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The Veritas Asset Management Process
Many recovery companies are able to successfully recover assets and debts in the early default periods between 90 to 180 days after cancellation of the loan or lease or hire contract.
Beyond 180 days after cancellation the recovery process can be prolonged because debtors and assets have disappeared, companies have been put into liquidation or into administration or debtors have sold their companies or the assets to third parties.
Veritas specialises in Asset Management and provides a range of services designed to reduce the risk of default and fraud. These services should be deployed prior to the loan and in particular a lease agreement being finalised. The preemptive measures available from Veritas are:
- Veritas Asset Verification Services
- Veritas Asset RF Identification Solutions
- Veritas Asset Registration
- Veritas Asset GPS Tracking
- Veritas Asset Monitoring Services
Should, despite the above pre-emptive measures, a default occur then the entire process above delivers a substantial body of information to the Client and the recovery company that aids a prompt recovery of the asset or debt upon default. Of course, prompt recovery will only happen if the recovery company’s processes are set out to use the information in the first place, as is the case with Veritas.
The Veritas Asset and Debt Recovery Process
The complex and multifaceted skill sets essential to successful asset or debt collection across an entire asset or debt portfolio default range from 90 days onwards demands a structured approach.
Veritas is often tasked by clients with the recovery of assets and debts that still have not been recovered by other recovery companies 2 to 3 years after contract cancellation due to default.
Clients readily appreciate that the recovery of assets and debts subject to long default periods are extremely costly to recover and that the commissions payable are accordingly higher than for the default range of 90 to 180 days where most recovery companies offer a low commission based recovery service.
Veritas strongly recommends that the recovery process commences before contract cancellation, as soon as the credit committee has reached a decision to cancel the lease contract or loan agreement at which time Veritas can commence the recovery process.
Where Veritas is engaged early in the recovery process as described below the number long term defaults is drastically reduced. The commercial viability is improved for the client and of course for Veritas, if the entire debt portfolio is managed by Veritas.
Where Veritas manage the entire portfolio default, from cancellation to resolution, rather than being called upon to clear up the difficult cases left by less competent recovery agencies, the Veritas recovery costs to the client are drastically reduced and net benefits equally increased
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