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GLOSSARY

Debts or receivables

The schedule of work a Member RMA processes in order to try and collect debts (also known as a Workflow)

On-going debts being collected

Profitable enough to warrant a cost investment

The levels of professionalism in approach an RMA can demonstrate e.g the training of its agents, how data is protected by the RMA, how secure are its payments process and client money, once debts have been collected etc

The arrangement whereby debt collection services are offered on a “commission on collection” basis

Criminal records bureau checks

A company, an organisation or individual who places debts for collection onto the Metwork platform

Group of debts/accounts/receivables

The layout of the debt information (usually on an excel file) that is transferred to the RMA.

  • (a) The age of the debt. The older it is the more difficult it is to collect
  • (b) the quality of the contact data supplied. Is there a phone number, an email, a work telephone number, the full address available etc? The less the amount of contact data available the more the Member has to do to find it.
  • (c) The level of dispute around the debts. Are people refusing to pay because services haven’t been carried out or information hasn’t been supplied?
  • (d) Amount of work already processed to try and collect the debts. How many letters, emails and calls have been sent/made and have the debts been placed with another agency prior to placing on Metwork?

RMAs based in the same country as the debt placer.

Formal checking process to establish the business credentials of a party

Secure online facility provided by RMAs (Metwork members) that supplies information and analysis to the debt placer on the progress of their accounts.

Laws and guidance governing the work of collection agencies

A formal procurement process where multiple bidders are invited to submit a detailed proposal

Materials and know-how that specifically are the creation of a particular party and as such are subject to ownership rights.

The debt collection system that the RMA( Metwork Member) works on.

A Receivables Management Agency or RMA, better known as a debt collection agency who may place bids to collect your accounts.

A company, an organisation or individual who places debts for collection onto the Metwork platform.

A rapid procurement process. Usually sent to “preferred potential bidders”

Amounts of debt that have been collected

If no debt has been collected in that reporting period the RMA must record a 0, as opposed to not recording a figure.

One payment based on a forecast of how much debt will be collected

Group of debts/accounts/receivables

Would be considered by all interested parties as a “fair proposal” based on the information supplied

Debts or accounts

The amount of debt that a member RMA predicts will be collected.

Receivables Management Agency/ Metwork member

A formal procurement process where multiple bidders are invited to submit a detailed proposal.

An amount an RMA will charge for finding someone who has disappeared from an address

Sending the debt amounts and personal information to the RMA so they can start collecting them

A legal action resulting in a court judgment awarded against the defendant

To cancel a placement of debts already on the Metwork platform

The difference it costs a Member to collect a debt and the commission they earn from collecting it.

As a Metwork User

Back to Why Choose Us

Benefits that an individual or organisation has as a Metwork User

  1. You are guided on how to get the best from the relationship with the collection agency when you place your debt on the platform.
  2. You get realistic and accurate return forecasts, since the RMAs bidding for your business are using the simple analysis tools Metwork offers through its platform that were specially created to improve such forecasts.
  3. You save a lot of time scoping the market for the right debt collection  agency.
  4. You keep your brand protected since you are only exposed to professional agencies which we have already screened and selected.
  5. You are guaranteed great service because every Metwork member will offer great performance.
  6. You can specify agencies that you do not wish to work with even before placing the accounts or even choose not to work with them in the future.
  7. In the unlikely event that you are unhappy with the performance you can come back and select another agency.
  8. You increase your chances of working with the best agency for your market sector, regardless of their size. (Many of the smaller agencies that do not have the same marketing reach or cannot afford the costs involved in responding to tenders, can be more effective at collecting your accounts.)
  9. You do not have to worry yourself with complicated industry jargon since Metwork is simplifying for you what you need to know, and what you do not need to know. Metwork is using 25 years’ experience in the collections industry to help you understand clearly how to obtain the maximum benefits of using third parties to collect your debt.
  10. You save time because the mini or full-blown tender exercises are already taken care of by Metwork. We can supply the quality assurance you need.
  11. As we introduce Metwork in other countries, you will be able to forge valuable and reliable, safe, and secure partnerships with professional overseas collection agencies.

ALL YOU NEED TO DO TO FAST TRACK YOUR DEBT TO GETTING COLLECTED IS TO

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