Debts on tax Soaring in NZ

NZ Herald reports today that the latest tax report from Inland revenue shows staggering debt figures for the future.

Tax debt climbed to $4 billion by the end of June last year and Inland Revenue says it could more than double within the next five years.

A report into tax debt released by the Auditor General said the growth rate is more than the department can handle with its current procedures.

"[The IRD] is proposing to better understand taxpayers, provide taxpayers with improved online tools, and pilot new approaches designed to enhance its processes for collecting tax debt," Auditor-General Kevin Brady said in his report.

Tax expert from accountant firm PricewaterhouseCoopers, John Shewan, said the debt increase is due to a variety of factors including the current economic climate, IT systems and new programmes being introduced.

He said KiwiSaver, Working for Families and student loans have all been added to the IRD's portfolio in the past nine years.

Shewan said the amount of tax collected has increased."It's like running a business, isn't it? If you increase your sales, you'll get more debtors and your bad debtors will go up," he said. Read More

NZ Debt Collection soars 127%

Recent reports from New Zealand debt collectors show a significant rise in delinquent accounts moving to debt collection services. NZ Blacklist is also experiencing the same effect. Website 'Stuff' reports....

A "relaxed attitude" from kiwi firms to collecting debts is finally changing as pressure tightens on the bottom line according to Dun & Bradstreet.

The credit reporting and collections agency said today the number of debts referred for collection has more than doubled in the March quarter compared to the same period last year, and the average dollar value of each collection has also increased.

Debt collection referrals from Auckland firms increased by 160 percent in the first quarter, while Wellington firms saw a 139 percent increase and Christchurch firms referred 134 percent more collections than last year.
Overall, New Zealand businesses reported 127 percent more debts for collection in the March quarter this year than in the same period last year. Read more

Debt Collectors go Virtual in New Zealand

New Zealand’s first online debt tendering website streamlines account recovery.
With easy credit all but wiped out and late payments on the increase, creditors are looking towards new solutions for recovery of delinquent accounts. An innovative 21st century solution designed by ‘New Zealand Blacklist’ not only provides a unique nationwide solution, but also streamlines the process in which creditors place delinquent accounts with third party services.

The NZ Blacklist website (Debt Collectors) provides an efficient market mechanism for tendering bad debts or delinquent accounts. The site, free to use for creditors, was designed as an open, market-driven exchange that is crucial for efficient account placement to collection agencies. "NZ Blacklist will reduce costs, reduce collection cycle times, and expand the services of debt collection agencies for the benefit of creditors", said Marc Robinson, NZ Blacklist Director. "Using the latest Internet technology, NZ Blacklist will provide an efficiency and transparency unavailable in today's collections environment."
With a largely unregulated collections industry operating across New Zealand, creditors are presented an abundance and variety of choice when seeking a Credit Management and Collection services. Robinson, states “Accounts departments will generally have access to internet. NZ Blacklist provides an online network of debt collectors that is available to accounts departments and creditors at their convenience with NZ Blacklist acting as an online intermediary. With more than 40 Debt Collectors registered on the website located across the entire country, solutions can be found quickly and easily regardless of the creditors or debtors locations”.
The company states it is currently handling debts from one hundred dollars to half million dollar portfolios and that success rates are enhanced through the systems selection processes. “By identifying collection agencies skill sets and strengths then linking them with the creditors needs, we enhance the chances of successful outcomes” Robinson says.
The website plans to further develop its web services in the near future, which also includes an Australian expansion. NZ Blacklist reports that enquiry levels to and from Australia have elevated significantly since the company started in early March and that they are actively discussing options for a similar system supporting both sides of the Tasman.
“We believe that NZ Blacklist is one of the most effective and economic solutions for placement of delinquent accounts and bad debts to third parties in New Zealand today” says Robinson.

NEW ZEALAND BLACKLIST

www.nzblacklist.com

NZ Blacklist was born from the frustrations of chasing bad debts.
"I was sick of hearing the 'Cant pay, Wont pay' excuses from debtors. I was tired of wasting time looking for and interviewing endless agencies. All I wanted was someone motivated that suited my needs and I didn’t want to spend vast sums of money trying to get back what was rightfully mine. NZ Blacklist was born" Marc Robinson, Blacklist Director
NZ Blacklist was developed to allow people around New Zealand to protect their identity and list debts in a quick and easy process. Debt information is uploaded once, the collectors see the listing and provide an option or proposal of what they can do for you. Register your bad debt here
NZ Blacklist provides a level playing field for motivated collectors to provide competitive market prices and presents you the best solutions to choose from.
You save time, you save money, you have a better chance of success.
We are a totally independent service, have no financial interest to any collection agencies or associated services. We want to help you get your money back.
If you have any questions or suggestions on how we can make this service better, please contact us and let us know

info@nzblacklist.com