Creditormate is passionate about recovering your unpaid invoices from non-payers. Getting paid for the results, our fee structure below is a percentage of what funds are collected. The brackets relate to the size of the debt to be recovered.
Under $150, there is a flat fee of $49.50 proportionate to the amount collected.
Common Questions
1. How long will it take to collect?
The aim is 1-2 days to receive a payment, with the majority of cases resulting in a payment within 7 days.
For cases where the debtor still refuses to pay, our full escalation process can take 2 months to complete. This includes all actions and consequences of our escalation process.
Example: A missing person search can add up to 14 days
Credit file implications may require up to 14 days’ notice for the debtor
Legal action is subject to court timeframes
2. Success Rate?
Factors such as financial hardship, disputes, other parties involved, state authorities, liquidation, court involvement, other creditors and the information you can provide have a large impact on the success rate and how quickly we can collect.
With the average success rate of 80% in mind, our team can give you an estimate of the likelihood of collection as we work through your case.
Example: If we are asked to chase up “Sam” and only have a partial phone number, we are in need of spending time searching for contact details if available. If you can produce and address, phone, email, full name, it heightens the chance we can successfully contact and recover.
3. Can my debtor pay your fees?
We cannot legally charge our commission to your debtor UNLESS they have signed an agreement with you stating their obligation to pay recovery costs. Otherwise, we can ask but not pursue without a court judgment stating so.
The same applies to interest charges, admin/late fees and legal costs. Any extra fees recovered are allocated to reimbursing you.
Example: Your debtor signed a Master Builders contract before commencing works. The contract states all costs incurred in recovering a defaulted payment are to be paid by your client. Creditormate will chase the fees from the debtor as well as the principle.
4. What if you only recover a partial amount?
As we charge a percentage of what is collected, fees will match the result.
Example: $15,000 debt – If $1,000 is collected, $140 (14%) is charged for commission.
5. How are payments handled?
We have two main ways to process debtor payments.
1. Payment to our Trust Account
If paid to our trust account, we will send you the amount paid less the agreed commission percentage.
Example: $500 debt – $100 received by us – $67 sent to you – $33 (33%) retained as commission.
2. Direct payment to your account
If payment has been confirmed on your end, we will send an invoice within 7 days for the agreed fees.
Example: $7,000 debt – $2,500 received by you – $450 (18%) invoice sent for commission