Debt recovery services
Debt recovery services for residential buildings involve the collection of outstanding debts or unpaid fees from residents or tenants. These services are typically utilized when residents fail to make timely payments for rent, maintenance fees, utilities, or other financial obligations.
We offer debt recovery services on a monthly, quarterly, bi-annual and annual basis.
The services include the following items:
- Third-Party Collection Agencies
- Communication and Negotiation
- Documentation and Reporting
- Late Fees and Penalties
- Payment Reminders
- Legal Actions
Third-Party Collection Agencies
In some cases, residential buildings may engage third-party debt collection agencies to handle the recovery process. These agencies have specialized expertise in debt collection and can pursue payment on behalf of the residential building.
Documentation and Reporting
Debt recovery services maintain detailed documentation of all communication, payment arrangements, legal actions, and financial transactions related to the debt recovery process. Clear reporting ensures transparency and accountability in the handling of debt recovery efforts.
Late Fees and Penalties
Residential buildings typically have policies in place regarding late payment fees and penalties. Debt recovery services ensure that these fees are properly communicated to residents and applied when payments are overdue.
Account Management
The property management company, JMB or MC maintains accurate records of residents’ financial accounts, including details of payments, outstanding balances, and any delinquencies. This information helps track and manage debt recovery efforts.
Payment Reminders
Debt recovery services often begin with sending payment reminders to residents who have outstanding balances. These reminders may be in the form of letters, emails, or text messages, clearly stating the amount owed, due date, and consequences of non-payment.
Legal Actions
If all other attempts to recover the debt are unsuccessful, debt recovery services may resort to legal action. This can include filing lawsuits, obtaining judgments, or initiating eviction proceedings, depending on the nature of the outstanding debt and local regulations.
Talk to us
Have any questions? We are always open to talk about your business, new projects, creative opportunities and how we can help you.