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OUR PROCESS
OUR PROCESS

OUR PROCESS

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

 

  • Full names

 

  • 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.
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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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