The StrataFin Credit Committee will assess a debt purchasing request from a Managing Agent, Body Corporate or Home Owners Association based on the following criteria:
Up-to-date age analysis detailing the total outstanding levies and amounts due.
Detailed ledger accounts of the individual debtors; dated from when the arrears (money owed) arose to current.
Unit numbers, as per SG (Surveyor General) Diagram and/ or title deed, in respect of the units owing money.
Owner details in respect of the units owning money
All contact details
All postal details
All residential details
Registered conduct rules of the Body Corporate or Home Owners Association.
AGM (Annual General Meeting) notices and budgets for the periods involved in respect of the outstanding levies
Minutes of the AGM’s for the periods involved in respect of the outstanding levies.
Minutes of the Trustees meetings after the conclusion of the AGM’s confirming the raising of levies.
Proof letters sent out to owners confirming the raising of levies.
How do we evaluate debt purchase and factors taken into consideration on the debt purchase:
The age of the debt
The amount outstanding
Value of the unit
Legal compliance by Body Corporate or Home Owners Association
Location and value of the complex
Relationship between outstanding amount and value of unit
Reason for non-payment
What will be done by the credit committee in it’s assessment of the outstanding debt?
All the required documents will be thoroughly assessed.
Desktop valuation of the unit.
Assessment of the overall condition of the complex/ building.
The owner may be contacted to further understand the reason for non-payment.
All of this information will be critically analysed in accordance with the StrataFin model.
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