Terms and Conditions
(Please note that these terms and conditions can only be changed by agreement in writing. Prices are subject to change)
You appoint FMC as your agent for debt recovery and agree to the following terms and conditions.
The client warrants that any debt submitted for collection is legally valid and the debtor has been sent notice of the overdue account.
Once instructed to proceed with collection action, no arrangements or negotiations should be made with the debtor without FMC first being notified. Dealing directly with the debtor, after an account has been placed for collection, may affect your legal rights of recovery.
FMC, once instructed to proceed with collection action, is authorised to take any action necessary to attempt collection of outstanding accounts submitted and is entitled to commission if the matter is withdrawn, held for more than one month, payment is made, a contra is made or if a credit is passed.
All incidental expenses such as solicitors fees, court fees, defended solicitors costs, service fees and other charges are payable to FMC when charged but refunded if and when recovered from the debtor by FMC. These charges are not fixed and changes occur. Current charges are available on request. FMC charges a $5.50 new account placement fee for all debts under $800.00.
In the event that FMC is carrying solicitors costs on behalf of the client, FMC is entitled to charge those costs if the matter is held, instructions are not provided within 7 days of our request, the matter is withdrawn, a payment is made, the matter is defended or FMC is prevented from collecting the costs from the debtor by the client. The client will still be responsible for the court fees associated with the collection of solicitors costs should the debt be paid.
FMC will remit monthly the balance of trust monies after deducting all charges. Any debit statement rendered by FMC is payable STRICTLY 7 DAYS. Interest of 1.5% per month will be charged on all accounts outstanding 30 days or more from invoice/statement. Action will be held on any account where FMC’s account remains unpaid beyond 30 days of the invoice/statement date.
The client authorises FMC to select from its panel of solicitors to provide the legal services for the client should they be required. FMC may request prepayment for services requiring solicitors action.
All legal actions will be initiated from NSW courts unless specific further instructions are given by the client.
The client agrees to not hold FMC responsible in the event of a debt not being collected and any compensation for actions taken by FMC is limited to $1.00.
The client authorises FMC to instruct the solicitor as required and sign documents on behalf of the client.
FMC shall be entitled to retain custody of any papers, documents and files until any account rendered is paid in full. The client grants Forster Mercantile Collections a lien over all papers, documents and other information until such time as full payment of the account is made.
The client is responsible for keeping FMC informed of any changes to its registered details. All changes should be advised in writing to GPO Box 4900 Sydney NSW 2001 or email solutions@forstermercantile.com.
By submitting an account for collection, the client agrees that the amount shown is outstanding and there is no valid dispute.
PROCESS OF APPLICATION
1 Agreement that FMC may seek consumer credit information (Section 18K (1)(b) Privacy Act 1988).
2 If FMC considers it relevant to assessing my/our application for commercial credit, I/we agree to Veda Advantage obtaining from a credit reporting agency a credit
report containing personal credit information about me/us in relation to commercial credit provided by Veda Advantage.
3 Exchanging information with other credit providers (Section 18N (1)(b) Privacy Act 1988).
4 I/We agree to FMC obtaining personal information about me/us from other credit providers, whose names I/we may have provided for Veda Advantage or that may be
named in a credit report, for the purpose of assessing my/our application for commercial credit, made to the Company.
