Collect all income due to the scheme, including levies and any other income due from all current and future owners.
Exercise credit control in respect of all amount owed by owners to the scheme to the extent of timeously addressing letters of reminder to owners who are in arrears and instituting legal action for the recovery of arrears and interest where necessary. In the case of serious defaulters, such legal action shall include the appointment of and correspondence with attorneys which may, inter-alia and lead to the sequestration of the owner`s property. The managing agent also undertakes to take such other reasonable steps as may be directed by the trustees/directors for the recovery of arrears and interest where necessary.
The defaulting debtor shall be charged debt collection fees as determined by the counsel of debit collectors.
The managing agent will follow the collection procedures set out below:
Levies are to be paid monthly in advance on or before the 1st day of each month.
Letters of reminder will be sent by the managing agent to the owner in arrears on approximately the 8th day of the
A final demand requesting immediate payment will be send by the managing agent to any owner who remains in arrears on approximately the 8th day of the following month. Subsequently, such owner`s details will be handed over to attorneys for legal proceeding to be instituted, including the issuing of a summons.
In the event of any owner`s case being handed over to an attorney for collection, such owner will be liable for all legal fees incurred on the attorney client scale (rule 31(5) of the management rules), as well as interest on the arrears calculated monthly in advance as determined by the trustees/directors.