Online debt collection

A new service very similar to NZ Blacklist www.nzblacklist.com has taken the US by storm. Report as follows from PR Web:

All too often, small businesses find themselves with bad debt and little they can do about it. Due to the complicated nature of hiring a collection agency, many companies ignore their bad debt. Most of the problem is a lack of unbiased information to aid in finding a compatible or reputable collection agency. Forced to throw caution to the wind, companies blindly place their trust in whichever collection agency has the most convincing sales pitch. In the end, a lower percentage of bad debt is collected than if a best-fit collection agency had been selected.

CollectionTree.com changes all of this. Finally, someone is here to provide businesses access to a directory of collection agencies and enables them to make smart, effective decisions. CollectionTree.com starts by sharing agency ratings based on consumer responses and historical data so each business gets the strongest collection agency for their industry and amount of bad debt placed. After uploading their accounts to the CollectionTree.com secure portal, businesses can monitor the entire process from the easy-to-understand user interface and can also quickly communicate online with their collection agencies. What’s more, with every submitted account, CollectionTree.com generates a forecast to project how much collected money to expect.

This new online tool is created with the business owner in mind. CollectionTree.com removes the confusion and overwhelming attention associated with processing bad debt; at last, companies can get bad debt collected with confidence. Read more here

NZ Blacklist superior debt collection solutions

Debt Collection, Debt Collectors, Bad Debt Recovery, Terms of Trade, Credit Reporting, Legal Services, Skip Tracing, Tracing and Investigative Services

Collection House profits down

Blacklist your debt with NZ Blacklist Superior debt collection solutions.

Reports from Australia show increasingly tough times for debt collection agencies. Report from Sydney Morning Herald-

Debt collector Collection House has posted a fall in annual net profit after exceptional items but says it is well positioned and looking forward with confidence.
The company’s net profit was $7.85 million for the year ended June 30, down 37 per cent on the prior financial year’s $12.39 million after impacts from the disposal of non-core businesses.

However, Collection House announced a rise in revenue from continuing businesses, a four per cent lift in underlying pre-tax profit to $10.5 million for the 12 months to 30 June 2009 and an increase in its final dividend.

It’s shares closed up 5.5 cents at 54 cents, a rise of 11.34 per cent, after the better than expected result.

Chief executive Tony Aveling said a range of initiatives implemented in response to the global financial crisis led to positive outcomes for the company and it was “looking forward with confidence”.

“When the crisis hit we recognised we needed to change tack,” Mr Aveling said.
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Debt Collection, Debt Collectors, Bad Debt Recovery, Terms of Trade, Credit Reporting, Legal Services, Skip Tracing, Tracing and Investigative Services

Collectors report more business, but tougher time getting paid

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Reports from the U.S show debt collection has rise in business. Press Democrat report;

Debt collection is a growth industry these days, but that doesn't mean it's a terribly profitable one.

As more people fall behind on their credit card bills and car payments, collection agencies are busier than ever, churning out warning letters, calling people's homes or businesses and even dragging them into court.

But collecting on those mounting debts is tougher than ever. High unemployment and plunging home equity have left debtors with fewer resources -- and some say less inclination -- to repay debts and repair their credit ratings.

"I work four times as hard to collect the same amount of money as I did two years ago," said Robert Tavelli, head of the Santa Rosa-based collection firm NCCS Inc. "We're seeing probably a 300 percent increase in listings with no greater increase in recoveries."

No one's going to shed a tear to hear debt collectors are having a tougher time shaking down people who are behind on their bills. Some might even cheer.
But the inability to collect outstanding bills is a serious problem for businesses, and one that could threaten a sustained economic recovery. The more bad checks or delinquent accounts a business can't recover, the greater the pressure to cut employees, who in turn might fall behind on their own bills, creating a vicious cycle.

"Many of my clients are suffering," Tavelli said. "They've had to lay off people because they can't collect their receivables."

