How to collect payments..?

Viewing 5 posts - 1 through 5 (of 5 total)

lozza123
Member
@lozza123
Join Date: 2003
Post Count: 81
May 19, 2004 - 5:27 am
G’day! (it’s me again)
I noticed on the “finance wraps” website people were discussing the best way to collect the wrappee’s mortgage payments.
Does everybody here use ezidebit? Or do some people go through a property manager? Or do most of you do it all yourself?
If this has been discussed before, my apologies.
Thanks guys & girls,
Lozza [biggrin]
Terryw
Participant
@terryw
Join Date: 2001
Post Count: 16,213
May 19, 2004 - 5:52 am
I think Ezidebit charge a fee. You might as well arrange a direct debit from the clients financial institution instead.
I used a PM on my wraps-just to put some distance between us.
Terryw
Discover Home Loans
North Sydney
[email protected]
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
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skippygirl
Member
@skippygirl
Join Date: 2003
Post Count: 127
May 19, 2004 - 10:25 am
Hi lozza,
I’ve heard of quite a few people vouching for ezi-debit. From the talk they gave at a VFA meeting I think it is $1.10 per transaction which your buyer pays and it is set up with a simple form the buyer signs and you submit to ezidebit and you match it to their payday.
From memory they will alert you to any failed transactions within 24 hrs (ie they tried to deduct the money from the buyer’s account and there wasn’t enough funds) so you can chase them.
Cheers
skippygirl [strum]
wessy7249
Member
@wessy7249
Join Date: 2003
Post Count: 14
May 20, 2004 - 9:20 am
Hi Lozza
we use the direct debit method ……works for our customers …
seeya
Wes[specool]
Richard Taylor
Participant
@qlds007
Join Date: 2003
Post Count: 12,024
May 20, 2004 - 1:18 pm
Lozza
I guess it all depends on how much you wish to get involved in your wraps.
Personally with 148 wraps to date we employ 2 full time staff to monitor the repayments on a daily basis. All of our wrappees receive a repayment book at settlement together with details of our account and the installment contract clearly sets out the penalties for default interest.
If a payment is missed we telephone the client to enquire if they have a problem in making it and diarise the contents of the conversation.
I could never be confident in using a PM as it looses control and i have too much to loose. As i said i guess it is an individual choice.
Cheers Richard
richard at fhog.com.au
http://www.fhog.com.au
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