A theoretical survey and a literature review were undertaken to identify the elements involved in training debt collectors and how it benefits the industry. Firstly, as the content to be presented is debt collection and is not generic in nature, the purpose of this literature study includes the investigation and identification of the elements involved in debt collection services. This includes, inter alia, the study of computing technologies, identification of a design strategy for debt collection systems and identification of a model to define distributed objects as an object-oriented view of distributed systems. Read more
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Entrepreneurs from any part of the world no matter the size can get assistance from outsourced collectors. Whether you are in the service industry or extend credit, there comes a time when your debtor that promised to make payments, do not honour that promise. Check your balance sheets under the description bad debts and see for yourself, not the clock is ticking on your days outstanding. As soon as you realise your credit controller is not succeeding in her in house collections strategies, think of outsourcing to debt collectors. The longer the debt is unpaid, the less likely it is to ever collecting it, note that collection from hereon can be costly.
Medical Debt Collection Agencies focus on collections of medical outstanding debt. This is where the patients or insurance companies have dishonoured their agreement to settle their claim. Agencies such as OVAG Int. SA often serve as a last resort for medical practices to collect monies from their patients in an effort to maintain a positive cash flow. Read more
We should all be well aware of the pressures involved in the collections of outstanding debt as it becomes increasingly greater. The economic situation with which we find ourselves are increasing. We need to ensure that we have the best processes available to assist in efficient collections. Read more
We have noticed some interesting trends in the market recently. Amongst these are the rise in food prices possibly causing an increase in inflation. South African consumers experience severe strain on their cash flow thereby falling into debt. Exposure to credit tempts the consumer to fall into this pitch. Read more
Legal consequences of defaulting on debt obligations.
If a consumer has any problems repaying their debts, the first thing to do is to contact the creditors immediately. If they do not make an alternative payment arrangement with the creditor, the creditor can hand the matter over to a debt collector or lawyer who will take legal action against the consumer to recover the money owing. If this happens the consumer will end up paying much more for the debt, because of extra interest and legal charges, and will definitely be worse off than before. Read more
The Credit Bureau Association (CBA) today released statistics revealing that despite accounting for the majority of South Africa’s almost 20 million credit active consumers, women are better at managing their credit than men.
According to the CBA’s records 51% of South Africa’s credit active population are women and even though women make up the majority, they are doing a better job at managing their credit reputation than men. Read more
Credit Providers contract various Service Providers and Agents in the Credit Risk and Recoveries process such as, but not limited to: Attorneys, Debt Recovery Agents, Managing Agents, Credit Bureaux, Electronic Payment System Operators, Tracing Agents, Factoring Houses and Auctioneers to sell the debt. The issue of “what” to embody in the various contracts and “how much” to charge either the Credit Provider or the Consumer remains an issue for debate – or as we prefer to say: “It’s as clear as mud”. Read more