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.
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.