New England Collectors Association President David Sands said:

“These findings reinforce the critical role the third-party debt collection industry plays as a service provider in recovering unpaid consumer debt on behalf of the public, private and nonprofit sectors. Moreover, third-party collectors are actively engaged in New Hampshire communities as employers, volunteers, philanthropists and taxpayers.”

ACA International CEO Pat Morris said:

“Our nation was built on the premise that those who provide credit, goods and services to consumers have the expectation of being repaid. Recovering these debts helps organizations survive; prevents layoffs; keeps cost down and credit, goods and services available; and reduces the need for tax increases to cover government budget shortfalls.”

Third Party Debt Collection Agencies Boosting Economies is a post from: Federal Management

ACA membership demonstrates that Federal Management Limited is dedicated to advancing quality and professionalism in the credit and collection industry. As an ACA member, Federal Management Limited has agreed to comply with all applicable laws and regulations as well as the ethical standards and guidelines established by the association.

Founded in 1939, ACA International brings together more than 5,000 members worldwide, including third-party collection agencies, asset buying companies, attorneys, creditors and vendor affiliates.

ACA produces a wide variety of products, services and publications, and articulates the value of the credit and collection industry to businesses, policymakers and consumers.

For more information about ACA International, visit www.acainternational.org.

Federal Management Becomes Member of International Trade Association is a post from: Federal Management

This is just as the House of Representatives committee on Works has expressed dismay over the poor funding of road projects in the country.

Speaking during the budget defence session of the bank before the House Committee on Banking and Currency on Monday, Orya said the bank has set a target to generate N1.65billion within the same period.

According to Mr Orya, those who qualify to benefit from the support fund which is in form of loans, are players in manufacturing, agricultural, solid minerals and service sectors. The NEXIM boss however pointed out that the bank’s 2012 budget has a major challenge in area of debt recovery, noting that the bank was doing all it could in relation to commercial debt collection.

He said some of the debts were as old as 5 to 10 years and some were even from the banks that were liquidated in the early 1990s by the Nigeria Deposit Insurance Corporation (NDIC).

Mr Roberts Orya, Managing Director of Nexis, said:

“Some of the debt being owed the bank span between 10 to 15 years, and that the bank was only able to recover N418 million out of about N1.9 billion it had planned to recover in year 2011.”

“Low levels of debt recovery has been the major challenge of NEXIM and we hope that this year we should be able to do much better.”

N30bn Loan To Exporters by NEXIM is a post from: Federal Management

The two parties have so far failed to agree an interest rate on new bonds that would replace existing debts but ff agreement can be reached then Greece should be in line for additional bailout funds.

Athens has said it hopes to reach a deal by the end of this week.

Charles Dallara, head of the Institute of International Finance (IIF), which is representing Greece’s private creditors in negotiations with Athens, is set to resume talks on Thursday afternoon after spending Wednesday in Paris to discuss the negotiating position with creditors.

The IIF has indisctaed that it wants  interest rates on newly-issued bonds to be set at 4%, while Greece is holding out for a lower rate. Eurozone ministers have backed Athens and called for a rate of less than 3.5%.

Mr Dallara has indicated he is prepared for creditors to write-off 50% of their loans to Greece, as agreed by Eurozone leaders in October last year.

The head of the International Monetary Fund (IMF) has also suggested that public sector creditors should write off some of their debts.

“If the level of Greek debt recovery held by the private sector is not sufficiently renegotiated, then public sector holders of Greek debt should also participate in the efforts,” Christine Lagarde said on Wednesday.

Greek Talks With Private Investors to Resume is a post from: Federal Management

This increase has taken net public sector debt to over one trillion pounds which is a significant rise on the figure for the previous month where net  public sector debt was of 62.8% of GDP which was equivalent to £977.1 billion.

There is a faint silver lining to this dark cloud. Today’s data showed that public sector net borrowing excluding financial interventions came in at £13.7 billion in December 2011.

