As registered Debt Collectors we are obligated to act strictly in accordance to the Code of Conduct as prescribed by the Council of Debt Collectors.
Tenants & Owners payment patterns are submitted to TPN & TransUnion every month after the 7th. It is therefore necessary for Clients to make payment on time. Not maintaining a positive payment history will have a negative influence on a Client’s credit scoring.
Bad payers will not be able to apply for further credit with other institutes until such time that their accounts have been paid in full and the “Blacklisting” has been removed by the Agency. A paid-up letter will be issued.
Clearance Certificates will not be issued to Transferring Attorneys if the Seller’s account has not been settled in full. The Transferring Attorney’s will issue a clearance letter to the Agency, which will state the estimate date of when the Property will register. The Agency will then provide figures/estimates to the owner to settle. Once proof of payment has been received, the Clearance Certificate will be issued, and the Sale of the Property can proceed. When a Transferring Attorney experience some sort of delay, they might have to request for extended clearance figures from the Managing Agent as the Property will register later than expected. At times there might be a credit balance due to the seller once the property registers, this can be due to earlier registration or lower consumption than was originally estimated. The Seller will then be refunded the credit and the account will be closed.
Note that there is a Clearance Fee to issue for Clearance Figures/certificates as the Managing Agent must spend time on the calculations and administration to provide the Transferring Attorneys with the requested figures. Any changes will also be charged for as the administration needs to revise all figures & documents.
This could cause a delay in the selling of a property and we therefor advice Client to positively maintain the account.