State of the Art Technology
Ultima Collect invested extensively in Information Technology (IT) which ensures that relevant information is readily available by way of our unique and specially designed software.
Ultima Collect does have a considerable data base on account holders with locally based East Rand medical practitioners and pharmaceutical companies (chemists), a number of schools, crèches and retail stores.
Our clientele range from the smallest pharmacy or medical practice and has since grown to include crèches, pre-primary schools and some of the largest schools and retail businesses located mostly in the East Rand region of Gauteng.
It's a fact, the longer you wait after your debtor has defaulted the less chance you have of collecting your outstanding debts. The possibility of collecting is drastically reduced every month you wait.
The average percentage rate of recovery for debts over 6 months old is extremely low - based on South African debt recovery agents’ statistics.
Our rate of recovery by far exceeds that percentage - and we are still improving. The most ideal time for handover is when the debtor has been in default of payment for three months.
Debts are ceded to Ultima Collect for collection under a Contract Agreement, empowering us to initiate legal proceedings directly with/against the debtors.
All actions e.g. Letters, Emoluments Attachment Orders, Summonses, etc are between Ultima Collect and the debtor. We will not accept claims for collection against companies gone out of business or if related to the adult entertainment industry.
Ultima Collect also reserves the right to refuse any claim deemed unacceptable.
The initial contact is usually by telephone so as to inform the debtor of the outstanding account and obtain necessary and required information that could speed up the collection.
Yes, we also do letters of demand containing specific wording required by law, like all other debt collectors and attorneys. Where possible use is made of high speed communication technology so as to hasten the collection process.
Should the debtor not react within the initial period, personal visits are made either to their residential or work address to allow us to evaluate on the spot the debtor's personal and financial status for not having paid the outstanding account.
Valuable time is thus saved as a payment agreement can be negotiated right away (where practical).
The main purpose of visiting the debtor is to serve a Letter of Demand and having a Consent to Judgements and Emoluments Attachment Orders (Garnishee Order) accepted and signed.
Monthly Reports and Payments
We provide regular progress reports preferably by direct e-mail. We use the latest software technology available to manage your accounts.
Payments by the debtor are paid into a separate compulsory and audited trust account.
Monthly, before the seventh, our clients are provided with a detailed statement / progress report setting out in detail the latest position regarding the debtors' payments and circumstances.
Transfers of funds to our clients are made monthly by internet transfer directly into their given bank accounts.
A significant portion of debts handed over for collection are from debtors where contact has been lost. Tracing of these debtors are done by Ulti-Trace CC, our own in-house tracing company.
Our commission rates are the lowest available in the industry. When we collect your outstanding debts, we take a small commission for our efforts.
Commission is payable only on debts collected.
Our rates are: 20% on accounts not older than 9 months
25% on accounts exceeding 9 months
We successfully secure and utilize Emoluments Attachment Orders, Warrants of Execution, Default Judgements and Summonses.
Where necessary we operate in conjunction with attorneys and have established a long term working relationship to the exclusive benefit of our valued clients, should the debt be of such a nature that it warrants further action other than what we can perform.
Council of Debt Collectors
Ultima Collect and its staff are registered with the Council of Debt Collectors and comply in all respects as described by the Debt Collectors Act.
All expenses and fees incurred by us are debited against the debtor strictly in accordance with the rules of the Debt Collectors Council. Very strict rules apply.
We advise our clients to act in accordance with the National Credit Act in that they as (incidental) credit providers should ensure that their debtors agree/has agreed to various aspects as stipulated by the Act.
ADRA - Association of Debt Recovery Agents
Ultima Collect is a member of ADRA - the Association of Debt Recovery Agents, a national association of debt recovery businesses.
ADRA members handle the collection of retail, professional, bank and institutional accounts for all major credit grantors in South Africa and has established ethical standards with which the collection industry must comply.
Information pertaining to debt collecting contained in various acts and amended acts such as the Usury Act, Magistrates Court Act, Debt Collectors Act, SA Schools Act as well as information concerning Administrations, Credit Providers and Credit Bureaus are passed on to our valued clients.
Ultima Collect subscribes to the major credit bureaus and lists all default debtors strictly in accordance with the National Credit Act. Once we have listed a debtor only Ultima Collect can deregister their names.
|
