Frequently Asked Questions
(Click on the links for answers)
Before e-mailing or calling us, check here to see if your question about our company can be answered.
- Why use a collection agency?
- How long will it take for you to collect my money?
- What if the debtor disputes the debt or just refuses to pay?
- What debts can be placed for collection?
- Does the age of the debt make it more difficult to collect?
- How long have you been in business?
- Are there any guarantees of payment?
- Does your company charge an annual fee?
- If I decide to use your services, how do I get started?
- What info would you need from me in order to get started?
- What is your fee?
- Are you a member of a local Chamber of Commerce?
- Do you have any estimates of average recovery rates that we can expect?
- Do you purchase the debts outright from us or do you charge a percentage of the debt collected?
- What documents do we need to give you for you to support the debt?
- What is your process for collection?
- Do you have any requirements for us?
- I was wondering how long should I wait before I turn my accounts over for collection?
- How many accounts may be sent for collections at once?
Many debtors will pay us even though they never cooperated with the original creditor. The debtors sometimes realize you are serious or don't want a damaged credit rating or to go to court, therefore it is sometimes possible for the agency to collect when the client was not able to.
Not all claims are collectable as some debtors may change addresses, become deceased or just refuse to pay. The age of the debt also plays a part in how long it takes to collect anything, if the debt is old and/or the debtor requires backup paperwork that can prolong the collections process.
If the debtors dispute the debt, we will provide them with copies of all relevant documentation proving the validity of the debt. If the debtor refuses to pay, we will suggest legal action.
We have a minimum dollar amount of $100.00 TTD on claims placed with us for collection. We do ask that you only place debts that have occurred in the last 4 years. However we will try and collect debts that have occurred over 4 years but results may not be as successful.
Yes, the older the debt is, the harder it is to collect.
Credit Chex Ltd. was opened in February 1985.
No, we cannot guarantee payment, but will try our best to get your money for you.
Yes, we do charge an annual fee. The fee it determined based on the type of plan chosen.
You can fill out the "Debt Insertion Form" here and fax a copy of the invoices that are due or you can e-mail the information.
Please click here for our contract in Word document form. Please print and complete the form and fax to: (868) 627- 2329, or mail it to the address above.
- Your company name, address, fax, phone, and e-mail.
- The debtor's contact information, name, address, any identification numbers, any contact phone numbers, references, e-mail etc.
- Total amount owed (including interest charges if any) and when it was due.
You only pay us when we pay you. Commission charges are calculated
based on the age of each debt submitted by the Client: i.e. from
the date on which the client's right to claim for payment of the
debt first arose to the present date.
Commission charges on amounts collected are as follows:
Debts 2 years old or less = 20% Debts between 2 - 3 years old = 30%
Debts 3 - 4 years old = 40% Debts 4 years and older = 50%
If the debtor pays Credit Chex, we deduct our commission and send you the balance. Payments are sent out bi-monthly. If the debtor pays you, you must advise us IMMEDIATELY and we will invoice you for the commission.
Payments made directly to you will be invoiced subject to the above rates. Credit Chex invoice payment terms are "Payable upon receipt."
Yes, the Trinidad & Tobago Chamber of Industry and Commerce.
This would depend on the number of accounts placed, the average dollar amount and the age of the debts. If, for example, the accounts are all 6 months old and you have good addresses and phone numbers, the chances of recovery are high. We have a high recovery rate and have been told by some of our members that we have collected money for them that other agencies could not.
(See STATS for more information.)
A percentage of the debt collected. No charge if nothing is collected.
We would need a copy of a contract if you have one, an invoice and/or statement
that has the amount owed, and the debtor contact information on
it, such as address, phone, work phone, email, anything you have.
Once you place an account with us, we send an initial collection letter to the debtor indicating that the account has been placed with us, who the creditor is (you) and how much is owed. We also note that should payment not be received by a predetermined date, their name will be included in our database of delinquent debtors.
We wait a few days to be sure they have received this letter, and then we begin to call them. We make several calls and send out 2-3 letters within this time frame.
After approximately 30 days, if there has not been a payment or response the accounts are given to a field-collector who then visits the debtors, either at their home or business address to negotiate payment.
The most important requirement we have is that you report to us if a debtor pays you directly. Also, once you place the account with us, you must stop all in-house collection activity, do not send out monthly statements or continue to add interest.
You can turn them over whenever you like. It's totally up to you.
Please note however that, as a debt ages the more difficult it is to collect.
You can send as many accounts as you like.
