Terms of Engagement
Credit Recoveries Limited will:
• Upon receipt of files and all relevant documents take all action necessary, to give effect to the instructions of the Client including, where instructed, to arrange for the preparation and service of such documents as may be necessary to initiate legal proceedings against the debtor(s) for the enforcement of the debt(s).
• Instruct, at the cost of the Client, such other persons as is necessary to assist in carrying out its obligation to recover and secure the debt(s), including any barrister, solicitor or field service agent as may be necessary to assist, where instructed, in the commencement of and conduct of legal proceedings against the debt or debts or performance of a field visit.
• Seek instructions from the Client before accepting any offer for payment of a debt where the offer is less than the full amount (full and final settlement) of the debt.
• Do such other things as may be necessary to execute any judgment obtained against the debt(s).
The Client will:
• Instruct Credit Recoveries Limited by any of the following methods :
a) Electronically via www.creditrecoveries.co.nz
b) In excel spreadsheet via email to email@example.com
c) Using the standard instruction form supplied by Credit Recoveries by mail, fax or email in PDF format.
• Pay Credit Recoveries Limited:
a) Its usual commissions on monies receipted, and all payments made directly to the Client or credits agreed by the Client, or any other matter acceptable to the Client plus any GST if applicable.
b) Their fees and disbursements as advised from time to time plus any GST applicable to the supply of its services.
• Refund to Credit Recoveries Limited any funds deposited and subsequently paid to them that may not be cleared funds. Should the Bank subsequently not honour the relevant transaction(s), the Client undertakes to pay any such amount upon demand.
• Provide Credit Recoveries Limited with all relevant information concerning the debt(s) and the parties responsible for the debt(s) and authorize Credit Recoveries Limited to use the information for any proper purpose and undertakes to indemnify Credit Recoveries Limited that reasonable steps have been taken to advise the debtors that their delinquent debt(s) would be referred to a credit reference agency.
• Indemnify Credit Recoveries Limited and such other persons as they may instruct against all losses, costs, expenses, liabilities, actions and proceedings:
a) arising out of any repossession or seizure of assets carried out on behalf of the Client;
b) arising out of any action taken by one or both of them to give effect to the instructions of the Client;
c) Concerning the information or the use of information supplied to Credit Recoveries Limited by the Client.
• Advise Credit Recoveries Limited immediately upon payment towards a debt being made by the debtor directly to the Client, or any communication between the Client and debtor.
• The Client will also advise Credit Recoveries Limited of any changes of the Client’s address.
Terms and Conditions
• Except where prior arrangements have been made, Credit Recoveries Limited may deduct its respective commissions, fees, disbursements and GST out of monies collected on behalf of the Client.
• Where commissions, fees, disbursements and GST are not deducted out of monies collected on behalf of the Client, the Client shall pay all invoices issued on or before the 20th of the month following invoice. If payment is not made on the due date interest of 2% per month on the balance of the invoice outstanding shall be charged.
• If full payment of the amount outstanding is not paid details of the account may be referred to a Credit Reporting Agency.
• All expenses including legal fees incurred by Credit Recoveries Limited to recover any outstanding amount due by the client to Credit Recoveries Limited shall be paid by the client.
• Credit Recoveries Limited reserves the right to charge a closure fee limited to 5% of the outstanding balance of any debt, if the Client, at any time, terminates or withdraws the collection instructions.
• In the event that Credit Recoveries Limited is proved not to have followed your instructions, any liability arising, is limited to 5% of the value of the debt to which your claim relates, but never more than the total amount that you have paid us in fees and charges for our collection service, relating to that specific client, in the proceeding 12 months
• The Client acknowledges that they are engaging Credit Recoveries Limited for the purpose of business as defined by the Consumers Guarantees Act 1993. The provisions of that Act do not apply to this or any subsequent engagements.
• Credit Recoveries Limited will on a monthly basis, where applicable (and unless otherwise agreed between the parties):
o Pay funds via the clients nominated payment method after deducting all commissions, fees and disbursements payable (including any GST) as stated.
o Send to the client by mail or email a valid Tax Invoice/Statement.
• The Client, where applicable:
o Is solely responsible for providing Credit Recoveries Limited with correct bank account details together with a correct email address for the delivery of any statements.
o Will advise Credit Recoveries Limited with details of any changes in its details
o Acknowledges that Credit Recoveries Limited is not responsible for any errors or omissions in relation to the bank account details and or email address.
o Acknowledges that all invoices/statements received from Credit Recoveries Limited will be paid on or before the 20th of the month following invoice, in accordance with the ‘Terms of Engagement’.
• Credit Recoveries Limited and the client are subject to the Privacy Act 1988. The Privacy Act contains a set of principles for the handling of personal information known as the National Privacy Principles (NPPs). These principles set out standards for the handling of personal information that Credit Recoveries Limited must meet. Credit Recoveries Limited are fully compliant with all aspects of the Privacy Act 1988.
Mitre 10 Mega
“We first engaged the services of Credit Recoveries Limited in May 2009. Since that time we have forwarded them several overdue debts for collection and have been very pleased with the results. I have no reservations in recommending Credit Recoveries Limited to any person or business that requires assistance with debt recovery.”
