R. Debt Recovery
Debt collection, as its name implies, involves the recovery of monies such as rent, contract payments and other debts
for and on behalf of clients. This may be achieved in two main ways:
i. by correspondence, or
ii. by instituting legal action for
the recovery of the debt or by acting on behalf of the debtor for any such action.
All expenses for the recovery of debts should be
borne by the client.
a) Debt Collection by Correspondence
Where the amount involved is up to and includes:
I. GH¢25,000 – 10%
maximum
II. GH¢100,000 – 10% for the first GH¢25,000 and balance at 7% maximum
III. GHS400,000 - 10% for first GH¢25,000, 7% for balance
up to GH¢100,000 and remaining balance at 5% maximum
IV. Over GHS400,000 - 10% for first GH¢25,000, 7% for balance up to GH¢100,000,
5% for balance up to GH¢400,000 and remaining balance at 3% maximum
b) Debt Collection by Instituting Legal Action
Fees are
provided for under brief fees [see Clause E(k) supra]
