This agreement is exclusively and explicitly entered into with SYN Finance 1 B.V. (Chamber of Commerce number 73064122), trading under the name ‘Collection Company’ located at Koninginnegracht 14C, 2514 AA, The Hague. The trade name ‘Collection Company’ is also used by other companies, with which companies you explicitly do not enter into an agreement. The general terms and conditions apply to the service agreement, which can be found at www.collection-company.com/terms-and-conditions/. A case is only considered confirmed once it has been acknowledged by Collection Company.
Online Portal
The online portal allows you to follow the progress of your file 24/7. Among other things, you can register a new claim, make comments and pass on payments.
How we work
An order is only accepted when the client confirms the order. We claim the submitted claim from your debtor, increased by interest, 15% collection and administration costs and any information costs. This is provided for by the laws of the country concerned. The services included in the service agreement are only summonses to the debtor. The summonses are drafted in English or the language of the debtor. This depends on the country and the chosen method of handling your file at the collection specialist assigned to you. The service does not include interrupting claims due to prescription or taking a legal stand.
Debt collection rates
If your debtor fails to pay an invoice, you can place it with us for collection. The following modules are available.
WORLD Module
If your debtor does not make any payment, the amicable process is free of charge in the following countries: Belgium, Bulgaria, Cyprus, Denmark, Germany, Estonia, Finland, France, Greece, Hungary, Ireland, Italy, Croatia, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Austria, Poland, Portugal, Romania, Slovenia, Slovakia, Spain, Czech Republic, United Kingdom (England, Scotland, Wales, and Northern Ireland), Sweden, Australia, Thailand, Hong Kong, China, Saudi Arabia, Switzerland, Oman, United Arab Emirates, South Africa, Brazil, Venezuela, Argentina, Mexico, United States of America, Canada, Egypt, Russia, Chile, Bolivia, Algeria, Colombia, Philippines, India, Indonesia, Israel, Japan, Malaysia, Morocco, New Zealand, Pakistan, Peru, Tunisia, Vietnam.
For other European countries: upon success, a percentage of 17% will be charged for every payment received after the claim was submitted. Any surplus collected beyond the submitted claim will be awarded to the collector.
For all countries outside Europe: upon success, a percentage of 22% will be charged for every payment received after the claim was submitted. Any surplus collected beyond the submitted claim will be awarded to the collector.
No Cure No Pay debt collection
The 'no cure no pay' principle applies to all our debt collection assignments. If we are unable to collect your claim, you do not have to pay.
Partial debt collection
If only a percentage of the claimed amount is recovered, we will charge a percentage over the recovered amount. The minimum amount is € 37. For the first € 2,950, we charge 15%, up to € 5,900 we charge 10%, up to € 14,570 we charge 8%, up to € 59,000 we charge 5% and above € 59,000 we charge 3%.
Payment by debtor
All payments made to you or the Collection Company after a claim has been submitted are considered payment. As payment is considered: a compensation of the claim, a credit for or a return of a performance (based on objective standards) or a service in return. The end of a collection procedure: A collection proceeding ends when your debtor pays the claim.
Expectations
Under the following circumstances, Collection Company will charge additional costs as stated under 'No cure no pay' collection: if you cancel a debt, which has been placed for collection; if you reach a settlement with your debtor without informing Collection Company; if you provide Collection Company with false information regarding your debt; if you collect the debt yourself; if you do not allow Collection Company to recover collection costs and interest from your debtor; if you obstruct the collection process.
Obligations
You are obliged to keep Collection Company informed of all payments, correspondence or other contact between you and your debtor. Contact between you and your debtor regarding the debt should be limited as much as possible after the debt has been placed for collection. You should also not make any agreements with your debtor without first discussing them with Collection Company. If you are asked, you will provide all necessary documents relevant to your case.
Dispute
If your debtor disputes the claim, the objection will be considered. If the objection is unfounded, the collection procedure will continue. If the objection is well-founded, the 'no cure no pay' conditions lapse. If this is the case, Collection Company will contact you to discuss the next steps. Collection Company will determine whether the challenge is valid or unfounded.
Judicial collection procedure
If your debtor, after the amicable process, refuses to pay, we will advise you free of charge about the possible options you have to initiate legal proceedings. Collection Company will take full care of the judicial process, so that the recovery of your debt will go smoothly.
Duration of agreement
The agreement is for a period of one year and is renewed automatically, unless the agreement is terminated in writing three months before the expiration date.
Scope of Agreement
This Agreement applies exclusively to the submission and handling of one (1) specific debt claim as identified at the time of execution. The pricing, terms, conditions, scope of services, and obligations set out herein are strictly limited to that single case only. Any additional debt claims, whether submitted concurrently or at a later date, are expressly excluded from this Agreement and shall not be governed by its terms. The submission of any additional cases shall require a separate written agreement or amendment, subject to new pricing and conditions.
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