With effect from 2007 new customers have the opportunity, when concluding a contract, to opt for the InkassoCard. What is behind this offer which is unique on the market?
The InkassoCard is not a physical card made of plastic. It is more or less virtual. As such the depicted graphic on the right only represents a symbol. Being a virtual card it cannot be lost, misplaced ... and you do not have to safeguard it or keep it in a secure place.
The InkassoCard is not a product but a guarantee promise!
Within the scope of its General terms and Conditions Zyklop guarantees all customers opting for this protection full repayment of all costs right up to the stage where an enforceable title claim has been obtained. Moreover, it does not matter whether it involves lawyers fees or court costs. Repayment amounts are merely limited to five times the annual contribution.
What are the requirements for repayment resulting from the InkassoCard?
- Classic debt collection order
- Automatically obtained creditworthiness information by Zyklop reveals
- regarding SCHUFA-information a score less than 600
- regarding Bürgel-information that creditworthiness index does not exceed 3.8
- regarding D&B-information no risk rating exceeding 3
- Initially uncontested claim is contested by debtor at a later stage.
- The claim lodged has to be fully awarded by means of a legally valid judgment.
- An enforceable copy of the judgment has to be submitted to Zyklop within 12 months following the debt collection tasking
- No debt collection results by Zyklop within 60 days following submission of the judgment
In other words: if a debtor is contesting the claim whilst it is being collected and Zyklop, despite an increased risk of losses based on creditworthiness information, advises the customer to go to court, Zyklop will cover all costs should this advice prove to be wrong and should collection within 60 days following submission of the judgment remain unsuccessful. The General Terms and Conditions provide further details in this respect.
Objectification of increased risk of losses does not involve an internal Zyklop rating but the rating of an independent rating provider.
What does a customer have to do to enjoy the benefits of the InkassoCard?
First of all we require a debt collection order. Should Zyklop at a later stage on account of its debt collecting experience still recommend legal action, despite the increased risk of losses, then it is up to the customer whether he wants to follow this advice or not. The judgment in question has to be forwarded to Zyklop for debt collecting purposes.
Merely time expiry - 60 days following judgment handover - results in repayment becoming due, unless enforceable debt collection proved to be successful. Expiry dates are automatically monitored by Zyklop; Zyklop also makes references to repayments without being prompted.
What level of repayment can a customer expect?
A (county) court case in the first instance conducted by a lawyer costs an average of € 700 - € 900. These statistics are confirmed by payments resulting from the InkassoCard. As a result, the customer still has some leeway before reaching the limit of five times the annual contribution. However, he does not lose this but it can be used up by additional repayments cases. Hence, more debt collection files imply more chances of repayment when there is doubt. On paying the next annual contribution the repayment scope is brought back to its original limit level.
What does the InkassoCard cost?
The economical InkassoCard costs (Repayment services) are included in the annual contribution. The guarantee does not result in any additional costs. On principle the number of debt collecting files is not limited either. Your chances of repayment are increased by the number of debt collection orders you hand in. Additional files are no longer covered by the guarantee promise once repayment reaches fives times the annual contribution.
Why did Zyklop come up with the InkassoCard concept?
Being a debt collecting agency Zyklop assists creditors in enforcing their claims. Based on years of experience Zyklop provides creditors with recommendations, even in the case of poor ratings i.e. when there is an increased risk of losses, for instance recommending the initiation of legal action in order to obtain an enforceable title (judgment).
In cases where the creditor follows up these recommendations, incurs legal and solicitor’s fees and does not get his money because enforcement proved to be unsuccessful, Zyklop will stand for its recommendations and consequently refund the arisen costs. Zyklop owes this fairness to its self-image and of course to its customers!