|
|
- The Client hereby agrees that Credit Chex Ltd. shall receive, on the
Client's behalf, all payments made by its debtors.
- Where a Client
receives and accepts direct payment from a debtor, the Client shall
immediately
notify Credit Chex Ltd. of its acceptance of such payment.
- The commission charge is payable on what is collected by Credit Chex
Ltd. and is also due on all payments made directly to the Client by
the debtor.
- The Debt Balance (Principal) submitted by the Client to
Credit Chex Ltd. for collection will be
treated as a final figure
and no adjustments are permitted after placement for add-on of interest
or other charges.
- Credit Chex Ltd. in consultation with the Client
must conduct any negotiation as to terms of
settlement with the debtor.
- Debts that are submitted by you to Credit Chex Ltd. for collection
are NOT to be submitted to
any other collection agency so as to ensure
efficient collection procedure and billing of commissions.
- Minimum cancellation charge on a collection debt is 10% of the debt balance
(principal) or $100.00 whichever is greater.
- All commission and cancellation
charges are subject to Value Added Tax (VAT).
- In addition to the principal
amount(s) claimed by the Client, Credit Chex Ltd. reserves the right,
in each case, to add to the Debtor's liability the payment of
our Surcharge, Interest and
Legal Fees accordingly.
- Should any invoices be outstanding at the time cheques are
being prepared for Clients, such invoices will be
automatically deducted before disbursement of cheque.
- All remittances of collections to overseas Clients are
subject to prevailing Foreign Exchange Control Regulations.
For effective processing of our Clients' accounts, commission charges
due to Credit Chex Ltd. are
automatically deducted before the remittance
of cheques.
Statistics
Collections
The following chart shows the steadily increasing collection performance of Credit Chex Ltd.
Debt Recovery Ratio
The following charts show the approximate recovery rate presently being achieved by Credit Chex Ltd.
Please note that as the age of the debt increases the recovery rate decreases.
|
|
|
