We offer a comprehensive range of debt recovery and related credit control services.
If you are not getting paid and you are not sure what to do, at no cost to you, Waterstone Recovery can review your debtor situation and provide an outline of options available to pursue recovery.
Chasing overdue debts can be a distraction from your core business but you may find yourself feeling uncertain about the cost of using a debt collection agency. When you use Waterstone Recovery's commission based debt collection services you are not faced with significant upfront fees, Waterstone Recovery earns a commission when it successfully recovers an outstanding debt. Depending on your terms of trade debt collection costs may be recoverable from the debtor.
For more information on how commission is charged see How Our Pricing Works.
Customised demand letters
Perhaps you are owed a large debt that may or may not be disputed, or you have issued a payment claim under the Construction Contracts Act and have not been paid. We can review your situation and craft a customised demand letter that increases the likelihood of getting paid quickly.
Our field agents can visit the debtor's last known address to request payment if they cannot be contacted by other means, or to gather information to assist in tracing the debtor if they are no longer at the address and cannot be found by other means.
Consumer and company default reporting allows you to list overdue debts on the Veda Advantage credit reporting database, impacting the debtor's credit rating. If at some stage in the future the debtor applies for credit and finds they are denied credit due to a default listing this may prompt payment of the debt.
Repayment plan negotiation and management
If the debtor is having cash flow problems they may be more comfortable negotiating a repayment plan with a third party. We work with the debtor to negotiate a repayment plan that meets your approval. Once the repayment plan is in place we maintain regular contact to ensure that honouring the repayment plan remains a priority for the debtor.
Deeds of settlement
Often the issue of a statutory demand or the likelihood that a creditor will commence legal proceedings brings the debtor to the negotiating table. In this situation, a Deed of Settlement that commits the debtor to an agreed payment plan and extracts a personal guarantee as consideration for taking legal proceedings off the table, extending payment terms, or both, provides the creditor with the security of recourse to both the company and the individual if the payment plan is not honoured.
A statutory demand can be an effective way to recover an undisputed overdue debt over $1,000 that is owed by company. A statutory demand is a legal demand that a company pay a debt due within 15 working days. A statutory demand is also a test of solvency. If the debt is clearly overdue and undisputed or you have an admission of cash flow problems from the debtor you have strong grounds to serve a statutory demand.
After the 15 working days to pay or reach a settlement agreement under a statutory demand expires, a creditor has a right to apply to liquidate the debtor company. If the debtor has not responded to the statutory demand, the filing and service of liquidation proceedings may result in payment of the debt or settlement negotiations.
Bankruptcy proceedings can be an effective way to recover a judgment against an individual. The filing and service of bankruptcy proceedings may result in payment of the debt or settlement negotiations.
Disputes Tribunal assistance
On the 1st August 2009 the Disputes Tribunal claim limit increased from $7,500 to $15,000. If both parties agree, the Tribunal can hear claims up to $20,000 (up from $12,000). With a maximum filing fee of $100, the Disputes Tribunal is an inexpensive way to resolve a dispute. The Tribunal is not a formal court – parties must represent themselves and disputes are heard by a referee - there are no lawyers or judges involved. However, any ruling the referee makes is binding and can be enforced by the Courts. Having an enforceable ruling for greater than $1,000 opens the way for the issue of a statutory demand as a precursor to liquidation proceedings against a company or commencement of bankruptcy proceedings against an individual.
If you are extending credit you may wish to obtain a snapshot of your customer's credit history. We can provide Veda Advantage credit reports on individuals and companies.
Provision of consumer credit reports is subject to the Credit Reporting Privacy Code 2004. Disclosure of credit information must be authorised by the individual concerned.
Veda Advantage's commercial credit reporting services allow you to obtain credit information about companies that are not governed by privacy legislation. However, the Veda Advantage Company Plus service provides information about company directors and access to this information must be authorised by the individual concerned.
Background checks & Debtor risk analysis
If you are extending credit or concerned about an existing customer's capacity to pay Waterstone Recovery can undertake discrete background checks using a wide range of sources which will be presented to you in a written report. This information can be invaluable in deciding how much credit to extend or what steps should be taken to recover overdue debts
If your terms of trade give you a security interest over the goods you are providing it is vital to register this interest on the Personal Property Security Register. Being registered can mean the difference between recovering your goods or being paid for them, and not being paid at all.