Terms & Conditions

1. Introduction

Welcome to Adebt. These Terms and Conditions ("Terms") govern your use of the Adebt platform and services operated by Romyn Corp (Pty) Ltd trading as Adebt ("we", "us", or "our").

By accessing or using our platform, you agree to be bound by these Terms. If you do not agree to these Terms, please do not use our services.

2. Definitions

• "Platform" refers to the Adebt website, application, and all related services.
• "User" or "Creditor" refers to any individual or business that registers to use our services to recover debts.
• "Debtor" refers to the individual or entity who owes money to a User.
• "Debt" refers to any outstanding amount owed by a Debtor to a User.
• "Collection Fee" or "Commission" refers to the percentage of recovered funds retained by Adebt.
• "Debt Collector" refers to the registered professionals in our network who perform collection activities.

3. Service Description

Adebt operates a debt collection marketplace that connects creditors with registered debt collectors in South Africa. Our platform facilitates:

• Submission of outstanding debts for collection
• Distribution of debts to qualified, registered debt collectors
• Tracking and management of collection progress
• Processing and distribution of recovered funds

4. User Obligations

By using our services, you agree to:

• Provide accurate and complete information about yourself and your organization
• Submit only valid, legally enforceable debts that are owed to you
• Provide accurate documentation supporting each debt claim
• Not submit debts that are prescribed (older than 3 years because the creditor did not act to collect them, nor did the debtor acknowledge or pay them during that time, as provided for under South African law)
• Not submit debts that are subject to ongoing legal disputes without disclosure
• Maintain the confidentiality of your account credentials
• Comply with all applicable laws and regulations

5. Debt Submission

When submitting a debt for collection, you must provide:

• Complete debtor information (name, contact details, identification where available)
• Supporting documentation (invoices, contracts, statements)
• History of previous collection attempts
• Any relevant communication history with the debtor

We reserve the right to reject any debt submission that does not meet our criteria or appears to be invalid, fraudulent, or unenforceable.

6. Commission Structure

We operate on a "No Collection, No Fee" basis:

• Commissions negotiated directly with Adebt will supersede the default commission structure set out below.
• Unless otherwise agreed directly with Adebt, our default commission structure is the sliding scale set out below.
• Under that default structure, our commission is determined by the age of the debt from the date the money first became due and payable to the date payment is received, using a sliding scale from 15% to 50%.
• The current commission schedule is:
  • 15% for debts under 60 days past due
  • 15% to 20% for debts 60 to 90 days past due
  • 20% to 35% for debts 90 days to 1 year past due
  • 35% to 50% for debts 1 to 2 years past due
  • 50% for debts over 2 years past due
• If we do not recover any funds, you owe us nothing
• There are no upfront fees, monthly charges, or hidden costs

7. Payment Terms

When funds are recovered from a debtor:

• Funds are initially received into an Adebt trust account
• Our commission is deducted from the recovered amount
• The remaining balance is transferred to your registered bank account
• Payments are processed within 7-14 business days of receipt
• You will receive notification and documentation for each payment

8. Limitations of Liability

Please note the following limitations:

• We do not guarantee the recovery of any debt
• Recovery depends on various factors including debtor circumstances and cooperation
• We are not liable for indirect, consequential, or special losses, including lost profits, loss of opportunity, or business interruption, arising from unsuccessful collection attempts or delays in recovery
• We are not responsible for the accuracy of information provided by users

9. Dispute Resolution

In the event of a dispute:

• Parties agree to first attempt resolution through good-faith negotiation
• If negotiation fails, disputes may be referred to mediation
• Unresolved disputes shall be subject to arbitration in accordance with the Arbitration Act of South Africa
• The venue for any legal proceedings shall be Cape Town, South Africa

10. Data Handling

Your privacy is important to us. Please refer to our Privacy Policy for detailed information on how we collect, use, and protect your personal information in compliance with the Protection of Personal Information Act (POPIA).

11. Termination

Either party may terminate this agreement:

• You may close your account at any time by contacting us
• We may suspend or terminate accounts that violate these Terms
• Termination does not affect debts already submitted for collection
• Commission remains payable on any recoveries made after termination for previously submitted debts

12. Governing Law

These Terms are governed by and construed in accordance with the laws of the Republic of South Africa. You agree to submit to the exclusive jurisdiction of the courts of South Africa for the resolution of any disputes.

13. Changes to Terms

We reserve the right to modify these Terms at any time. We will notify users of any material changes via email or platform notification. Continued use of our services after such changes constitutes acceptance of the modified Terms.