If you have been forced to make arrangements with your clients and have them pay off an account instead of settling it once off, get an acknowledgement of debt. This serves as a contract and will have all the payment terms in. Interest rates, payment amount, pay date, banking details, terms for when they default, etc.
In this article, Cathleen Breedt looks at the process of executing debt collection Court Orders against a debtor’s bank account.
During the Covid-19 pandemic, many people were forced to grant their debtors, payment holidays....
Why Debt Collection Remains A Necessary Expense : In a company faced with a multitude of financial obligations the added expense of legal fees paid towards recovery of bad debt seems like a double punishment. Having an outstanding debt and paying more money towards...
The short answer is YES! (Debt Collection Running To Court) - The collection of debt does not necessarily mean that you have to go all the way to Court, and more importantly, there is more to debt collection than only collecting the debt when it is outstanding. Let us...
Vetting is a process followed in which as much information as possible is gathered about the debtor being handed over, in order to ensure the maximum potential for a good result to prior to legal action being instituted. The rationale is that, if you know your debtor...
Having a clear credit record or a good credit score is of utmost importance, but why? And how does one ensure that your credit record is and remains clear in order to ensure that your credit rating or score remains at its maximum? Certain updates to a person’s credit...
Help! I am flagged as being under debt review on the Credit Bureaus. Since promulgation of the National Credit Act. 34 of 2005 (herein after referred to as the “act”), most South Africans have heard of debt review and have a faint idea of what it entails. Some of us...
Ever been asked to sign surety for debt? Should it be your child’s study loan, a bond, a car, on behalf of your company or any other debt. This is a big responsibility. You agree to take over payment and be liable for debt should the ‘principal’ not be able to pay it...
When deciding whether to institute legal action for amounts due to either you personally, or to your company, it is a fantastic idea to do a vetting process before making the decision whether or not to sue. There are several factors which to consider, the most...
You have most likely heard the term vetting and not know exactly what it entails. This article will give a better understanding of what the vetting process entails and how it will benefit your company. This article will explain the process in the event of a new client...
Section 40, as amended, of the National Credit Act determines which entities or persons must register as a credit provider. Now this seems to be quite obvious, if you are in the business of lending monies you need to register. However, the Supreme Court of Appeal has...
