GLOSSARY

How it works

HOW DOES IT WORK?

When it comes to late or unpaid debts there might be 3 parties involved:

  1. Individuals, businesses or organisations that are owed money
  2. the RMAs(Receivables Management Agencies) and
  3. Individuals/businesses/organisations that are in debt.

Metwork has  dedicated itself to assisting debt placers (those who are owed money ) to get in contact with the best debt collection agencies (RMAs) – that in turn will be able to properly assist at the highest professional level with the needs of the individuals, businesses and organisations  struggling with debt.

Therefore – we will focus on explaining how the process works from 2 different perspectives:

  1. The individuals, businesses or organisations that have amounts that they wish to recover(known as the Debt Placer or Metwork User)
  2. The debt collection agencies that can bid for collecting or buying the debt accounts (known as RMAs or Metwork Members)

How does it works for a debt placer as a Metwork User ?

If you are an individual, a business or an organisation that is owed money all you have to do is  Sign Up  AS A METWORK USER / DEBT PLACER, place the accounts you cannot collect on the platform and then choose from the bids placed which one is best for you. There is no charge to you for this. It is important to understand that you want to benefit from a relationship with a Member Collection Agency (RMA) so if you only have 1 or 2 accounts to place you will not be successful in attracting bids. You should really be using Metwork when you have a collection of difficult accounts that you need assistance with now (and perhaps on an ongoing basis)    


  • EASY STEPS:
  1. PLACE THE DEBT ACCOUNTS!
  2. WATCH THE COLLECTION AGENCIES PLACE THEIR BIDS.
  3. CHOOSE THE OFFER YOU LIKE BEST, and we will put you in touch.
The only time a commission is paid by the debt placer to Metwork is if the entire portfolio of debt accounts is sold to an agency.

Metwork receives commission from our network of member   debt collection agencies that we connect our users with, but this does not influence the way we present you with options, nor does it affect the price you pay. All the agencies we work with are free to compete for getting your business to the best of their abilities – making it entirely your choice when choosing.

Metwork gives you access to pre-screened quality-assured professional agencies instantly.

How does it works for a RMA as a Metwork Member ?

If you are an RMA that wants to bid for buying or working on a “commission on collection basis” on an account portfolio you have to make sure your compliance and quality control is at the highest standard. If so, SIGN UP  as a MEMBER.

Joining Metwork is FREE for both Placers users and Members.

As a Debt Placer/ Metwork USER:

As a user – debt placer – Metwork is completely free. The only time a commission is paid by the debt placer is if the entire portfolio of receivables has been sold (when the debt collection agency is buying the entire portfolio). Once the sale has been agreed, Metwork receives a commission via bank transfer, before putting both parties in contact with each other.

Metwork receives commission from our member debt collection agencies that we connect our users with.

To give you an example:

You have placed several debts worth £100,000 and you have accepted an offer from one of the Metwork members to work the debts on a “commission on collection basis”. Let’s say you have agreed on a commission of 10% and that in week 1, the collection agency recovers £10,000. Their commission will be £1,000 – from which they will be responsible for commission paid to Metwork.

As a RMA/Metwork Member:

RMAs (Receivables Management Agencies) collecting accounts on a commission basis, pay monthly commission to Metwork based on their commission invoiced to clients.

You are responsible for updating Metwork with the amount settled (collected), and the value of commission invoiced from that settled amount.  If you have not collected anything in the reporting period, you must report a nil return. Metwork does not need to know about trace or other fees, just commission on the settled (collected) amount.  

When you have successfully bid for some accounts to collect, Metwork may make you an offer for a one-off commission amount – based on the expectations of your future collections. If you think you can collect more, then it makes sense to pay us our offer amount.

When it comes to late or unpaid debts there might be 3 parties involved:

Metwork has dedicated itself to assisting debt placers (those who are owed money ) to get in contact with the best debt collection agencies (RMAs) – that in turn can professionally assist organisations, businesses and individuals struggling with debt and most importantly, the timely collection of it.

We will focus on explaining how the process works from 2 different perspectives:

How does it work?

for a Metwork User

If you are a debt placer or an individual, a business or an organisation that is owed money all you have to do is

place the accounts you cannot collect on the platform and then choose from the bids placed which one is best for you. There is no charge to you for this. It is important to understand that you want to benefit from a relationship with a Member debt collection agency (RMA) so if you only have 1 or 2 accounts to place you will not be successful in attracting bids. You should really be using Metwork when you have a collection of difficult accounts that you need assistance with now (and perhaps on an ongoing basis)    

3 EASY STEPS:

for a Metwork Member

If you are an RMA that wants to bid for buying or working on a “commission on collection basis” on an account portfolio you have to make sure your compliance and quality assurance is at the highest standard. If it is…

The only time a commission is paid by the debt placer to Metwork is if the entire portfolio of debt accounts is sold to an agency.

Metwork receives commission from our network of member debt collection agencies that we connect our users with, but this does not influence the way we present you with options, nor does it affect the price you pay. All the agencies we work with are free to compete for getting your business to the best of their abilities – making it entirely your choice when choosing.

Metwork gives you access to pre-screened, quality-assured professional agencies instantly.

COMMISSIONS

Joining Metwork is FREE for both users and members.


As a Debt Placer/ Metwork User:

As a user – debt placer – Metwork is completely free. The only time a commission is paid by the debt placer is if the entire portfolio of receivables has been sold (when the debt collection agency is buying the entire portfolio). Once the sale has been agreed, Metwork receives a commission via bank transfer, before putting both parties in contact with each other.

Metwork receives commission from our member debt collection agencies that we connect our users with.

To give you an example:

You have placed several debts worth £100,000 and you have accepted an offer from one of the Metwork members to work the debts on a “commission on collection basis”. Let’s say you have agreed on a commission of 10% and that in week 1, the collection agency recovers £10,000. Their commission will be £1,000 – from which they will be responsible for commission paid to Metwork.

As a RMA/Metwork Member:


RMAs (Receivables Management Agencies) collecting accounts on a commission basis, pay monthly commission to Metwork based on their commission invoiced to clients.

You are responsible for updating Metwork with the amount settled (collected), and the value of commission invoiced from that settled amount. If you have not collected anything in the reporting period, you must report a nil return. Metwork does not need to know about trace or other fees, just commission on the settled (collected) amount.

When you have successfully bid for some accounts to collect, Metwork may make you an offer for a one-off commission amount – based on the expectations of your future collections. If you think you can collect more, then it makes sense to pay us our offer amount.