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.