Monrovia Street- View park towers building 10th floor; Nairobi
Phone: +(254) 720 876 488
Do you recover debts outside of Nairobi?
Yes. Although our main office is headquartered in Nairobi. We have various resources at our disposal that allows us to travel across Kenya and East Africa in order to ensure the recovery of a debt.
What is a CRB?
This is a body that is mandated and regulated by the Central Bank Of Kenya. The CRBs role is to collect data on all borrowers, they source data from Banks, Sacco’s, MFIs, Fin techs and other leading financial institutions. This institution keeps both negative and positive information about borrowers credit history.
This is when as a borrower you are suspended for at least 5 years from accessing any formal loan, this ban is as a result of your negative information being submitted to the CRB.
Is Precise Recoveries Limited a CRB
No. However we do advise our clients on how and when to list with the CRBs. We also inform our clients of the impact of listing with the CRB.
Do you offer Auctioneering services
While following the letter of the law, we work in tandem with registered professionals to recover our client’s assets.
What is skip tracing?
A debtor may unexpectedly change address or change contacts without informing the lender. Skip tracing is a service that tracks and unearths the debtors current address/location and his current contact information.
Is there a way as a lender that I can reduce my exposure to bad debts
The simple answer is yes. One of the ways as a lender is to first ensure that you have clear terms of trade and make sure to advise your clients accordingly. If your client does not comply with your terms of trade, then it is advisable to stop doing any more work with them and immediately take positive steps to recover debts from them. A good saying is “Good credit control is, fast credit control”. You can also utilize an “undertaking to pay form “ This form is a form which becomes legally binding on your debtor, provided it is signed and dated by the debtor. This form will prove to be immensely useful when you need to recover a debt.
What happens in the event a debtor passes on?
If there’s adequate proof confirming the passing on of the debtor, such as a death certificate and a burial permit, then it is advisable to follow up with your insurer that is if the debt was insured, in the event the debt was not insured then it is best to write off the debt and close the books.