Jamaican-based collection agency, Caribbean Asset Recovery Services has opened a Grenada sub-office on Old Fort Road in St. George’s.
The office, opened to the public last week Monday, is offering a new way for companies to collect monies owed to them by delinquent customers.
According to Managing Director of Caribbean Asset Recovery Services (CARS), Christopher Johnson, the debt collection agency, which has been in the collecting business for over 12 years, is interested in making Grenada the hub to provide assistance to potential clients in other small islands within the Caribbean.
Johnson is confident that the company’s presence “will help boost the Grenadian economy.”
He told THE NEW TODAY newspaper that his company is one of the largest such business operating within the Caribbean.
“We recover bad debts,” he said, pointing to the current state of the Caribbean economy and the fact that most countries have turned to the International Monetary Fund (IMF) for financial assistance.
This movement, he said, “has affected the economy (and) what you would find is that a lot of companies are now having a lot of their bills piling up…and are having a difficult time collecting (from their debtors and that is where Caribbean Assets comes in.
“Our job (as debt collectors) is to assist companies to get their money back…This involves all kinds of debt including regular, past due invoices and bounce cheques, unsecured loans” he added.
Johnson pointed out that CARS is committed to ensuring that businesses get back their monies since it “will pursue the debt for you and recover that money ensuring that you are paid and you can carry on with your business.”
He indicated that the collection agency will pursue debt assigned “independently” at no cost to the client until the debt being pursued is recovered.
“Our service is a no recovery, no charge, so there is no cost until there is recovery. So our clients bear no risk in assigning their accounts to us (because) if we don’t collect any money we don’t get paid”, he told THE NEW TODAY.
The Jamaican businessman explain that collections are divided into sections – Consumer debt and Commercial debt – and the “recovery rate on consumer accounts is 45%” while “recovery commercial account is somewhere between 70 – 80%.
He disclosed that CARS’ expansion to Grenada stems from a debt recovery seminar held previously at the Flamboyant Hotel and Villa in Grand Anse, St. George.
Johnson also spoke of plans to further diversify its services with the opening of another sub-office in Guyana on November 15, andindicated that their biggest client is FLOW.
The Asset Recovery company currently provide a debt recovery services to companies in more than 20 Caribbean countries including Jamaica, Barbados, Trinidad and Tobago, St. Kitts, Cayman Islands, Antigua, The Bahamas, Belize, Dominica, Guyana, Haiti, Montserrat and St. Lucia, just to name a few.