FDRS-Ltd | Freight Debt Recovery Service

Debt Recovery

Forwarders Debt Recovery Services

Acceptance Criteria, Fees and Instructions

Note – The information below replaces all prior Forwarders Debt Recovery Services (FDRS) documentation or correspondence and is applicable as of January 2017. Please read all as we have made some changes to our acceptance criteria.

Thank you for your enquiry and herewith some additional information for you

We are happy to help you with debt collection from all involved in the forwarder/freight industry worldwide. Forwarders, shippers, consignees, importers, exporters, etc

Notes

    • Associated Networks – If you are a member of one of our Associated Networks we offer reduced fees. Please click the Associated Networks button above to see which Networks we currently work with and to whose members we offer a reduced rate. Alternately, contact your association to check eligibility. Note – All applications for reduced fees for Associated Networks members must include a “cc” to the relevant Network
  • Acceptance Criteria
  • We will only accept cases for collection with an (equivalent) value over USD 1,000
  • Copies of original invoices and a current statement of account (SOA) must be supplied
  • Other documents such as BL/AWB, etc., and related correspondence are also desirable but can be supplied once the case is opened
  • All claims must be accompanied by a signed and sealed FDRS Collection Agency Agreement and a Collection Account Assignment form – Please see Collection Submission Instructions section below
  • How We Work – Amicable Debt Collection Process
  • Amicable debt collection is where we issue a notice(s) to the debtor and they agree payment reconciliation without involving any legal action. The process is as follows :
    • Notification of debt assignment – Upon receipt of all correct materials, we will open a case and send a debt assignment notification to the debtor requesting payment of the outstanding debt by the prescribed due date
    • Reminder – Notification of debt assignment – If the debt is not settled by the due date we will send a reminder notification and will list the debtor on our Delinquent Debtors warning list at www.fdrs-ltd.com
    • Final Reminder – Notification of debt assignment – If following a further seven day period the debt is not settled we will send a final reminder and recommend to our client to pursue local pre-court legal action against the debtor. Please see the next section for relevant detail
  • How We Work – Pre-Court Local Legal Representation and Court action
  • Pre-Court Action
    • If the above amicable debt collection process fails we will recommend to our client to engage our local legal representation in the relevant country for pre-court action. This means commencing legal action without involving a court
    • Fees for such action are also on a no collection no fee basis
    • Note – We only proceed with such action with the express written approval of our client
  • Court Action
    • We will only recommend to our client to pursue court action if the debt is large and there is a reasonable prospect of winning such action. We rarely recommend court action as the cost of same can significantly diminish any return
    • Any costs/fees associated with such action are quoted before commencement and are the responsibility of the client. FDRS does not cover court and related legal expenses
    • Note – We only proceed with such action with the express written approval of our client
  • Fees
  • Amicable Debt Collection
    • For all parties, it is best if we can collect outstanding debts amicably without involving local legal representation and as described in our Amicable Debt Collection Processabove
    • Our standard fee is 17.5% of any actual amount collected whether in full or in part. This is on a no collection no fee basis. In other words if we do not collect any money you pay nothing
    • We also offer a discount for any members of our Associated Networks or members of our Forwarder Focus Directory. Click the Associated Networks button above for details
  • Pre-Court Fees
    • Pre-court fees are also on a no collection no fee basis
    • Fees for such action are dependent upon the country where the action is initiated and we will quote specifically for any given case (Only as an example, fees for the USA are 30%, India 35%, Bangladesh 40%, Africa 45%)
    • Note – We only proceed with such action with the express written approval of our client
  • Court Fees
    • All fees/costs for court action are quoted prior to any commencement of said action andassociated costs are payable by our client in advance. FDRS does not cover these fees
    • Note – We only proceed with such action with the express written approval of our client

Collection Submission

To begin collection proceedings please contact Dave at dave@fdrs-ltd.com

Additional Notes

  • All cases submitted to FDRS are subject to the Terms and Conditions as outlined on our web site (click Terms and Conditions button above for detail) and as per the criteria detailed in the Collection Agency Agreement and any case is assigned solely to FDRS for a minimum period of 120 days. If you involve any other party in the collection activity we will immediately close the matter and cease all action
  • Along with the FDRS forms, we assume that your express permission is given for any supporting documentation you provide to be on-forwarded to the debtor
  • All our correspondence with the debtor is via email. Telephonic communication with the debtor does not provide any written record and as such is inadmissible in a court of law

If you have any further query, please do not hesitate to ask – Contact dave@fdrs-ltd.com