When it becomes a choice between sending customers or patients to collections and keeping employees, businesses are increasingly choosing collections, said Chris Schumacher, president of Optio Solutions, a collection firm based in Rohnert Park.
When business was good, companies focused on growth. Now that it's gotten tougher, many are watching in horror as the bad debts on their books mount, leaving them little choice but to take a tougher approach to collect past-due bills. Read full article by clicking here

US Debt Collection agencies report significant layoffs

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Reports out fo the US show significant layoffs in Q2, 2009.

Collection agencies and debt buyers reported layoffs at a record pace in the second quarter, according to the results from insideARM’s latest Credit & Debt Collection Industry Confidence Survey. But collection performance is improving from late last year

Accounts receivable management companies reported a record level of layoffs in the second quarter of 2009, according to the latest insideARM Credit & Debt Collection Industry Confidence Survey.

In the previous Confidence Survey, 25.7 percent of collection agencies reported layoffs in the first quarter with 33.3 percent of debt buyers cutting positions.

ARM companies did report better levels of performance in the second quarter. Although performance ratings were lower than in the first quarter, they significantly outpaced the performance reported in the fourth quarter of 2008, when the economy was seemingly in freefall and panic was the order of the day.

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New Zealand Blacklist. Contact us today for your superior debt collection solutions.

http://www.nzblacklist.com/ ; www.nzblacklist.co.nz

Debt Collection, Debt Collectors, Bad Debt Recovery, Terms of Trade, Credit Reporting, Legal Services, Skip Tracing, Tracing and Investigative Services

Time is money, and its time to collect bad debts

New Zealand Blacklist Debt Collection Solutions www.nzblacklist.co.nz

Every business should be able to initiate payment themselves without the need for 3rd party collection agencies. A brief guide on how to collect debts yourself may help.

REVIEW: Review the documentation on the debts before calling the debtors. Know the history of the debt, account details, credit record, and any promises kept or broken by the debtor. Have all records or documents in front of you, ready for reference.

APPROACH: Adopt a straight, professional business-like approach. You should have Terms of Trade or have a contract, you have delivered the goods and possibly have a signed proof delivery receipt, your money is owed, and you have a right to expect payment. Don´t yell or raise your voice when speaking with the debtor. Don´t threaten them in any way; Using debt collectors or legal action is your recourse.

CONTACT: Make sure you´re talking to the correct person. Don´t let the debtor brush you off with "You´ll have to talk to the accountant." Identify the person who will pay your bill. If you can´t get through after several calls, tell the receptionist that you know your calls are being screened and that this is not acceptable. Indicate the purpose of your call and if necessary give deadlines for paying the outstanding invoice.

CONTROL: Drive the conversation. Focus only on the debt and on the repayment schedule. Don´t let the debtor sidetrack you with excuses, etc. Remember, the object of your call is to collect money, or get a commitment.

FLEXIBITY: The current economic environment is difficult. Be ready to adjust to the situation. Think about the kind of client you´re dealing with and adapt to meet the circumstances. Be prepared to accept a reasonable payment schedule. Work out what you want or what would be an acceptable payment schedule before you call. Do not go into negotiations without knowing what your willing to concede beforehand. NOTES: Keep detailed, accurate notes of every contact with the customer. Probe for further information on the customer. Notes of these contacts will help you in subsequent phone calls, and may be invaluable in litigation. Good notes will also help in further credit decisions, or in cases where skip tracing may be needed.

CONFIRMATION: Never let the debtor put you off with such terms as "We´ll talk next week," or "I´ll send what I can." Every contact should result in a commitment to payment, of a specific amount, by a specific date.

TIME: The longer an account is held, the less likely it is that it will be recovered. If payment or a payout is not arranged within 90 days, place the debt with New Zealand Blacklist.

Just as every company is specialist in their field, finding a specialist debt collection agency that fits your needs will expedite your debt being paid off. NZ Blacklist has been helping companies and individuals find the right agency to collect debt and we are confident that we can help you.

Our online systems support users to efficiently pursue delinquent accounts or bad debts anywhere in New Zealand.

List your debts for free on NZ Blacklist and take charge of your financial future

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Bad Debts are Bad Business