This page lists all available methods and information on Global Debt Recovery and supporting service options within the Group.
The below options are to be used if the FS greivance procedure has failed and the FS member terminated, and your debt is still outstanding.
The Group has discussed a Payment Protection Programme but as only 19 members globally voted for it, it was impossible to introduce and be workable.
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1. Global Debt & Legal Recovery Services
On 1/1/2009 the Five Star Global Network began working with a Global Debt Recovery Specialist, details as follows;-
Global Credit Solutions
PO Box 108, Noble Park, Victoria, Australia, 3174
Tel +61 3 9547 3299
Fax +61 3 9562 3557
Web Site www.gsc-group.com
Email contacts
admin@gcs-group.com General Email
michael@gcs-group.com Mike Collyer -General Manager
adam.wood@gcs-group.com Adam Wood - Manager
neil@gsc-group.com Neil Wood - Managing Director
Established 1982
Partner offices in 81 countries
Agency arrangements in a further 46 countries
(Click on the above Weblink for their geographical locations)
Services offered to FS Members;-
International & Domestic Collection Services
International Investigation Services
(Includes location of persons and assets)
In depth due dilligence and KYC investigations
International & domestic credit reports
Global credit and risk management consulting services
All cases submitted are managed by their in house global case management system (LCMS) Access is 24/7 and cases can be viewed at www.case-system.com
Annual Costs to join USD$125.00
Credit reports are available from the website;-
www.gcs-group.com less 5% of the listed costs.
Global debt collection is offered on a no collect - no fee commission basis of 25% (reduced to 23.5% for FS members)
Where debt recovery fails and legal action is recommended, GCS offices have in house lawyers or an associate law firm and report back on cases where legal action is recommended, why such action is recommended and a quote or estimation of the costs and time lines for such proposed action.
Investigations would be quoted for specific requirements that FS members may have from time to time, and have a discount applied.
Global Credit Solutions will also supply data to the FSFS Management Committee, showing any trends and names that may appear, so the Committee are warned about any potential overall group risk and can take the appropriate action to minimise risk within the group.
Benefits
With the back up of a global legal network of 127 countries, this company will be effective to engage. It will transcend the juistiction of a domestic lawyer and take the legal system to the debtors door internationally.
They will also provide a multitude of factual information concerning individuals and companies via credit reports etc;
Disadvantages
May prove expensive if the legal costs are long running.
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2. Synergex Credit Reports
Synergex, our established and respected member for Canada have developed their own in-house credit reporting system. Mr Matt Reiter, one of our Groups Committee Members has stated that they will be pleased to provide credit reports and information to fellow FS members at a preferrential rate.
This will be really about risk management as Synergex will be able to deliver current information on any new client so you can assess their credit status.
Contacts
matt.reiter@syx.ca Matt Reiter
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3. Freight-Deadbeats
A Web based company that attempts to collect any amount due on your behalf (there are no minimum amounts). They aim to collect not only the the due amount, but any accrued interest on that amount and their professionally collection fees for doing so from the agent owing.
Their charges are 17.5% of the amount collected.
If they are unable to collect the collection fees from the paying agent, the collection fees are charged to the agent who engaged them.
If the collection fee is collected from the owing agent, there are no charges from Freight Deadbeats to you for collecting your funds.
Any amounts succesfully recovered are paid directly into your bank account and not to Freight Deadbeats for transparency and speed.
Benefit
If it works you have no legal fees to pay, you just pay a % on the debt amount collected. Often agents are shamed into paying because any party found owing (after due dilligence is completed) is listed as a freight deadbeat on their website for other agent, suppliers and clients alike to see, indefinately until the debt is paid.
Disadvantage
If they do not collect there is no further legal option to follow up on
Contacts
info@freightdeadbeats.com Alan Cook - Owner
www.freightdeadbeats.com
If any FS members have a deliquent debt(s) on their books (whether FS or other) and they wish to use this service, they must report them using the on-line facillity at the following link;-
www.freightdeadbeats.com/collection.htm
Please take the trouble to visit their website each month to view any new deadbeats that are listed. (Weblink is above)
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4. Freight Debt (A Division of Freight-Net)
Again, a web based service that runs a no recovery-no fee third party system. The charge is a flat 25% fee of any amount recovered. Like Freight Deadbeats, Freight Debt is obliged to carry out a due dilligence check on any applications first.
To lodge an application go to;-
http://www.freightnet.com/fd_index.php
Contacts
grant.harding@freightnet.com Grant Harding - Debt Manager
paul.smith@freightnet.com Paul Smith - General Manager
Benefits
Again cost effective if the debt is recovered, if it is, large legal bills are avoided, F/D will chase debts no matter how old. Bad debtors listed on Freightnet Website as bad payers.
www.freightnet.com/fd_credit_warning.php
Disadvantages
Limited power, if recovery fails, no further legal back up is offered.
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5. General sharing of information within the Group
Any agent that appears to be delaying payment must be reported via the Zero Tolerance Policy or via the Grievance procedure. Do not allow debts to linger for months, otherwise some situations may become unmanagable by the time they are reported.
Issue a complaint as per the code of conduct time frame.
(Please refer to the Code of Conduct link in the tool bar of the website.)
Anyone who is experiencing difficulties financially should advise the FS Head office as to curtail potential debts increasing to other FS members.
Anyone knowing of any fellow FS member in financial difficulty is also advised to share any information with the FS Committee for the same reasons as above.
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6. Freeze Assets of Outgoing/ Terminated Members
It was decided at the 2009 AGM that the practise if freezing of assets (when a member departs owing some dues, it may well be posssible to freeze the owed outstandings due back to the exiting member by the group members) is not viable to attempt as the majority of delegates questioned the legality of such a practise and so it has been dropped from our code of conduct.
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