Debt collection V2

Debt collection V2 allows you to customise your due notice and debt collection settings, so you can configure and generate due notices, arrears notices, final notices and legal notices based on your company requirements. Debt collection V2 also allows customisation at a building and lot level so you can tailor debt collection to suit different needs across your portfolio.

Benefits of Debt collection V2

• One-time setup, quick & easy notice run – Setup default debt collection settings for notices at a global or folio level to ensure consistency for each run, and remove the need to manually enter criteria every time you process a due notice run.
• Reduce errors and duplicate notices – optionally force notices to be issued sequentially. For example, you can select if a lot owner must receive an arrears notice before they receive a final or legal notice. This means that lot owners don’t receive multiple notices (and potentially charges) of the same type.
• View a lot’s arrears stage at a glance – A lot’s status is kept updated according to the last notice issued, with a lot restricted to being in one stage at a given time. This avoids confusion on what notice was most recently issued and what stage of recovery they’re in.
• Flexibility – Exclude an individual lot or an entire building from debt collection runs.
• Improved arrears reporting – see more detail in arrears reports, including debt collection stages for all lots.

Getting started with Debt collection V2

The first step is to email support@propertyiq.com.au and advise you want Debt collection V2 enabled. When the support team enable the functionality for you, they can also enable an Auto Set Debt collection as a one off. If this is enabled, PropertyIQ will:

1. Look for all currently unpaid levies for each lot and the highest level notice type (with legal being the highest and arrears being the lowest) that has been sent for the lot’s currently unpaid levies. It will ignore due or special levy notices that have been sent for upcoming levies or fees.
2. Set the stage based on the highest notice type (legal, final or arrears) that has been generated for that lot’s currently unpaid levies.

Examples:

• A lot has two overdue levies. One levy’s last notice type was an arrears notice.  The other levy’s last notice type was legal. The lot’s debt collection state is set to legal
• A lot has two levies. One is not yet due, and the last notice sent for that levy was a due notice. The other is overdue and the last notice sent for that levy was a final notice.  The lot’s debt collection stage is set to Final
• The lot card’s log of changes will show the details of the change. e. the user, time and details
• If a lot was previously sent an arrears, final or legal notice but no longer has any levies in arrears – their debt collection stage is blank.

Tips:

• If you don’t want Auto Set Debt Collection Stage enabled and you usually use all three debt collection stages, we recommend that you include all three stages (arrears, final and legal) when conducting your first debt collection run using V2, as the first run will set the debt collection stage for each lot and this will ensure the debt collection stage is set correctly.
• Please advise whether you want auto set debt collection enabled or not when you email the support team with your request to enable Debt Collection V2.

Click here to see the detailed guide about Debt Collection V2