Always looking at the bright side of things it is worth nothing that  public sector net borrowing excluding financial interventions came in at £13.7 billion in December 2011 which was down on the £16.8 billion figure for December 2010 – a drop of 18.5%. Cumulative net public sector borrowing for the financial year to December has been declining since the 2009/10 financial year.

This is a consistent sign of improvement in the public finances.

Taking a deeper look into today’s figures, current receipts were £42.2 billion in December, a somewhat better showing than was achieved last December when receipts were £39.3 billion. 

This represents a year-on-year increase of 7.0%, which is encouraging when compared to the previous December’s year-on-year current receipts growth rate of 4.2%. 

The government’s focus on fiscal prudence has delivered one worthwhile reward: low interest rates on its debt. 

A UK 10 year government bond now has a yield of 2.2%. Although, in signs that markets don’t find the UK’s debt reduction policies entirely credible, this figures has risen over the month. 

Low expected inflation in the future means that 10 year UK bonds will offer almost no real return if they only pay out 2.2%, so this rate may well continue to climb.

Despite these mitigating factors, today’s data will make mixed reading for the government. They are on the right track, but are moving forward much more slowly than they had planned. 

The Office for Budget Responsibility’s projections for deficit reduction, despite having undergone several downward revisions, are still overly bullish. 

The OBR’s latest Economic and Fiscal Outlook publication predicts that annual GDP growth of 3.0% by 2015 and that public sector net borrowing will have fallen to 1.2% of GDP by 2016-17. The second prediction relies on the first holding true. 

Since the first prediction is unlikely to hold, the second probably won’t either. The data released today by the ONS simply drive home the point that the government is likely to miss its deficit reduction targets.

One Trillion Landmark for Government Debt is a post from: Federal Management

The Financial Services Consumer Panel says the FCA, who will succeed the Financial Services Authority (FSA) upon enactment of the Financial Services Bill, should be given full responsibility for the regulation of retail financial services, including consumer credit. 

The Panel believes that a two stage process is necessary starting with the FCA taking over responsibility for regulating credit under the Consumer Credit Act.  A second review would  further examine when it would be appropriate to move to an integrated Financial Services and Markets Act-based regime.

Adam Phillips, the FSA Consumer Panel’s chairman said :

“If the FCA is an effective consumer regulator, they would be able to intervene in the issues we have seen developing. A single regulator looking at all the conduct issues in financial services has to be a good idea.”

Gillian Guy, the Citizens Advice chief, said:

“It is vital . . . that not only lenders but also debt collectors, brokers, debt managers and retail lenders selling insurance products are regulated by a single body.”

Director general of the FLA Stephen Sklaroff said:

“Whether or not regulation transfers to the new FCA, the regime which the FCA will inheritin the deposit and savings markets is not appropriate for credit.”

A spokesman for Which? said :

“Key protections in the Consumer Credit Act must be maintained.”

A spokesman for the OFT said:

“The government needs to consider the evidence and determine whether and where change is needed. We are engaging with the government about what improvements we think would make a difference.”

New FCA to Regulate Consumer Credit? is a post from: Federal Management

Cebr has also revised down its forecast for growth for 2012 as a whole from 0.7% growth as predicted last October to a decline of 0.4% with a risk of a more serious decline of 1.1% if developments in the Euro zone are especially negative.

Cebr has forecast sluggish growth in the medium term, Growth in 2013 is forecast to be minimal at 0.9% and from 2014 onwards at around 1% per annum.

Unemployment is forecast to to see a sharp increase to about 3 million in 18 months time as companies batten down the hatches for the long term and revise their medium expectations of labour requirements while base rates are expected to remain at 0.5% to 2016. 

Increased quantitative easing to a total of £400 billion is expected for 2012 with the possibility of more in future years.

Scott Corfe, Cebr Senior Economist and main author of the report, said: 

“We see a weak outlook for sterling. But of course the euro and the dollar are also likely to be weak, so the main weakening is likely to be against the Asian currencies and the commodity based currencies.”

“We see the Western currencies falling by about 30% vs the renminbi to 2016 and by 15-40% against commodity based currencies.”

