Schemes seldom, if ever, budget for arrear levies and certainly not for the associated legal costs necessary to collect outstanding levies which are becoming increasingly prevalent.
There is a direct correlation between rising indebtedness (i.e. increasing levy arrears) and the slowing economy. A number of factors are at play, primarily the legal system is overloaded and the ombud service is still new and unfamiliar.
The impact of this all too often means spiraling cash flow pressures and plummeting values in affected schemes to the detriment of all owners. The dwindling functioning of schemes sees a physical deterioration of buildings that directly impact owners daily.
ZDFin’s Levy Finance allows for either a (more) aggressively outsourced and managed levy collection procedure by our in-house attorneys or a financed levy collection solution which allows a predictable and guaranteed levy income stream at preferential rates.
All associated collection and legal work are managed directly by ZDFin’s in-house legal team meaning preferential and reduced collection costs. While we are dependent on the legal system, we guarantee the fastest possible debt recovery and avoid spiralling legal costs.
The benefit of utilising our levy finance service
- Immediate settlement of arrear levies providing a cash injection
- Guarantees both the amount and timing of levies paid to the scheme
- Enables accurate forecasting and budgeting
- Eliminates cash flow pressure
- Services all legal fees associated with levy collections
- Provides protection against non-compliant owners including strong legal oversight
- No long term contracts
- No need to change your Managing Agent provided they are members of NAMA and in possession of a valid Fidelity Fund Certificate