Protea Factors cc

Professional Debt Collection Service

“Trusted Since 1985”

The collection process is directed and managed through the sending of letters, faxes, sms messages, e-mails and telephonic contact. Proper and effective application of these strategies have produced outstanding success in the recovery of bad debts. The company's state of the art management software allows us to seamlessly monitor all arrangements and record all defaulting accounts for immediate action, such as telephonic follow ups, credit bureau listing or legal action.

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A series of letters are sent to the debtor. The letters are in a special format and are regularly updated or approved by the company attorneys. This is of the utmost importance, considering that new legal requirements are now often legislated.

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Our trained and skilled telephone operators follow up daily with calls to debtors, to negotiate full settlement of the account, alternatively suitable arrangements are made to liquidate the account. Our operators will also endeavour to get the debtor to our offices to acknowledge the debt in writing by signing an Acknowledgment of Debt and simultaneously do an assessment of the debtor’s financial affairs to ascertain if payments offered are suitable. Once arrangements are in place we will send the debtor payment reminders on a monthly basis by means of e-mail, sms, statements and telephonic contact.

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If the need arises internal tracing (done by Protea Factors), or external tracing (through our attorneys offices, or reputable independent tracers) will be employed by Protea Factors. Protea Factors is also linked to the largest Credit Bureau, ITC, where tracing and other information of the debtor is completed.

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The debtor will be listed by us in the largest credit bureau in South Africa on I.T.C and Experian. The adverse report against the debtor’s name will only be removed from the bureau once your account is liquidated in full. (ID numbers will be required in this instance.) Credit Bureau listings are a very effective way of persuading the debtor to pay his accounts, as he may be refused credit for any new accounts, such as bond, business, furniture or motor finance etc.

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If consent is given to us in writing we will proceed with legal action through our panel of attorneys. Our attorneys will require a deposit in this instance (refer to our agreement). All legal proceedings up to and including summons will be for Protea Factor’s account. Once judgment is granted our attorneys will proceed with various actions, such as obtaining a court order for a writ (attachment of immovable/movable goods), emoluments order (attachment of salary), garnishee order, section 65 enquiry etc. During this process you will at all times be advised of the progress made as all negotiations and correspondence will be done through our offices on your behalf.

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Other accounts such as deceased estates, insolvent estates, MVA claims or Workmans Compensation are also collected by Protea Factors. In the case of deceased estates, liquidations and sequestrations, depending at what stage the claim is, all negotiations and correspondence will be attended to by ourselves or our attorneys at no extra cost to you. MVA claims will require that Protea Factors liaise with the claim handlers or attorneys to confirm and finalise any outstanding amount due to your debtor. Thereafter all negotiations will be attended to by ourselves or our attorneys on your behalf, at no extra cost to you.

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As we are fully computerized a report can be generated urgently, at your request, which can then be faxed or e-mailed to your offices. In the absence of such a request our programs will generate a fully comprehensive progress report quarterly. This progress report will reflect the name of your debtor, you reference number, status of account and payments received to date.