Frequently Asked Questions
Aged debts in Australia can be collected for a period of 6 years. Since a lot of debt collection companies will work on a No Win No Fee Commission, this allows for a Win / Win for most clients, as if they don’t collect you don’t pay.
Collection costs can be collected if your business has a Terms of Trade in place, that advises and has the agreement of your clients to charges of late payment interest, recovery costs and legal fees.
A vast majority of companies have outstanding debt, and debts, like businesses are very different. A company may have a debt of $500 or in excess of $1M, so court costs, time and money would be factors that would weigh in on collection of the debt. My point here would be that if you are willing to spend on legal costs, why wouldn’t a company engage a debt collection agency, when in most cases they only charge commission on the collection amounts they receive? If the collection agency doesn’t collect on their aged debtor, they can still continue to court and have made available to them, call logs to show that they have made attempts in recovery of their debt prior to proceeding to court.
Each debt is different and no accurate time frame for the collection of a debt can be guaranteed, however we aim to collect your debt in the quickest possible timeframe by making your debt a priority to the debtor.
At PNR Debt solutions we pride ourselves on being proactive in all our debt collections. We offer a personalised service to our clients with a No Win No Commission structure and with no joining or ongoing fees. We offer a realistic approach to your debt collection needs that is effective in getting your debts paid.
Any business that has a debt can use a debt collection service, from self employed businesses to large corporations. We have assisted plumbers, electricians, web designers, childcare services, motor mechanics and many others to achieve payment for their services.
Once a debt is lodged for debt collection, any repayment of the debt by the debtor directly or indirectly is subject to commission charges as many debtors attempt to avoid further actions by our team.
Every business is entitled to be paid for their services irrespective of size and we at PNR Debt Solutions understand the impact of slow payers and the effects it can have on a businesses cashflow. Small to medium size businesses are impacted greatly with low cash reserves that can limit a company’s growth and sometimes survival in the current economic market. Any business that has a debt that needs collection should consider using a debt collection service as part of their accounts receivable processes.