3.13 Will the NoA affect my customer relationship?

Credebt Exchange® offers a new and unique form of low cost capital that is highly competitive. In many cases it is more competitive than any other alternatives (e.g. commercial lending). The ETR you are selling will be from large organisations or government agencies and will be sophisticated enough to understand that the Credebt Exchange® business model is highly competitive and, most likely, they will admire organisations that are clever enough to utilise its assets to access the low cost capital

Furthermore, as most large organisations and government agencies have many different departments (perhaps in different locations and even in different countries), it is more than likely that the contact person that places orders with your organisation, rarely if ever, has contact with the accounts person that would be aware of the Notice of Assignment. Therefore it is unlikely that your contact would be aware that your organisation is selling its ETR on Credebt Exchange®

3.12 Why is an NoA necessary?

A Notice of Assignment [NoA] is necessary because Credebt Exchange® must have absolute security in the ETR they purchase and this means they require legal assignment. By law, to achieve legal assignment, the debtor must be notified that the ETR has been sold and that the Credebt Exchange® is the new owner

3.11 What is a Notice of Assignment [NoA]?

The Notice of Assignment [NoA] is a PDF document that is emailed to the accounts contact person (specified by the Originator/Agent when creating the debtor, prior to Trading the ETR) to advise them that the invoice has been sold and is owned by Credebt Exchange® and that payment must be made to the specified Credebt Exchange® Bank account

3.10 Will my customers know I’m using the Exchange?

In many instances the purchasing department in a large organisation may not be in the same location as the accounts payable department. Your customer’s accounts payable people will be aware of Credebt Exchange® because they must transfer the payment into a specific Exchange Trading Bank account. So, it is possible, albeit unlikely, that the contact person that you supply in the organisation may become aware that the invoice has been sold on the Exchange

3.09 Do I have to change my invoices in any way?

Automatically, all Traded ETR results in the invoice being clearly stamped as ‘Sold on Credebt Exchange®’ and will display a specific reference code (e.g. 1001001234); a Credebt Exchange® Trading Bank account number; and a specific sort code. All of this will be provided to you once your application is approved

3.07 What happens if my customer never pays?

If the debtor never pays, because Credebt Exchange® is the legal owner of the ETR, they will pursue the debtor until payment is satisfied (including using legal remedies, as necessary and at the sole discretion of the Exchange). Prior to contacting the debtor, the Originator may offer to refund the Exchange the entire payment (including processing fees)

3.05 Who deals with my customers?

The Originator deals with its customers, as it would normally, unless the debtor fails to pay the ETR within the time specified at the time of becoming a Traded ETR (see point 3.4 above)

3.04 Who owns a Traded ETR?

Once an ETR is sold and becomes a Traded ETR, Credebt Exchange® is the legal owner and as the legal owner, has vested the ownership and care of that ETR in the Exchange