Debt Recovery Terms

Appointing a debt recovery agent

Prior to commencing debt recovery proceedings on behalf of a client, the debt recovery terms will be outlined in an agreement that needs to be signed and returned to us before action commences.

The typical terms of this agreement are listed below.

  • The client hereby appoints Fetch my Debt as its sole agent for the purposes of collection of debts owing to the client and the provision of services related to this function. Any debts referred to another organisation will be considered a breech of this agreement and full commission will apply to all debts registered by the client.
  • In the operation of this agreement, the client will instruct Fetch my Debt to follow up or issue demands on it’s behalf at the agreed scale of commission and charges (set out herein).
  • This agreement will remain in effect for a period of no more than 365 days for each debt allocated. All accounts referred to Fetch my Debt that are subsequently withdrawn, settled with the debtor directly or otherwise finalised before 365 days (including by the return of goods or merchandise for credit are subject to Fetch my Debt’s costs, commissions and other fees which are applicable at that time.
  • All agreements settled by way of ongoing instalments from the debtor, each and every such ongoing transaction will be subject to commissions (at the relevant rate) as outlined in this agreement regardless if the payment is made directly or indirectly to the client.
  • The client authorises Fetch my Debt to receive all monies collected on it’s behalf and hold the same in trust for the client, subject always to the right of Fetch my Debt to deduct any and all monies that may otherwise be due by the client to Fetch my Debt when such amounts are outside of Fetch my Debt’s usual trading terms.
  • Unless specified this agreement excludes enforcement proceedings in a small claims court.
  • Fetch my Debt reserves the right at any time to increase its charges. Notice of any variations must be forwarded to the client no less than 30 days prior to the change.
  • The total amount of monies contained within the statement/invoice and shown as being due shall be payable by the client within seven (7) days after the close of trading for the period in which the statement applies. Any monies remaining outstanding seven (7) days after the current period will be considered a breech of Fetch my Debt’s terms of trade and shall incur interest with no less than 11% p.a. calculated on a daily basis until such time that the total due and payable together with all accrued interest remains unpaid. In the event of the client defaulting in payment, Fetch my Debt reserves the right to deduct any amounts including interest owing by the client from the funds collected.
  • The rates or commissions and/or charges set out within this agreement are based on the clients advice regarding the age and number of debts it expects to refer to Fetch my Debt during the currency of this agreement.
  • This agreement and the rates of commissions and/or costs shall be revised by Fetch my Debt at 90 days from inception and at least annually thereafter.

Call us today on 1300 887 296 to discuss a tailored debt recovery solution for your business.

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