David Smith – Director | Griffen And Smith Mitre 10 Mega
Smiths City and Powerstore
“Smiths City (Southern) Limited and Powerstore began using Credit Recoveries for debt collection in April 2009. During this time we have experienced a much-improved service from our previous collection agency. We would recommend Credit Recoveries Limited for debt collection to any other business.”
Carolyn Callister – Credit Manager | Smiths City (Southern)
Wallace Diack Chartered Accountants
“I would like to thank you and your team for your professionalism and speedy recovery of our long-term debtors. Within approximately one month of meeting with you, these debtors were fully paid up. Credit Recoveries Limited is now our preferred collection agency and we have no hesitation in recommending you to our clients.”
Hamish Matheson – Director | Wallace Diack Chartered Accountants
Tai Poutini Polytechnic
"The results have been very pleasing with 50% of the debts paid within the first two months alone, with another 30% under arrangements. We also receive regular feedback with updates on the various debtors; this is a vast improvement on our previous service provider. We would have no hesitation in recommending Credit Recoveries Limited to any other business."
Christine Olsen - AR Administrator | Tai Poutini Polytechnic
Grey District Council
“Grey District Council has utilized the services of Credit Recoveries Limited for debt collection, for both rates, and sundry debtors. The results have been very pleasing to date, and the feedback and contact from Credit Recoveries has been of the highest standard and professionalism. This is a vast improvement on our previous supplier. I would have no hesitation in recommending Credit Recoveries Limited to any other local body or commercial business.”
Ian Young – Manager, Finance & IT | Grey District Council
Can Plan Nelson Limited
“Having engaged the services of Credit Recoveries Limited for all of our debt collection, we have received a noticeable improvement in both the service and collection results from our previous service provider. Although the majority of our overdue debts are small in dollar value, Credit Recoveries have pursued them vigorously and provided feedback to us in a timely fashion. I would not hesitate to recommend Credit Recoveries Limited to any other business.”
Natalie Ewing – Account Manager | Can Plan Nelson Limited
Buller District Council
“The Buller District Council (based in Westport) has utilized the services of Credit Recoveries Limited for assistance with collection of outstanding rates and other sundry overdue debts. Since then, the council has received very pleasing results, with the vast majority of these outstanding debts either having been paid in full, or in various cases, are under a payment arrangement. We receive very regular updates by way of email and phone communications, as well as a monthly personal visit from the area manager. We would have no hesitation in recommending Credit Recoveries Limited to any other local authority or commercial business.”
John Rodger – Rates & Debtor Control | Buller District Council
Nelson Marlborough District Health Board
“We have been using Credit Recoveries as our debt collection agency since January 2010. In this time we have found Credit Recoveries to be prompt with information, helpful with queries and provide regular updates and reports.
We are very pleased with the service and results we receive from Credit Recoveries and will continue to use their service in the future.”
Sheryl Beer – Accounts Receivable Officer | Nelson Marlborough District Health Board
Tasman District Council
“Tasman District Council engaged Credit Recoveries Ltd as its debt collection agent in July 2009. This was a move away from an established international company, which had not been meeting some of Council’s required KPIs. This was a transition which slowly moved the complete set of problem debtors and the outstanding rates collection processes onto Credit Recoveries as a result of the success of the initial trial set. We have found Credit Recoveries Ltd to be professional, communicative and to have a good knowledge of collection processes for both sundry debtors and rates. This requires a strong knowledge of appropriate legislation, which is displayed. They have an open, transparent working style and provide sound advice to staff on a number of debt collection issues.
I would be happy to provide further testament to anyone considering using Credit Recoveries, should it be required.”
Russell Holden – Finance Manager | Tasman District Council
Town and Country Vet
“Town and Country Vet have been using Credit Recoveries Ltd for all our debt collection over the past 3 years. During this time we have experienced some excellent results, combined with efficient, friendly and knowledgeable service. I would have no hesitation in recommending Credit Recoveries Limited to any other business looking for assistance with their collection of overdue accounts.”
Karen Bailey – Accounts Manager | Town and Country Vet
“Stallard Law Limited has been using Credit Recoveries Limited for all of our collectionwork since March 2010. During this time they have collected 95% of our debts placed with them. We are very happy with the results and service provided by Credit Recoveries Limited and would have no hesitation in recommending them to any other business requiring expertise in the field of debt collection.”
Tony Stallard – Director, Barrister/Solicitor | Stallard Law
Rout Milner Fitchett
“Rout Milner Fitchett have utilised the services of Credit Recoveries Limited for all of our collection work since September 2009. During this time we have experienced some very good results, with over 60% collected and a further 30% currently under payment arrangements. We receive good feedback on our debtors as well as notifications when debtors make arrangements etc. Overall we are very pleased with the results and service we receive from Credit Recoveries Ltd and would have no hesitation in recommending them to any other business requiring assistance with debt collection.”
John Fitchett – Principal | Rout Milner Fitchett