How is the recovery process handled by Raqamyah?

Recovery procedure

Once a funding request is financed, every month Raqamyah collects the payments to be reimbursed to the financers. If a financee (debtor) delays his or her monthly payments the following steps by our team will be followed to reslove the issues:

  • Initial contact: Raqamyah calls the financee (debtor) and gives the financee (debtor) 7 days to regularise the situation.

  • If the payment has not been regularised within the following 10 days and to understand delay reasons and if any need for financed amount  rescheduling  the financed amount is being transferred to our collection team and collection agency.The separation phase is:

    • Amicable finance recovery by Raqamyah team: the objective is to bilaterally recover the amount due. This phase can last a few weeks. The actions handled by this phase are: phone calls, visits, letters and e-mails, formal notice to pay, etc.

    • Judicial recovery (if the amicable recovery has failed): the objective is to recover the financed amount by actions through the competent Court. This phase can last months. Two factors are really decisive: the tribunal's decision (full, partial or non-payment) and the financial solvency of the financee (debtor).

During these steps, that again can last months, Raqamyah handles the relation with the collection agency and informs the financers with the actions taken and their results.

How are late payment indicated in your Portfolio?

In financers’ dashboard, the status of each financed amount is displayed.