has been effected, however, modern commercial protocols would normally allow payment on the twentieth of the month following supply.
Some suppliers Terms of Trade require cash on collection or payment within seven days of supply. (Payment terms is an important clause that must be in your Terms and Conditions of Sale.)
No. A disputed debt cannot be pursued for collection. Our in-house legal team may be able to provide more information on how to effect recovery.
No. Once you have given your debt to Credit Recoveries to collect, any payments received by you directly and or indirectly will be subject to commission.
No. Unlike some other debt collection companies, you will never be asked to buy vouchers or pay a membership fee when dealing with us
Yes. We have agents located in all States and are able to chase your debtors in Australia.
We even have an Australian bank account to make it easy for your debtors to pay, without the cost and hassle of doing foreign bank money transfers