Douglas McWilliams, Chief Executive of Cebr, and an author of the report said:

“We take no pleasure in outlining such a bleak forecast. But the world is going through a fundamental change where previously poor economies are industrialising fast. This is good news for them, but because of the limits imposed by shortages of energy, minerals and food, some of their growth is at our expense.”

“This is not to say that if we break off trading with them we will be better off. On the contrary, a strategy of disengagement with the rest of the world would make matters very much worse. The Chancellor will not reduce the deficit as quickly as he thinks since tax revenues will be depressed by slow growth.”

“But this does not make the case for giving up on austerity. Indeed our forecast, which shows that the UK debt to GDP ratio will go above 90%, means that he will at the minimum have to keep the austerity programme going for much longer than he originally thought.”

Cebr: UK Probably in Recession is a post from: Federal Management

Mrs Merkel told a new conference:

“The second Greek aid package, including this [debt] restructuring, must be in place quickly. Otherwise it won’t be possible to pay out the next tranche for Greece.”

The debt recovery plan in place for Greece requires a second bailout from the Eurozone and the International Monetary Fund to enable Greece to avoid defaulting on its debts and avoid the potential of exclusion from the EU.

The rescue, worth 130bn euros (£107bn), would include a voluntary restructuring of Greek debt – meaning bondholders would have to write off 50% of the Greek bonds’ value.

Merkel Urges Deal Be Reached for Second Greek Bailout is a post from: Federal Management

Federal Management, the UK’s leading commercial debt collection agency, have compiled a list of 5 key tips to help you and your business deal with non payment of invoices and improve your cash flow.

Prevention is Better Than a Cure

When it comes to unpaid invoices and overdue accounts the ideal solution to the problem is to not get them at all. Utilising a credit referencing agency such as Creditsure can make you aware of just who it is you are offering credit to, if they have a history of judgement for non-payment or if they are credit worthy at all. Preventing the debt from accruing can save both time and money in the long run.

For further information you can contact Creditsure by contacting them directly on 0844 875 4066 or by clicking on the following link.              Creditsure Credit Checks

Time Is Money

The time you and your staff spend chasing a debt is time that could be spent running and improving your company. As the old saying goes “Time is money” and time wasted is money wasted. Don’t delay when your accounts become overdue. The more expedient a company is in utilising a debt collection agency to handle their bad debt ledger the quicker the company can get the money they are rightfully owed.

Don’t Accept Excuses.

“We are just waiting for a payment to clear.” “A cheque is on its way.” Sound familiar? Debtors will try every means possible to avoid paying a debt including telling you what you want to hear without any real intention of resolving the issue. Don’t accept excuses – once a payment is overdue then let the professionals take over.

Make a Statement

By utilising the services of a reputable debt collection agency you send out a clear message that late/non-payment of debts is unacceptable which can act as a deterrent to both new and existing clients who may have been considering not paying an invoice on time.

Professional Expertise

We live in a world of heavy legislation and compliance. A simple phone call to somebody that owes you money can be construed as harassment. Let the experts deal with it. A reputable debt collection agency will not only recover your debt professionally and expediently but will do so in way that won’t harm your reputation or your relationship with your customer.

Any business who is experiencing difficulties with late payment of invoices, overdue accounts or any other form of non payment should contact Federal Management immediately on 0844 875 4022 to take the first steps in resolving the situation.

5 Tips on Improving Your Cashflow is a post from: Federal Management

Below is schedule of our Christmas opening times

• Monday 26th Dec - Closed
• Tuesday 27th Dec - Closed
• Wednesday 28th Dec - Open - 9am – 4.30pm
• Thursday 29th Dec - Open – 9am – 4.30pm
• Friday 30th Dec - Open – 9am – 4pm
• Monday 2nd Jan – Closed
• Tuesday 3rd Jan – Open 9am – 6pm

Federal Management would like to wish everyone a Merry Christmas and a Prosperous New Year.

Christmas Update is a post from: Federal Management