VIC - Debt Recovery

This article will show you how to:

 To create a new Debt Recovery matter, follow the steps below. 

  1. Click New Matter from the Home Screen.
  2. Select State: VIC.
  3. Select Matter Type: Debt Recovery.
  4. Select 'Next': 
  5. Enter the Creditor and Debtor party details.
    - See Adding Contacts for more information on adding contacts generally. 
  6. Select 'Debt Details' to enter the Claim Amount and calculate interest on this amount. 
    - See How is Interest Calculated? (below) for details on the interest calculation.
  7. If/when your matter is ready to proceed to Court, select 'Case Details' to enter the Case Number, Registry, Division and/or List, and Court:
  8. Once you have a judgment, select 'Enforcement Details' to enter the Judgment Amount and Judgment Date, and calculate post-judgment interest on the judgment debt.
  9. To add Uncommon Contacts to your matter, open the Matter Settings and select the appropriate contact from the Parties & Data available in your matter.
    For Debt Recovery (VIC), the available parties include Barrister, Legal Agent, Process Server, Garnishee, Employer, Previous Solicitor and Additional Contacts:

 


How is Interest calculated?

Interest is calculated as:

Interest Total = [Rate] ÷ [Days in the relevant year] x [Days in the relevant period] x [Amount]

Accordingly, you must enter data for the Claim Amount/Judgment Amount, Interest Start Date and Interest End Date. The calculation is not rounded until the final result.

Select the Rate from 'VIC Penalty Interest' or 'VIC Cash Rate', or 'Special Interest Rate' to enter a per annum special interest rate:


 

Image result for light bulb emojiDon't forget to! ...

 

Subscribe to the Litigation Precedent Profile

You can subscribe to the Litigation Precedent Profile in your Smokeball Settings

- See Precedent Profiles for more information on subscribing to precedent profiles.

We have some new Debt Recovery precedents and forms available in the Smokeball Precedent Library, including automated Magistrates' Court Forms:

You can also 'Request a form' to have additional forms added to the Precedent Library!

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