Debt recovery agents should always comply with the following organisations:
To ensure the fair recovery of debts and make provision for the regulation and control of fees charged by debt collectors, a regulatory body named The Council for Debt Collectors was created by an Act of Parliament.
As a non-profit company duly incorporated in terms of Section 21 of the Companies Act, ADRA is the industry representative of the vast majority of the formal debt collection industry. ADRA represents the interest of entities practising debt collection. Its membership consists of in excess of 220 professional debt collection entities including entities registered in terms of the Debt Collectors Act, law firms registered in terms of the Attorneys Act specialising in debt collection and large credit providers with internal debt recovery divisions and/or a vested interest in the debt collection industry, including JSE listed entities.
Section 20 of the Debt Collectors Act stipulates Every debt collector who practises for his or her or its own account, shall open and maintain a separate trust account at a bank as defined in the Banks Act, 1990 (Act 94 of 1990), and shall deposit therein as soon as is possible after receipt thereof the money received or held by him or her on behalf of any person.
Colmed Debt Administration (Pty) Ltd. recovers outstanding and dubious accounts for clients in the medical and education sectors.
We go about recovering outstanding debt in a strategic and tactical way, employing technology to ensure optimal returns.