Our Obligations
Credit Recoveries Limited will:
- Upon receipt of files and all relevant documents take all action necessary, short of taking legal proceedings, to give effect to the instructions of the Client including, where instructed, to arrange for the preparation and service of such documents as may be necessary to initiate legal proceedings against the customer(s) for the enforcement of the debt(s).
- Instruct, at the cost of the Client, such other persons as is necessary to assist in carrying out its obligation to recover and secure the debt(s), including any barrister, solicitor or field service agent as may be necessary to assist, where instructed, in the commencement of and conduct of legal proceedings against the debt or debts or performance of a field visit.
- Seek instructions from the Client before accepting any offer for payment of a debt where the offer is less than the full amount (full and final settlement) of the debt except where the circumstances are such as to require immediate acceptance of the offer, in which case, Credit Recoveries Limited may accept such an offer in settlement of the debt as it considers reasonable in the circumstances.
- Do such other things as may be necessary to execute any judgment obtained against the debt(s).
Your Obligations
The Client will:
- Give written instructions utilising the standard instruction form provided by Credit Recoveries Limited and if the Client gives oral instructions at any time, the Client will confirm such instructions in writing on the standard instruction form at the earliest opportunity and if this is not done, the standard terms and conditions in force at the time the instructions are given shall be deemed to apply to the instructions.
6. Pay Credit Recoveries Limited:
- (a) Its usual commissions on monies receipted, and all payments made directly to the Client or credits agreed by the Client, or any other matter acceptable to the Client plus any GST if applicable.
- (b) Their fees (including any search fee for locating the Client where the Client fails to advise of its address or a change of address) and disbursements as advised from time to time plus any GST applicable to the supply of its services.
- Refund to Credit Recoveries Limited any funds deposited and subsequently paid to them that may not be cleared funds. Should the Bank subsequently not honour the relevant transaction(s), the Client undertakes to pay any such amount upon demand.
- Provide Credit Recoveries Limited with all relevant information concerning the debt(s) and the parties responsible for the debt(s) and authorise Credit Recoveries Limited to use the information for any proper purpose and undertakes to indemnify Credit Recoveries Limited that reasonable steps have been taken to advise the customers that their delinquent debt(s) would be referred to a credit reference agency.
- Indemnify Credit Recoveries Limited and such other persons as they may instruct against all losses, costs, expenses, liabilities, actions and proceedings:
(a) arising out of any repossession or seizure of assets carried out on behalf of the Client;
(b) arising out of any action taken by one or both of them to give effect to the instructions of the Client;
(c) concerning the information or the use of information supplied to Credit Recoveries Limited by the Client.
- Advise Credit Recoveries Limited immediately upon payment towards a debt being made by the customer directly to the Client, or any communication between the Client and customer.
- The Client will also advise Credit Recoveries Limited of any changes of the Client’s address.
Other Terms:
- Except where prior arrangements have been made, Credit Recoveries Limited may deduct its respective commissions, fees, disbursements and GST out of monies collected on behalf of the Client.
- Where commissions, fees, disbursements and GST are not deducted out of monies collected on behalf of the Client, the Client shall pay all invoices issued on or before the 20th of the month following invoice. If payment is not made on the due date interest of 2% per month on the balance of the invoice outstanding shall be charged.
- If full payment of the amount outstanding is not paid details of the account may be referred to a Credit Reporting Agency.
- All expenses including legal fees incurred by Credit Recoveries Limited to recover any outstanding amount due by the client to Credit Recoveries Limited, shall be paid by the client.
- Credit Recoveries Limited reserves the right to terminate this agreement and cease all action forthwith at its sole discretion.
- Credit Recoveries Limited reserves the right to review the rates of its commissions, fees and disbursements. A notice period of 30 days will be given.
- Credit Recoveries Limited reserves the right to charge a closure fee limited to 5% of the original debt amount sent for collection, if the Client, at any time, terminates or withdraws the collection instructions.
- In the event that Credit Recoveries Limited is proved not to have followed your instructions, any liability arising, is limited to 5% of the value of the debt to which your claim relates, but never more than the total amount that you have paid us in fees and charges for our collection service, relating to that specific client, in the preceding 12 months.
- The Client acknowledges that they are engaging Credit Recoveries Limited for the purpose of business as defined by the Consumers Guarantees Act 1993. The provisions of that Act do not apply to this or any subsequent engagements.
Terms and Conditions:
Credit Recoveries Limited:
Will, on a monthly basis, where applicable (and unless otherwise agreed between the parties):
- Pay funds via the clients nominated payment method after deducting all commissions, fees and disbursements payable (including any GST) as stated.
- Send to the client by mail or email a valid Tax Invoice/Statement.
The Client, where applicable:
- Is solely responsible for providing Credit Recoveries Limited with correct bank account details together with a correct email address for the delivery of any statements.
- Will advise Credit Recoveries Limited with details of any changes in its details.
- Acknowledges that Credit Recoveries Limited is not responsible for any errors or omissions in relation to the bank account details and or email address.
- Acknowledges that all invoices/statements received from Credit Recoveries Limited will be paid on or before the 20th of the month following invoice, in accordance with the ‘Terms of Engagement’.
