What type of debts do you collect?
We undertake debt recovery assignments for individuals and corporations. If you have a debt, regardless as to its nature and amount we would like to hear from you.
How successful are you at collecting debts?
Successful recovery depends on a number of factors. These factors range from the age of the debt, its nature and the whereabouts of the debtor. We would first assess the debt once you have submitted it to us. If we accept the assignment, you can be assured that the prospect of recovery has merit. Our success rate is 79% so there are never any guarantees.
How does the debt recovery process work?
Once instructed we immediately commence action. Our modus operandi is often asked but never divulged. What we can tell you, is that we don’t sit around waiting for response to demand letters. We are very pro-active. The debtor will be fronted athome and work. Our aim is to recover your debt within the shortest possible time frame.
How long does the recovery process take?
Unfortunately there is no definite answer to this. However we have ascertained that approximately 79% of the debts on our books are satisfied within 30 days. The other 21% are generally recidivist debtors that fall beneath the radar. The names of the latter are then entered into an international defaulters database.
What if the debtor has disappeared?
The technology used by First International to locate individuals anywhere in the world is second to none.
If we cannot locate your debtor, his/her name will be placed on ‘alert’ on the database. Over time the debtor’s name will surface and the recovery process will immediately re-commence. At FIDC thefile remains open until the debtor pays. Skipping overseas to hide from a debt is no longer an option. We can pursue rogue debtors regardless of where they go into hiding.
Are there variances to your fee?
Our success fee is clearly set out in the Authority form which is agreed to before recovery is commenced. There are no variances in the fee at any time.
Why use a debt collector?
Most debtors work on the assumption that you will tire of chasing the debt. When the debt is under $5,000, litigation may be a fruitless exercise due to the legal costs in recovering it. If the debtor ignores your letters of demand it is time to introduce a strong third party. A debt collector motivated by success may be a rude awakening. Once our field agent commences knocking on your debtor’s door there is general a realisation that your debt is now serious.
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Do you request upfront legal fees?
We do not. Our intention is to recover your debt without lawyers and without the need of court costs.
Can I take the debtor to court myself?
You can! But you are not guaranteed to win. Have you carried out the due process in accordance with the law? Do you have certain credence to back your evidence? Have you said anything to the debtor or done anything that the judge may consider underhanded? Is your version of events going to differ somewhat to those of the debtor? In our experience the judge will generally take the side of the debtor, especially if you falter in any way. We can guide you through the process if there is a need to go to court. We prefer to avoid it!
What if the debtor disputes the debt?
Our initial demand letter will provide the debtor every opportunity to refute the debt. This generally establishes (for us) that the debt is true. Occasionally a debtor may provide just reason as to why, in their opinion, the debt needs to be looked at more closely. In our experience, a debtor refuting the debt is surprisingly rare.
Can you instigate legal action on my behalf?
Only you or an appointed solicitor can instigate legal action. We can guide you carefully along this path if there appears no other option. Prior to lodgement of a court case we endeavour to reason with the debtor one last time.
What sort of court action is instigated?
Debts to $10,000 are a Minor Case Claim. Debt $10,001 to $75,000 are a General Procedure Claim. For amounts over $75,000 it is service by writ. Legal action can be lodged in any court irrespective of where the debtor lives. The defendant can apply to the court for a change to a more convenient court. The court would then make its decision as to the change of venue.
In which court of law will it be?
Up to $75,000 Magistrates Court
$75,001 to $250,000 District Court
$250,001 and over Supreme Court
Can FIDC perform debt recovery overseas?
Overseas debt collection is a specialist field and is a major part of our operation. We suggest you ask us for an Application to Recover an Overseas Debt. The success fee may vary depending on the country. We can provide you with a quote before proceeding. See our Overseas page and send us a basic debt submission online and we’ll respond without delay.
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