Terms & Conditions

Underneath is solely informative and becomes binding only after the signing of the eventual Service Agreement between Modern Debt International and Client.

1 Modern Debt International undertakes to:

1.1 Endeavor to collect the assigned total nominal debt claim plus any interest accrued in the past and or in the future, plus the collection costs or any other fees relating to the debt claim, by using postal mail, fax, electronic mail, and collection (phone) calls.

1.2 Act upon each assigned claim with diligence, courtesy, and commitment until closure of the case.

1.3 Act in full conformity with ACA ethical guidelines.

1.4 Maintain strict confidentiality and will do the maximum to secure all the information available and obtained within the process of collection proceedings.

1.5 Submit regular update reports to its clients.

1.6 Upon successful collection, remit all recovered funds minus the agreed commission to client without any delay.

1.7 After an account has been referred, i.e. client has signed the Commission Agreement, and Modern Debt International has proceeded to start collection proceedings hereafter, and in case are funds paid directly into the bank account of the client, they are deemed to have been collected by Modern Debt International and client will be charged for this at the commission rate as stipulated in the Commission Agreement.

1.8 Charge an indemnity fee of EUR 36 to client when a debt is discovered to be paid before assigning of the claim to Modern Debt International.

1.9 In case Modern Debt International considers it necessary to instruct an external party to follow up on the claim, it will never do so before prior written consent of the client.

1.10 Modern Debt International may at no time claim any further fees from the Principal for costs made during the collection process without prior written consent from the latter.

1.11 To never initiate legal proceedings at its own discretion, but will at all times request prior written consent from Principal.

1.12 Any shortfall on the recovered amount due to exchange rate fluctuation can never be the responsibility for Modern Debt International and it can therefore never be had accountable.

1.13 Any bank charges, which arise out of the transfer of funds, will be deducted from remitted funds or invoiced accordingly.

1.14 Modern Debt International cannot be held responsible for the witholding of funds by a third party as a bank or any other financial institutions which does not promptly remits recovered funds to client.

1.15 Add late payment and interest fees to all assigned claims, which in case of successful collection will be retained by Modern Debt International, unless explicitly agreed otherwise.

1.16 Inform Client in case it decides to register a claim to one of it’s partner offices in the country of the debtor.

1.17 Remain the sole responsible entity for all activities during the entire collection process, will continues to act as intermediate regardless of whether the was registered at another of it’s partner offices, and will always remains the first party to be answerable.

2. THE CLIENT UNDERTAKES TO:

2.1 Provide full information, insofar as possible, to enable†Modern Debt International to correctly identify, locate and contact the debtor, including all names, addresses and telephone numbers.

2.2 Inform Modern Debt International on any disputes or other relevant direct correspondence between debtor and client occuring during the collection process.

2.3 Pay the agreed commission rate over all recovered value, either in the form of a monetary amount, any returned (im)movables, or performance of the agreed contractual terms (i.e. in delivery of goods or provision of services), paid by debtor or any other third party operating in the name of the debtor.

2.4 Pay a one-off advance admin and or handling fee in advance of collection proceedings, in accordance with the rates laid down in the collection fee and rates scheme 2011 as provided for in the Annex of this document.

2.5 Settle Modern Debt International invoices within ten days of the invoice date.

2.6 Accept a cancellation fee of 5% of the total outstanding up to a maximum of EUR 1250,- in case it withdraws an assigned debt claim for any reason other than†full settlement of the total sum, bankruptcy of the creditor, or any proven failure of DAT to live up to its obligations.

2.7 Inform Modern Debt International without any delay on payments effected into creditor’s bank account during the collection process, and accept a penalty fee of 25% of the total commission if it fails to do so.

3. GENERAL PROVISIONS:

3.1 Modern Debt International†assumes that the client is acting in good faith. If there is good reason to suppose that is not the case†Modern Debt International†reserves the right stop acting notwithstanding any other contractual clause.

3.2 Modern Debt International will not be held accountable for any uncollected debts.

3.3 Modern Debt International reserves the right to amend the these Terms & Conditions and any such amendment will be notified on Modern Debt International’s website.

3.4 It is formally understood that all personal data passing between Modern Debt International and its clients is to be used for the purpose of debt collection only or purposes ancillary to that debt collection process. No communication must breach the principles of the Data Protection Acts. Any breaches or suspected breaches must be communicated to the other party and must be investigated in accordance with the principles contained within the relevant legislation.