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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 analyzed in accordance with the Stratafin model.

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