Letters
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.
Telephone Calls
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 endeavor 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.
Tracing
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.
Credit Bureau
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.
Legal Action
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), garnishing 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.
Other Accounts
Other accounts such as deceased estates, insolvent estates, MVA claims or Workman’s 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 finalize 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.
Progress Reports
As we are fully computerized a report can be generated urgently, at your request, which can then be e-mailed to you. 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.
Technology
In the 1980’s, Protea Factors was one of the first in the industry to import a Internationally successful program that was developed and licensed in the United States of America.
Protea Factors has recently developed software that is highly advanced under our own name and is exclusively used by us. The companies state of the art management software allows us to seamlessly monitor all arrangements and record any defaulting accounts for immediate action, such as telephonic follow ups, credit bureau listings and legal action.
Software developer Computer Specialist ( BSC Unisa ) currently maintains our IT infrastructure and ensures requirements are met on a regular basis.
Skills Development
Our team is trained in house for debt collection by management whom has been part of the company for over 20 years. All staff are also registered with the council of debt collectors as such, have to adhere to a strict code of conduct and practice high ethical standards when dealing with debtors and clients alike. As we are always faced with new legislations, we are registered with SEESA, which is a legal company specialized in training staff through courses. To name a few, customer service, management development, conflict resolution and intro. to Popi Act. This is to add a more professional touch in the way we carry out our duties.
Over 30 Years’ Collection Experience
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.