Receivable Protection Program (RPP)
RPP Benefits are now available for all Core and Governing Members starting Jan. 1, 2015.
In 2007, IAM launched the Receivable Protection Program (RPP), which serves as a safeguard from those IAM members in financial difficulty. For example, if you suspect another IAM member might declare bankruptcy or go out of business, as an RPP member you can file a claim through the program and receive reimbursement for unpaid commercial invoices.
In addition, IAM takes an active role in mediating and resolving payment issues between members through its Invoice Dispute Resolution Process, contacting the delinquent company and negotiating a payment timeline. In just over two years, IAM has facilitated the recovery of nearly $270,000 for IAM members through this process. If IAM is unable to resolve an outstanding debt, the delinquent company is added to the IAM Alleged Debtor List, which RPP members receive on a monthly basis.
The Alleged Debtor List provides RPP members with advance knowledge of slow payers and acts as a powerful deterrent, compelling the delinquent company to resolve the debt before their name is made known to RPP members. Another deterrent for the delinquent company is the possibility of expulsion from IAM if the amount meets or exceeds US $10,000. These are strong incentives for companies to resolve their debts when IAM intervenes.
Beginning in January 2015, all Core and Governing IAM members will receive the benefits of RPP membership. IAM wrote some anticipated FAQs to explain how the RPP works and to answer questions you may have.
To learn more about the RPP, email email@example.com.
- Each month, RPP Members receive the names of IAM members who allegedly are not paying their invoices.
- RPP members may request IAM intervention on outstanding invoices owed to them by other IAM members.
- RPP members may submit claims for compensation when other IAM members declare bankruptcy or cease to exist.
“The RPP is a significant step in safeguarding all IAM agents around the world in terms of payment. The membership of IAM is one large family but, unfortunately, especially with a world recession, companies do go out of business, and this is where the RPP safeguard steps in and helps resolve this situation.
We have been RPP members since its initiation into IAM, and the help and support provided in trying to resolve payment disputes has been substantial and extremely successful. I must pay particular credit to Brian Limperopulos from IAM for his positive and unequivocal support in relation to resolving issues through RPP.
The only thing I do not fully understand is why the vast majority of members are not signing up to use the scheme! It is a fantastic safeguard. It is here for the benefit of all IAM members and I would strongly recommend that we all start using it. Well done to IAM on the RPP initiative.Campbell McGimpsey
Director, McGimpsey Brothers (Removals) Limited