Osafo Adu-Amankwah & co

Osafo Adu-Amankwah & Co. (OAAC) is a multi-faceted LAW FIRM which started the operations of debt recovery in 2014. OAAC works with partners who have been licensed by the Government of Ghana to carry out Private Investigations under the Police and Private Securities Regulations whilst OAAC Law is a registered Law Firm under the laws of Ghana in accordance with Ghana Bar Association’s Code of Ethics. OAAC as part of its daily business carries out debt recovery services. Thus OAAC is a complete House with all the necessary ingredients needed for a successful recovery and general investigations/due diligence with resort to the Law Courts as last option.

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1. DEBT RECOVERY

Thus with the strategic investigative partnerships, debtors are traced relentlessly. What normally may constitute harassment may not fly with our partners because they are mandated by the law (i.e. license) so to do. It is instructive to note that OAAC tries to attain high success rate of 80% average because of its experienced hands and commitment to succeed at all cost.

OAAC works on recoveries at both national and international levels.

In Ghana, debtors can easily hide due to lack of/inadequate identification database in the Country. A debtor may list his post office address in Kumasi whilst residing in Accra and vice versa. It is easy for a debtor to vanish into thin air. At OAAC, we unearth debtors who are secured in hiding, effectively ‘smoking’ them out which leads almost invariably to recoveries of the loans/debts. The processes below show clearly the steps we employ to recover these debts.

1.1. Debt Recovery Process


‍1.1.1 Information required from Client:

1. Debtor information (hard and soft copies) is obtained from Client and then inputted into OAAC debt collection software; I-DEBT.
2. Authorization letter is also obtained from client (template attached).

1.1.2. Making Contact to the Debtor:

1. The debtor is contacted first through telephone calls and where successful, a meeting is arranged with debtor at which the following payment directives are given
2. Full payment either in cash or cheque to Debtor’s Account with Client or;
3. A cheque issued in the name of Client to OAAC offices; or
4. A negotiated repayment plan schedule as agreed with the Client, where there is compelling evidence that the debtor cannot pay the debt in full.
5. Where attempted contacts via calls to debtor fail, the following investigative methods are employed:
6. In case of individuals, they are traced from their previous work places through to their residence, friends, etc. In some cases, Debtors who are no longer in the Jurisdiction may be traced to their new place of abode. By these processes the debtor is almost invariably located.
7. Where the debtor is a company, details of the company is acquired from the Companies Registry to trace the Directors, Auditors or the Secretary of the company. Other relevant documents are verified from the Registry.
8. In both cases, where the debtor is identified the processes in 2 a. (i) and (ii) are followed
9. Where the debtor is located but refuses to cooperate or proves to be recalcitrant we resort to legal action to recover the debt. The legal action is usually preceded by an investigation into the assets of the debtor including location and true ownership of the property so that they can be legitimately attached on court order.
   

Strengths of OAAC

The financial statements of financial institutions in the country often post relatively huge provision for bad debts. The reasons for this occurrence are well known. The average Banker knows the reasons on the finger tips. What has been lacking is the solution. This is where OAAC provides assistance to these institutions.

• We act within the confines of the law and there are several mechanisms and methodologies that we employ to obtain repayment from the client. Our solutions to the debt recovery efforts are multifaceted and geared towards compelling the debtor to make immediate repayments.
• We offer the best recovery services yet with full pre-legal procedures including debtor visits, court issues and judgment enforcements, etc.
• Most importantly, we operate on a ‘no win-no fee’ basis with the exception of fees for filing and legal expenses . 

• The use of a more persistent approach is applied. The debtor can be visited at home or at work to ensure maximum impact. Telephone calls are persistently used to compel recalcitrant and difficult debtors into settling what they owe our clients. Most often once the debtors are successfully traced, they start the repayment process. 

• OAAC embarks on comprehensive search of assets. This we do through the Surveys Department, Lands’ Commission, Municipal/District Assemblies, etc to make sure no stone is left unturned. Further, we conduct account searches and status of vehicle ownership to determine whether a debtor is the actual owner. 
These processes may be necessary where a debt is unsecured and the debtor is recalcitrant. The investigators employ covert methods and search for the assets of the debtor. When such a debtor is confronted with the evidence of the properties uncovered, the debtor becomes cooperative in the repayment process. When the last resort of court action is applied, the creditor is assured of attaching properties discovered by the investigators.
• It is important clients are aware of what action is being taken on their cases and are kept informed of progress throughout. Our automated system ensures this happens in every case. Clients are notified on each case as developments occur and receive regular reports on their entire portfolio of debt placed with us for collection.

Reporting

The following issues are addressed in our periodic recovery reports to Clients;

• Overall debt situation
• Total payments to date/ remainder

• Arrangements made with debtors
• Prospects of recovering remainder

CONCLUSION

The multi faceted approach adopted by OAAC in the debt recovery and the commitment exhibited by its officers ensures maximum recovery at all times. The cardinal motivation factor is ‘the no win-no fee’. To ensure its survival OAAC has no option than to recover. Thus, at OAAC, there is no room for failure as far as debt recovery is concerned. We operate with the importance of clients to the financial institutions in mind, thus, decorous language yet persistent methods are applied to yield the most effective recovery for our clients.

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REGISTRATION OF LEGAL DOCUMENTS

We perfect titles by registering them at the relevant state institutions.
fraud by borrowers to outwit Banks in cases of default, we leave no stone unturned by making sure relevant searches are done at the Lands Commission, Land Title Registry, Registrar General’s Department, etc. Furthermore, this service is insured with a prominent insurance for the remotest professional liability.

Apart from this, we also provide general legal work in the Financial Institutions including but not limited to litigation at the instance or against the institution.