Debt Collection / Recovery Structure and Operation

The main objective of the assignment is to collect all debts that various Clients owe the Employer/Customer. We employ several operations when rendering our services. To mention few of them our Company sends notices to defaulters prior to implementation of our tasked assignment to the Company thereof.

Another mode is by way of attachment and sale of the defaulters’ properties (if any), physical follow up by the Company’s Principal Officers of debts from the debtors and any other action appropriate for the recovery of the debt on behalf of the Employer/Customer/Client.

Scope of Work
i. To undertake the task of collecting Employer/Customer/Client’s debts.
The collection of debts will cover all Employers/Clients.
ii. Collection of all the Employer/Customer/Client’s Cheques or evidence of payment made by debtors and submit them to the Employer/Customer/Client and collect acknowledgement receipt back
to the Debtor.
iii. To encourage the debtors to deposit cash payments direct to the Employer/Customer/Client’s Bank Accounts and submit deposit receipt for acknowledgement.

Duration of the Assignment
The assignment shall be completed within twelve (12) months or as stipulated in the contractual relations from the commencement date.

Methodology
The following are the methodologies that we shall employ in collecting the debts from Debtors in Tanzania Mainland in an effective and efficient manner
after understanding the objective and scope of assignment.

a. Requesting of List of documents and Facilities from the Employer/Client
Regiz Company Limited shall request information (documents) relevant to debts from the Employer/Client that will be used in carrying out the assignment.

b. Studying Information/Documents
Studying of information (documents) in relation to the debts which are from the Employer/Client. The aim of this study is to have the following information;

• List of Employer/Client’s Debtors
• Names, physical and postal addresses of the
  Employer/Client’s Debtors.
• Statements of account of each of the
  Employer/Client’s Debtors
• Copy of unpaid invoices
• Age Analysis report of debtors

c. Detailed Schedule of Work
There shall be a detailed schedule of work basing on the study of the information in (b) above.

d. Submission of Letter of Introduction
Introduction letters shall be submitted to prospective Employers/Customers/Clients’ debtors basing on detailed schedule of assignment. The introduction letter shall consist but not limited to the following;

• Authorization of the Regiz Company Limited to collect
  Employer/Customer/Client’s debts.
• Statement of account of Employer/Client’s debtor.
• Employer/Client’s Bank Account.
  • Procedures for Debt Payments such as instructing the debtor to deposit cash or cheque payments directly to the Employer’s
  Bank Account and submit deposit receipt for acknowledgement.
  • Action to be taken in failure of settlement of debt within a specified period

e. Weekly follow-up on the status of the debts
There shall be a weekly follow-up using various modes of communication such as phone calls, physical visit to know the status of the debt payments, to collect Employer/Client’s cheques or evidence of payment made by debtor and submit them to the Employer/Client for acknowledgement.

f. Reports to the Employer/Client
The debt collector shall provide reports to the client on weekly, monthly and quarterly basis. These reports shall consist the following;

• The targeted amount to be collected
• Amount collected
• Outstanding amount
• List of contacted debtors and their responses
• List of debtors not contacted
• Negotiated and managed repayment plans
  • Challenges faced by debt collector during the debt collection and program for overcoming those challenges

Debt collector shall provide annual reports regarding the status of the debtors against collection made.

g. Quality Assurance
There shall be a special team for checking whether the assignments are conducted in accordance with the terms of contract, work plan, rules and regulations and making follow-up on the action taken regarding the challenges faced during the debt collection.