Q How do I enter a debt for collection?
A Once you have signed the Terms & Conditions, you can refer new debts in a number of ways; email / fax / post. As a client you will been given a collection sheet which would be the ideal format to place your debts.
Q Am I required to sign a contract for a fixed period?
A No. We ask for the Terms & Conditions to be signed once only,so that we can legally act on your behalf. Only a collection sheet with the debtors details is needed for future work.
Q Do I have a contact person within the agency?
A Unlike some other agencies you will be given a specific debt collector for all your debtors,this enables you to build up a relationship with your collector; and allows the collector to understand your requirements.
Q Will I incur a joining fee to use your service ?
A No fee will be charged.
Q I have many small debts, what is the minimum debt you will chase?
A We do not have an minimum amount, however we charge a minimum fee of $10+Gst per debt. For debts below $100 the minimum charge will apply.
Q How can I find out about the progress of my debts?
A Your designated collector is available to update you on the status of your files. Reports are routinely sent fortnightly , however this can be tailored to suit individual needs. Inquiries will receive a response within twenty four hours.
Q Does the debtor pay me directly?
A We do not specify how the debtor has to pay the debt.If they want to pay you direct ,we need to be informed once you have been paid so that we can update the debtors file. If payment is made into our trust account ,you will be informed immediately.
Q If the debtor pays you direct into your trust account how long do I have to wait for the funds?
A We allow 10 working days to clear if we receive a cheque,and the monies will be distributed at the end of the month. As most clients have more than one debt this is the preferred option.
Q Do you have an in house legal department?
A Yes we can process Minor Debt claims saving you the client a lot of money in comparison to solicitor fees. Our Paralegal is experienced in all aspects of court procedures. However if we need to use the services of a Litigation Lawyer we have an aggressive experienced Lawyer with whom we have had an association for twenty years.
Q How do I know your company abides by the rules of Debt Collection, so there are no repercussions for me?
A Our experienced debt collectors comply with the code of conduct within all states and Commonwealth legislation i.e . Trade Practices Act, ACCC/ASIC Debt Collection Guidelines, Uniform Consumer Credit Code,National Privacy Principles. Our debt collectors are vastly experienced and have over ten years knowledge and are licensed commercial agents individually. Coral Sea Mercantile are also members of the AICM (Australian Institute of Credit Management) and the IMA (Institute of Mercantile Agents).
Institute of Mercantile Agencies