1. Systems Integration

The primary essential in the process of collections is the determination of the compatibility of both client’s financial system and NICS’ Lexpro System, effect integration and test functionality. This process will be finalized in less than one (1) months.

2.  Training and Skills Transfer

1. The training and induction of personnel is conducted by NICS Management.
2. Client provides training to the NICS staff in relation to their internal accounts management process.
3. NICS conducts an updated training to the staff of client on advanced methodologies of effective debt recovery on a continuous basis.

3.   Handover and Evaluation of accounts

Collection Process: Hand-Over Phase 1

• NICS receives debtors information from client electronically, on a spreadsheet format and then loads it to its debt collection system.
• NICS then takes the information through to its pre-collection systems.

4. Pre-Collection Phase

Collection Process: Hand-Over Phase 2

• The provided data is taken through the inspection process to ensure statuses of the debtors before collection takes place.
• NICS uses available databases and credit bureaus to update the provided data.
• All the updated information (e.g. latest residential address, telephone numbers, etc.) is given back to the client free of charge.

5.  Allocation of Files

• Formulation of a specialized team among the experienced senior consultants in dealing with high value/profile accounts.
• An even allocation and spread of accounts will be distributed amongst the dedicated team of consultants appointed to work on the project.

6.  System

• Each computer has online tracing tools (Experian, Cyber Track, ITC, etc.)
• Computers have email, fax on line, excel, cyber trace, etc.
• Consultants are given access to the client’s debtor system, maintenance etc.

7. The Collection Process

Collection Process: Collection

• Bulk SMS dispatch to all debtors with cell numbers notifying them of their indebtedness with the client.
• A dedicated team of consultants initially handles SMS responses and experienced consultants make calls to all high value/profile debtors.
• Bulk Letters of Demand are dispatched to all debtors.
• With on-line tools on their system it is easier for consultants to deal with each status and also direct queries to the relevant platform.
• From then onward, the normal collection process takes place: Failed Promise to Pay (PTP) reminders through letters/SMS, signing of Acknowledgement of Debt (AOD), making term payment arrangements, diarizing files in accordance with periods involved, etc.

7. Payment

Collection Process: Payment

• Payment is made either in full or on installments.
• All payments are made into a dedicated Trust account opened by Nics for the client collections account, which Trust account the client has access to monitor.
• The Trust Account is audited annually by a Registered Chartered Accountant and the report thereof is sent to the Council of Debt Collectors.

8. Legal Intervention

Collection Process: Legal

• NICS a fully staffed Legal Division which overlooks all legal matters relating to the recovery process. This service includes issuing of summonses, implementation of Emolument Attachment Orders and Judgments etc.
• Should there be matters that are defended or/and properties that has to be sold in sale of execution, these matters are referred to client to authorize or/and institute legal defence.