Prime’s debt recovery strategy is this…

Once we have received your file we will apply an agreed commission to all monies recovered (or compromise, contra arrangement, return of goods or in the event your debt is defended and then paid) against the original debt (including contract interest where applicable). We will also share 50/50 in any Court awarded interest.

We will then issue our Letter of Demand for payment within 7 days or letter of arrangement if a suitable instalment arrangement has been made with you
debtor.

If your instructions were to issue a statement of claim, your instructions will be carried out accordingly.  If your debtor has failed to pay or make any suitable arrangement we will either conduct a field call to demand payment face to face or initiate legal proceedings in the Local or District Court.  After service is affected by one of our agents or by the Court we will demand payment of the debt or again attempt to have the debtor make an installment arrangement with us in writing.

In the absence of any response within the statutory 28 days after service of a statement of claim on your debtor, we will then file for default judgment,
including any accrued interest allowed at the UCCPR rate, currently at 9.5%p.a (from 1 July 2010, prior 10.5%) and issue the appropriate Enforcement action.

Costs payable by you during the course of recovery are limited to those disbursements as set out in the schedule of fees. However, the majority of these may be added to the debtor’s debt and because Prime Collections prepare, draft and file all our documents within 24-48 hours you can rest assured our agents will use this time frame to maximise recovery of your debt prior to litigation.

Where the debtor makes a payment direct to you after the account is provided for collection, you should immediately advise us in order for us to maintain
accurate records and not to jeopardise your relationship with your customer.

Should your matter be formally defended Prime Collections will then seek your instructions regarding any further costs. Once a verdict or default judgment is filed we will continue with collection of your debt.

Statements are forwarded to you at the first day of each calendar month for the activity of the preceding month; any payments received after this statement date will be carried forward to the following month the statement will include an account of all monies collected after deducting all charges for commission and incidental expenses.  Any debit statement rendered is payable on receipt.

Prime Collections will disburse all recovered amounts in the following order:

Firstly – Original amount of debt
Secondly – Interest paid on the debt
Thirdly – Disbursements paid by you and recoverable from your debtor