Company Settings: Arrears Management
Navigate to: Company Settings>Arrears Management
WeconnectU offers an automated arrears management process, including bulk reminders for late payments, interest on arrears, and debt collection.
By checking the boxes, you can specify which administrative fees should automatically be applied to the Tenant's account when performing actions like sending late payment reminders and initiating debt collection procedures.
Arrears Admin Fees
| Field | Description |
| Auto bill messages | Automatically bills the Tenant for the specified fee when an SMS Reminder is sent to the Tenant from the system. Once you tick on the box, you’ll have a designated area to input the fee amount excl VAT. |
| Auto bill emails | Automatically bills the Tenant for the specified fee when an Email Reminder is sent to the Tenant from the system. Once you tick on the box, you’ll have a designated area to input the fee amount excl VAT |
| Auto bill letter of demand | Automatically bill the Tenant for the specified fee when a Letter of Demand is sent to the Tenant from the system. Once you tick on the box, you’ll have a designated area to input the fee amount excl VAT |
| Debt collection fee | This feature is available if you are registered as a Debt Collector, and can be enabled on the back-end by our Support team. Please forward your request to support.rams@weconnectu.co.za. |
All arrears fees specified should be indicated exclusive of VAT.
Letter of Demand Settings
Letter of Demand Format – You have the choice of 4 attorney-drafted Letter of Demand templates*. These templates are available at no charge, and you’re not obligated to engage the services of these attorneys should legal action become necessary.
- The STBB branded Letter of Demand
- The Marlon Shevelew branded Letter of Demand
- The Hadar Incorporated branded Letter of Demand
- The Generic version of the Letter of Demand which will contain your company logo uploaded on your Company Settings>Company tab.
*Copies of these templates are available from support.rams@weconnectu.co.za.
Arrears Interest Settings
- Interest on arrears rental is an available feature within your solution. By setting the annual interest on arrears rate this will then be applied to leases where the “Arrears management Settings: Charge interest on arrears” checkbox is selected in the Tenant’s lease settings.
- This percentage will automatically populate on all newly created Leases. It is possible to customise this percentage for each individual Lease. In the example above the annual interest % is set to 24%. The daily interest will therefore be calculated as follows: (BALANCE of the Landlord Income account on the day x 0.24) / 365 days.
- It is recommended for the interest rate and conditions for applying the interest on arrears be detailed in your lease agreements.
Please contact the support team on support.rams@weconnect.co.za to enable this feature.
For additional information on Arrears Management please refer to the following article(s):
End of article