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Archive for July, 2009
Friday, July 31st, 2009
In a perfect world, everything about business would run smoothly. Deliveries would never be late, profits would be through the roof and, most importantly, payments would never be late. Unfortunately, this is not a perfect world and late payments are a very real and serious issue for a lot of businesses, particularly in the current economic climate that we are experiencing. The first step to resolving the late payment problem is to set up a system where a credit check is performed on each potential new customer.
The first thing you should consider is which credit check agency is right for your business. More often than not, this can simply come down to a matter of price as a lot of companies tend to have very similar, if not the same information. You should consider the cost of performing the credit check and weigh it up against the new customers potential value. For instance, paying £4.50 for a tele-credit check with Creditsure for a customer who could spend £200,000 would be considered a wise investment.
When using a credit check agency, you will be told if the customer has any CCJ’s registered against them, or if they are trying to obtain credit while insolvent or in administration and will thus try to avoid payment for your goods or services. By performing credit checks you can prevent bad debts from occuring and as a result eliminate the need for a debt collection agency or a debt recovery company to be called in to collect an overdue account.
Remember, prevention is the best cure and the cost of a few pounds could save your business thousands in the long run.
Tags: credit check, credit checks, Why should I credit check new customers
Posted in Financial News | No Comments »
Thursday, July 30th, 2009
Business debt recovery involves the utilisation of a debt collection agency to recover an outstanding debt. These agencies often use a multitude of resources and methods to do this.
Most debt collection agencies have well trained staff who are versed in the art of negotiation which enables them to perform business debt recovery professionally. Generally, debt collection agencies will also have a legal department who handle debts should county court proceedings be required. For those businesses that don’t have the time, resources or know how to collect their debts or unpaid invoices then business debt recovery is the way to go.
As the majority of businesses do not wish to go to court, either for the negative publicity or to have ccj’s registered against them, generally they will be more than willing to resolve the debt prior to it being passed for court proceedings. As part of the business debt recovery solution, the debt collection agency will attempt to find the best solutions to recover the debt without the need for court proceedings. This can be through a variety of methods such as sending demand for payment letters, utilising self employed debt collectors to visit the premises which both give the chance for a debtor to resolve the issue without the negative impact it could have against their company if court proceedings were issued. These methods are considered to have the highest success rates in the collection of a debt.
Other business debt recovery services that you may be provided with can include regular updates via email or by fax which will keep you in the know on what is happening with your case. A business debt recovery service need not be expensive, either, as you will generally pay a small administration fee, or a fee upon collection and these feed can sometimes be added to the debt. Using a business debt recovery agency can be a very smart move.
Tags: business debt recovery, debt collection agencies
Posted in Debt News | No Comments »
Wednesday, July 29th, 2009
For many companies, both large and small, there is often a large amount of trading with international companies. Generally this will run smoothly, but there are instances where those international companies fail to pay for goods or services. If this should happen then it may be time to consider an international debt collection agency.
There are several key issues that you consider when using an international debt collection agency, and ensuring that you are using the right debt collection company is paramount to the recovery of your debt.
First of all, you should consider just what the debt recovery company that you are considering using can offer you in terms of service. Will they keep you informed regularly of the progress of the case? Are they reachable by multiple means, such as telephone, e-mail or fax? Do they offer any additional services, such as online access to your accounts?
Once you have a found a company who offers the services that you are looking for, you then need to consider how the company will handle contact with the international company. Do they have an understanding of foreign markets for purposes of negotiation for instance is a major plus when handling the debt and the recovery of it. If the debt collection agency is able to communicate in the language of the company owing the debt, it can also be a major factor in ensuring the quick and successful recovery of your outstanding monies.
When looking for a debt collection agency, be it for a debt at home or abroad, you should always consider just what service you are being offered for your money. Is it worth using a “no win – no fee” company who will send a letter and forget about your debt, or is paying an upfront fee to a company who will continue to chase and visit the debtor more beneficial?
Always ask questions to the company you are looking to use and find out what you are being offered. It always helps when your looking to make the right choice.
Tags: international debt collection, overseas debt
Posted in Debt News | No Comments »
Monday, July 27th, 2009
The collection of a debt, be it personal or for a company, is not always an easy task. Many companies find debt collection a stressful and time consuming task and so, to relieve the burden and stress of trying to collect a debt, they turn to an online debt collection agency to do the work for them.
There are a wide range of benefits to using an online debt collection agency, such as Federal Management. First of all it can take just minutes to get registered and the work of collecting your debt to begin. All you have to do is fill out a short enquiry form detailing your debt and our New Business representatives will take care of the rest! How easy is that?
Another advantage of using this type of debt collection service is that no matter how large the debt, you may only have to pay a flat rate fee. This is a subscription based flat fee that is charged. Other financial perks are a commission based system, rather than taking your money without getting your debt money. When able to recover your debt then you will have to pay a small percentage which will serve as the commission, but if they are unable to collect your debt then you will not have to pay anything.
