Bohemia, NY (PRWEB) October 04, 2012
On October 4th, Rapid Recovery Solution, a collection agency, reacts to an article published by Money Web regarding the excessive charges attorneys enforced on platinum miners in an attempt to collect for an unpaid debt.
According to Money Web, “The Law Society of the Northern Provinces has committed to review a range of excessive garnishee orders issued by law firms operating on the Rustenburg platinum belt” in Johannesburg, South Africa. Statements revealed that attorneys were charging platinum miners an excessive amount, “between two and 12 times the amount of their initial loan in fees,” Money Web reports. In addition, some miners were expected to pay an upwards of “15 times their initial loan amount,” which was a result of interest and additional charges.
The debt collection agency Rapid Recovery Solution assists companies in collecting debts while using respectable and reputable collection methods. John Monderine, CEO for Rapid Recovery Solution, explains, “In the US, we have the same problem with Pay Day Loans. People take out the loans and are expected to pay them back with their next check but they either quit or get fired and then that one week of interest rates keeps compounding. It's a nightmare.”
According to the Money Web article, Jan van Rensburg, the president of the Law Society of Northern Provinces, “disputes interpretations of the National Credit Act’s in duplum rule, which limits the amount credit providers can charge in interest to equal the capital amount of the loan.” The article states that according to the duplum rule interest is predicted “to include all collection costs incurred by the lender in the recovery of a loan.” The article states that the information received from law firms has been sent for review by the society’s disciplinary department which will determine if an investigation is necessary.
Founded in 2006, RRS Collection Agency is located at the highest point of beautiful Long Island. Rapid Recovery Collections Company is committed to rcollecting your funds. We believe that every debtor has the ability to pay if motivated correctly. We DO NOT alienate the debtors; we attempt to align with them and offer a number of ways to resolve not only your debt but also all their debts.