Can clients accept payments from debtors?
Clients can accept payments from debtors. We do however urge clients to view the total amount due to Medicol online before accepting payment. Instalment arrangements have to be made with Medicol. The client should then notify us of such payment. The payment will be receipted on our system and form part of the next set off.
Will Medicol raise a penalty in the event we need to withdraw an account?
We understand that accounts are erroneously handed over from time to time. No penalties are raised in such an event.
Will Medicol recover their necessary fees and expenses first in the event of an installment arrangement?
Medicol will proportionally allocate an installment to capital and cost. 50% of the amount will be allocated to the capital claim and 50% towards the cost claim. Once all costs are recovered, 100% of the installment amount is allocated to the capital claim.
Are there any hidden costs?
Absolutely not. You will pay commission + VAT (on commission amount only) on the capital amount we were able to collect. No monthly fees, no hand over fees, no penalties for withdrawing accounts handed over in error.
Can I take my accounts back if Medicol is unsuccessful?
Absolutely! If we are not able to make a payment arrangment in a period of 6 months upon receiving collection instruction from you you may forward a written request to withdraw such accounts.
Can I hand over to Medicol and still make use of my current debt recovery agent or another debt recovery agent?
We do not have a problem with that at all. It’s always good to weigh your options from time to time to make sure your receive the service you expect. You cannot, however, hand over the same account to more than one debt recovery agent.
When does prescription of a debt start?
Debt does not last forever, after a period of time it prescribes and becomes invalid. Prescribed debt can be explained as old debt that has not been acknowledged over a period of three years. This means that a debt prescribes if:
- You have not acknowledged the debt in the past three consecutive years, either in writing or verbally.
- You have not made a payment promised to make a payment to the outstanding debt amount.
- You have not been summoned to make a payment by a creditor for the debt within the past three consecutive years.