Furthermore, with a company like Federal Management, you know that you are in good hands when it comes to paying the fee for their services. with a success rate of over 87%, the figures back up the claims that Federal Management are the UK’s No.1 online debt collection agency. Federal Management also keep you informed with regular updates on the progress of your account so you are fully aware of what is going on. This is an online debt recovery service that is second to none!
These updates are available via email or by fax, and if you are suffering with debt problems then utilising a successful online debt collection agency such as Federal Management can be the first step to relieving stress and improving your bottom line.
debt recovery, credit checks
Tags: debt collection agencies, online debt collection agency
Posted in Debt News | No Comments »
Thursday, July 23rd, 2009
In an age where debt is common place, more and more companies are starting to feel the burden of unpaid invoices, overdue accounts and bounced cheques. The question remains, however, of not how this can be resolved, but how it happened in the first place.
Simply put, the majority of companies who offered a credit or “pay later” service to their customers failed to have adequate facilities in place to ensure that the customers who received the credit were capable of paying it back.
What each company should have done is to credit check their customers to ensure that the companies that they were providing credit to didn’t have a history of non-payment, or hadn’t built up a catalogue of CCJ’s, or even that the company was due to go into administration.
Any doctor worth his salt will tell you that the best medicine for any illness is not the cure, but the prevention of the illness in the first place and the same principle can be applied to credit checks. By performing credit checks on those companies who you wish to provide credit too, you are ensuring that you provide credit to the right companies, to companies who will pay you on time.
There are a multitude of companies who offer this type of credit check service, but Creditsure Ltd is one in particular that stood out for it’s simple to use “tele credit check” service. Basically, you call up the Creditsure hotline, provide the details of the company you wish to credit check and get your results verbally, enabling you to make a decision there and then. Even better, you get a hardcopy of the results as well, within minutes upon our demo of the service.
Remember, a credit check can not only mean the difference between you getting paid on time or not, but may also stop the need for you having to look for a debt collection agency, or utilise a debt recovery service, because of having unpaid invoices.
Creditsure can be found at www.creditsure.org.uk or by calling them on 0870 042 2380.
Tags: credit check, credit checks, creditsure
Posted in Financial News | No Comments »
Wednesday, July 22nd, 2009
Debt collection specialists Federal Management Limited has warned business owners to be aware that the cost of enforcing County Court Judgments has risen dramatically with substantial fee increases.
The cost of instructing a bailiff to enforce a judgment debt has risen to a fixed fee of £100, as opposed to the previous scaled charge of either £35 or £55 dependant on the debt value. The cost of seeking to deduct money from a debtor’s wages also increases from £65 to £100 and the cost of securing a debt against property rises from £55 also to £100.
This comes at a time when many businesses are under pressure to meet their own financial obligations and need to be able to rely upon the civil justice system to provide them with affordable access to justice.
These increases are going to be especially painful to small businesses that are already facing great difficulty in getting paid and, in turn, making payments to their own suppliers. The enforcement of low value judgments in the County Court is increasingly uneconomical, and businesses need to look at innovative strategies to help maintain their debt recovery levels.
Tags: ccj's, county court judgements, court costs
Posted in Debt News | No Comments »
Monday, July 20th, 2009
Siam Commercial Bank plans to set up a debt-collection company on its own to improve loan repayment efficiency, according to president Kannikar Chalitaporn.
“Our debt collection unit will be upgraded to meet international standards in both operating efficiency and services rather than profitability,” she said yesterday.
SCB has no plans to provide debt collection services to other financial institutions. The new company will concentrate only on collecting debts for the bank and its affiliated companies.
Mrs Kannikar said the subsidiary would follow the new Financial Institution Business Act. The new company will officially operate from Aug 1 and the bank’s 400 staff responsible for debt collection will be transferred to the subsidiary.
“All of them will be treated the same under the bank’s existing employment agreement in terms of rights, salary, welfare, position and other benefits,” she added.
The bank will allow staff the option to tender their resignations from existing positions before transferring to the new company.
A number of staff protested against the move last week and representatives of the labour union plan to seek assistance from board director Chirayu Israngkul na Ayutthaya tomorrow.
Dr Chirayu is also director-general of the Crown Property Bureau, the bank’s largest shareholder.
Mrs Kannikar said employees who did not want to transfer to the new company could rotate to other business units of the bank.
Debt collection is a core business and it is not planning to sell off the new company as some staff feared, she added.
“If we wanted to sell it, we would have done this a long time ago. There are a lot of outsourcing companies offering debt collection services but we want to do its ourselves. We believe in our ability,” she said.
SCB, the country’s fourth-largest bank in terms of asset size, will charge debt collection fees of 250-350 baht per time on overdue payments of credit card loans from Aug 1.
SCB shares closed yesterday on the Stock Exchange of Thailand at 68.25 baht, up four baht, in trade worth 853 million baht.
