OUR SERVICES
NovaSolutions services provides a wide range of services including….
Assessing Compliance with Key Legislation
- National Credit Act, Act 34 of 2005 and Regulations (Emphasis on Advancing Credit and Debt Review)
- Magistrates Courts Act, Act 32 of 1944 and Rules as amended (Emphasis on legal enforcement and Administration Orders)
- Prescription Act, Act 68 of 1969
(Emphasis on interrupting prescription in compliance with section 126B of the NCA and preserving capital) - Debt Collectors Act, Act 114 of 1998 and Regulations
Design, Draft and Review
- Legal enforcement process workflows
- Policy and Procedure Manuals for Legal Enforcement, Debt Review and Administration Orders
- Debt Review and Administration order workflows
- The most effective and efficient organisation structures in the Legal Enforcement, Debt Review and Administration Orders to optimise collections and operational efficiencies (Strategic business Units)
- Identifying and facilitating strategies to interrupt prescription and to ensure compliance with section (126B of the NCA)
- Evaluate cost to collections percentages (ratios) and to identify initiatives to ensure business alignment without compromising collections.
- In consultation with business identify the most cost-effective and efficient collections strategies aimed primarily at managing impairments (bad debts) and provision release
- Conduct audits of External Debt Collectors, Attorneys, Debt Counsellors, and Administrators to ensure compliance with:
– Service Level/Commercial Agreement
– Enabling legislation and Regulations
– Best Practise - In consultation and on direction with business assist with query resolution from the National Credit Regulator and Credit Ombud
Operational Efficiencies and Best Practise
- Identifying and assisting with the implementation of different collections strategies (initiatives) to optimise collections and to identify and manage collections and collections yields aligned to business criteria
- Identify and assist with the implementation of strategies to improve turnaround times and time to cash (legal enforcement processes adopted, Debt Review and Administration Orders)
Tracing and Collection Services
- We have established a dedicated portfolio under the leadership of a professional team that assumes responsibility for the day-to-day management of this offering.
- A national external tracing infrastructure of independent contractors has been established. In line with our business ethos and practices we are committed to the following:
– Creating opportunities for previously disadvantaged individuals
– Vetting of appointed independent contractors to ensure alignment with our business ethos and practices and confirmation of registration as prescribed by the Debt Collectors Act 114 of 1998
– Support and training of appointed independent contractors, coupled with providing training, policy, and procedure manuals.
– A service level agreement concluded with independent contractors that is fair, just, and equitable and that ensures compliance with all prescribed legislation to mitigate and save guard the financial and reputational risks to clients. - The tracing and collections solution will deliver (Tailored to your branding requirements and specifications):
– Confirmation of client information tailored to your requirements (right party contact),
– Confirmation of the status of the consumer (e.g. deceased, under administration or debt review/restructuring/debt rehabilitation, sequestrated, judgments and emoluments attachment orders or unemployed). Documents to support our findings will be supplied.
– Securing written payment arrangements including an acknowledgement of debt and supported by the completion of the financial circumstances of the consumer (facilitating a DebiCheck debit order to be implement and collected on by the client)
– Drafting of all required documents to be tabled for the client for review and approval (templates) - The benefits of our solution:
– A fixed cost to the client (“once off” payment and not a variable cost based on a percentage of the client’s collections)
– The interruption of prescription in compliance with section 126B of the NCA
– Supporting the management of impairments and provision release
– Cash collection directly by the client and a shortened time to cash.
– A client centric approach that ensures that the collections process is collaborative rather than punitive.
– Not burdening over indebted consumers with unnecessary legal and collection costs
– Optimising collections
– A secure platform and protected environment - Regarding this offering we would appreciate an opportunity to engage with the client to present a comprehensive presentation.
Compliance Undertaking
Our irrevocable undertaking is to ensure:
- Compliance with all Laws and Regulations that govern our relationship
- Adherence to best practice
- Protecting your company’s information and intellectual property intrusted to us
- Non-disclosure of any information or intellectual property intrusted to us
- Compliance with the terms and conditions (our contractual obligations) recorded in your Service Level Agreement.
- All communications are via a secured and regulated platform
Pricing & Fee Structure
The pricing model is based on the scope and term of the project.
The duration of the project or services is determined by consultation, agreement aligned with a fair and equitable hourly rate.
A fixed rate for a project or service can be constructed in accordance with your required and agreed deliverables.
As we pride ourselves on providing a professional service, the expectation is that any agreed fees are paid on delivery of the required outcomes.