TCM SRI LANKA's capacity to provide concise, up to date, credit and trade reports for our clients have often resulted in them avoiding inheriting someone else's bad debt and reduced substantially the potential bad debt provisions.
The fact that these services can be provided in most areas of the world, quickly and efficiently, is an added advantage Quality and probity being the key virtues of each report which takes into account significant elements of credit including history, business performance, financial position, the reputation of the company and is compiled by professional analysts.
The process is divided into two stages: TCM Collection Service and TCM Legal Service. These steps will ensure we collect your outstanding debts as quickly as possible and at the most cost effective rate. We can also customize the solution that best fits your requirements.
In the domestic debt collection aspect, our ability to locate missing debtors and assets and to utilize the information gained from our investigation department in conjunction with our debt collection department has resulted in a higher than industry average recovery for our clients. TCM SRI LANKA has not and will not use unfair/unethical collection methods.
We offer our clients a "No Collection, No Commission" system, meaning that where no collection is made, no commission is charged. It's our guarantee that we can and will get the job done.
Our rates are structured taking into consideration the portfolio value and volume of the debt, the age of the debt, and the dispersion of the portfolio on offer. If recovery action is to be carried out at locations not normally serviced by TCM SRI LANKA, then an assessment of the associated visit will be intimated to the client, and recovery is undertaken only after the client's concurrence of acceptance of the estimated visit cost has been obtained.
Scope Of Our Services
At present we provide consumer credit recovery services for all our Sri Lankan bank clients and the telecommunication industry for the recovery of (unsecured} credit card debts, as well as secured and unsecured personal loan debts; the age of debt range from 30 days upwards.
We also have a substantial portfolio for recovery of commercial credit debts including export credit accounts owed to both banks as well as to commercial establishments. Overseas Clients. This portfolio is twofold; We service many banks from the Middle East for collection of debts owed by Sri Lankans who have or are still working in the Middle East, while one bank has assigned all their foreign debtor base to us for recovery action and we make use of our extensive network of recovery companies to farm out these cases for collection.
The second part of the Overseas Client Portfolio, comprises the recovery of commercial credit debts including Export Credit accounts owed to both banks as well as to commercial establishments where the debtor is a Sri Lankan importer, who for whatever reason has not honored his/her commitment on the import.
Our Charges
We do not have any start up fees; we only charge a commission on success; our service is therefore on a NO COLLECT NO FEE basis and we charge a % percentage based on age as commission on the amount recovered. The applicable rate will be dependent on the age and other factors surrounding the debts.
The prevailing government taxes and levies (such as VAT, NBT and any other such tax that might be introduced by the government during the currency of the service agreement} are applicable to all commissions due to TOTAL CREDIT MANAGEMENT SERVICES LANKA (PVT} LTD.
Procedure Of Debt Recovery
On receipt of an assignment portfolio from a client, we will conduct a preliminary study of all case files placed with us by checking against our in-house data bank. This enables us to understand and evaluate the credit history and existing financial status of the debtor and also assist in the location of skips.
Our principle is to exert the greatest pressure to obtain payment, whilst ensuring our actions are in accordance with legal requirements and correct business practice. Collection efforts will include non-legal Demand Letters and Final Notice, telephone and personal contact and visiting either the debtor's residence or business address during work or after hours.
Where possible the debtor will be requested to make payment directly to the client. If payment by installments were agreed to, we would monitor the arrangements. If there was a default on such arrangement, we consider and make recommendations in relation to any potential legal action.
We will conduct ourselves in a firm, polite and professional manner so as to maintain your existing business relationship with your debtors. We employ only suitable and qualified personnel through a personality profile analysis, and are screened for criminal records. Our collection officers receive proper training and continual training to provide clients with professional and effective services.
We are always mindful of maintaining the client's business relationship when collecting debts. While evoking full creditor remedies, you may be reassured that your accounts will be handled with dignity and dispatched at a reasonable cost to your organization. We assure prompt personal attention to your interests and needs, no matter how difficult or special the situation. Our high level of integrity and responsibility should leave you with no worries in putting your receivables in our hands. We will be able to relieve your Organization from time-consuming activities such as monitoring and collecting outstanding debts. Our impressive recovery rate coupled with uncompromising customer service will translate directly into fewer bad debts and better cash flow for you.
Total Credit Management Services Lanka (Private) Limited
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