Consumer Debt Recovery
Consumer debt refers to debt incurred as a result of purchasing goods that are consumable. It is usually of a personal nature and not with the intention to make any profit. For example credit card facilities, clothing store accounts, vehicle finance, personal loans, etc. It may also include unpaid doctor’s accounts, arrear levies, or other invoices.
S-Debt collects and recovers outstanding consumer debt through soft- and legal-collection processes for medium or large financial or private institutions.
Corporate Debt refers to debt incurred by a business and not that of a government or individual. Examples are unpaid invoices, outstanding rental, and credit accounts.
S-Debt collects and recovers outstanding corporate debt through soft- and legal- collection processes for medium or large financial or private institutions.
During this part of the collection process our debt collectors take a soft approach to the collecting of outstanding moneys due to our clients. It involves tracing debtors and verifying their contact information, contacting the debtor to inform them of the outstanding balances, reaching payment arrangements with the debtors regarding these balances and following up on payments.
The costs associated with this process are lower than that of legal action and ensures that both parties reach an amicable and beneficial agreement.
S-Debt partners up with Simpsons Attorneys Inc in order to facilitate a more rigorous approach to debt collecting. This approach is usually followed after soft-collection has proven unsuccessful and consists of: formally informing the debtor of the outstanding debt, issuing summons for the recovery of the debt and
Obtaining judgement for the debt in order to secure the interests of the client. Once judgement is obtained, the debtor may be served with a warrant in order to sell his possession at auction and raise the required funds or the debtor may be called to court to present his/her financial position to the magistrate in order to have a payment arrangement made an order of court.
The process where a debtor acknowledges the debt in writing and agrees to repay the debt in instalments. If the debtor default on payments, the court can be approached to obtain a judgement eliminating the waiting periods associated with the Summons process.
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