Tags: international debt collection, Siam Commercial Bank
Posted in International Debt News | No Comments »
Thursday, July 16th, 2009
Sometimes collecting a debt, whether it be for yourself or for your company, is rather difficult. One way to relieve the stress of collecting a debt and feeling comfortable and relaxed while trying to get your money is to allow an online debt collection agency do all the work for you. They offer an online debt collection service that is fast and easy to use. You should keep in mind that there are a variety of advantages to using an online debt collection agency.
It only takes a few minutes to sign up for their online debt collection services. All you have to do is fill out a short form online that includes your contact information and your debt collection information for yourself or for your company. The simple interface and speed of use are some of the things that make this so attractive.
The final advantage that this online debt collection agency provides is an excellent debt recovery success rate. In 2007 alone, online debt recovery figures show a recovery rate of 85% of the debts that passed through the system and this figure is likely to rise this year. You are kept informed every step of the way so that you are always aware of what is going on in your debt collection process. This is a highly effective debt collection services that guarantees results.
Updates are available throughout the simple process, via email, services lines and call back options for extra peace of mind. As pointed out above there are numerous advantages to using an online debt collection agency and their services. You should take advantage of them if you have debt collection problems.
Tags: debt recovery online, online debt collection
Posted in Debt News | No Comments »
Tuesday, July 14th, 2009
A debt collection agency in Texas, USA is finding business booming as it turns unpaid bills into paid bills.
Executives from commercial debt collection companies based in Plan, Texas believe the recession has created business, but the approach to collect has changed.
Burt & Associates CEO Jerry Curtis said he doesn’t like the recession but the fact remains: it’s good for business.
“I’ve been through several economic downturns, but this is unbelievable. We’re seeing companies that have never had trouble collecting money before coming to us asking for help,” Curtis said. “The fact is, companies that owe money aren’t getting paid by the companies that owe them. It’s the worst cash crunch the collection industry has ever seen.”
Curtis said companies that he considers solid are experiencing more problems with their customers. It’s a domino effect.
According to the latest numbers from the Commercial Collection Agency Association, a record $14.3 billion in business accounts nationwide were placed in collection in 2008, a 23.2 percent increase from $11.6 billion in 2007.
With all the new business, Curtis decided it was a good time to overhaul his website and begin offering free quotes. The new design features a more professional appearance, a free downloadable report covering the top mistakes made by businesses in the debt recovery process, and easier access to get a quote for services.
“I really think this new look will help our prospects find what they’re looking for faster,” says Curtis. “They all have primary concerns about using an agency to help them collect money, and our new Web site really talks to those concerns and gives them the answers they need,” Curtis continued.
According to the Commercial Collection Agency Association, which Burt & Associates is a member of, business bankruptcy filings are up 41.6 % compared to June 2007. This means that business accounts will be harder & harder to collect on, as more businesses struggle in this economical climate.
For that reason, a report such as the one offered on the Burt & Associates Web site might be helpful in directing a business manager on how to modify the collection practices to be more effective.
“Overall, the biggest change we’ve made on the Web site is making it easier for our prospects to get a quote. When a business needs to turn an account over, it should be as simple & effortless as possible… the last thing they need is more hassle or red tape,” Curtis said.
Posted in International Debt News | No Comments »
Monday, July 13th, 2009
The Office of Fair Trading has warned 10 firms to stop making unsolicited and misleading calls to advertise services.
A total of six debt management firms and four “cold-calling” firms were would that action would be taken if the failed to stop. The warning came after the Information Commissioner’s Office (ICO) received a very large amount of complaints about the firms, which cannot be named.
The Office of Fair Trading (OFT) advised it was “completely unacceptable” for these companies to try and take advantage of those people with debt problems, and that it was possible that some of the companies had broken then law by making these calls.
Nigel Cates, Deputy Director of Consumer Credit at OFT said “Taking advantage of people who are suffering distress through debt problems is completely unacceptable and this practice of illegal or misleading cold-calling for debt management services must cease immediately.”
“The current economic climate means that it is vitally important vulnerable consumers are protected. We will not hesitate to take action against any business that uses misleading calls to advertise debt management services.”
Mick Gorrill, assistant information commissioner at the ICO, said: “The ICO has received a large number of complaints about automated marketing calls promoting debt management schemes. We have worked closely with the OFT on this issue and welcome the action taken.”
Partly responsible for making the OFT aware of what was going on, the Citizens Advice Bureau spoke to the BBC about the matter with Teresa Perchard, director of public policy for the service, saying the callers are “not upfront about who they are”.
“It’s very intrusive and disconcerting if someone rings you up and says this is a confirmation call about your debt. People worry a lot about what’s on their credit reference files these days, for example”, she told the BBC.
“But failing to tell people who you are and why you’re ringing is misleading people.”
The firms that could have broken the law had done so by pestering people who had not given their consent to be called or who had registered with the Telephone Preference Service, which allows people to opt out of receiving sales and telemarketing calls.
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Remember, if you or your company has any debt collection or debt recovery needs then do not hesitate to contact Federal Management on 0800 043 6922
Tags: debt management, office of fair trading
Posted in Debt News, Financial News | No Comments »
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