A client recently gave us instructions to engage a specialist collection company and collect a debt of $110,000 where they had given up expectation of recovery because the debt had been outstanding for over 4 months. Our client was embarrassed that they had left the debt outstanding for such a long period of time and that they had really done nothing about recovering it.
On the selected specialist collection agency receiving instructions from the client, money was secured within 8 working days . You should not delay in collecting what you are owed.
With a global financial crisis and recession, what can businesses in New Zealand do when facing such uncertainty?
Small business owners write off thousands of dollars of unpaid debts due to them. Most of these write offs occur unnecessarily. Whether for financial reasons or lack of understanding, small business owners simply do not pursue available collection methods for unpaid amounts they have a right to collect. Don’t write off a debt that is rightfully due and owing to you and your business. Why should you allow your business to be treated as a surrogate bank? NZ Blacklist provides many options available to client that may be successful in collecting money from an unwilling client or customer.
Here are three important key elements to think about in relation to your business:
1. There is less cash available in a distressed economy, and therefore to you and your business.
2. Demand for your offerings may slow significantly.
3. Your overheads may remain the same and cutting staff may be necessary if cashflow is not available.
In times of recession, it is harder for small to medium size businesses to borrow money. That means potentially, that your clients that usually pay on time are likely to find it harder to continue doing so. Your debtors could draw out longer than 30 or ever 60 days and to ease this burden, your organisation must become decisive in your accounts management and collect your money. NZ Blacklist can help in many ways.
Being proactive, NZ Blacklist can assist in review or development of terms of trade. Have terms of trade, specific to your business, in writing. This is your best proactive defence against late payers and bad debts. It can also cover your interest, legal and collection expenses. For a relatively small cost, NZ Blacklist can organise through our network partners a terms document that can assist your financial future.
For those debts or delinquent accounts that are over 30 days outstanding, make the proactive decision to call NZ Blacklist and ask for assistance. We have multiple options available to you that will increase your chances of being paid first. Just remember; The squeaky wheel gets the oil. Let NZ Blacklist help you get paid ahead of the rest.
We are committed to the success of our clients and their businesses. Our nationwide debt recovery network is committed to providing you a service that enables you to free your valuable time from chasing bad debts and delinquent or overdue accounts so you can concentrate on the effective running of your business.
Place the matter in the hands of NZ Blacklist and into the hands of true debt collection professionals.
Professional Debt Collection Services | Debt Collection Solutions | FREE TO LIST BAD DEBTS www.nzblacklist.com www.nzblacklist.co.nz
New Zealand Blacklist
Blacklist Debt Collection Solutions
- NZ BLACKLIST
- Auckland, New Zealand
- "I was sick of hearing the 'Cant pay, Wont pay' excuses from debtors. I was tired of wasting time looking for and interviewing endless debt collection 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"
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We started NZ Blacklist Debt Collection Services some time ago and are now exceptionally happy with what we have achieved. From an idea born out of necessity, Blacklist developed a nationwide network of Competent, Motivated and Specialist Debt Collection and associated services in a short space of time which consistently deliver results across the nation. We feel complimented and privileged that there are imitation websites attempting to copy what we are doing at NZ blacklist.co.nz , and we are confident that there is only one Blacklist in NZ that delivers Debt Solutions the way NZ Blacklist does.
Make no mistakes when selecting a service to meet your needs....... choose NZ Blacklist, the original and proven debt collection online consultancy. More information is available here
TV3 News http://www.3news.co.nz/New-website-makes-life-easier-for-debt-ridden-SMEs/tabid/421/articleID/94783/cat/73/Default.aspx
Stuff News http://www.stuff.co.nz/sunday-star-times/business/2067745/Bad-debts-site-a-sign-of-times
News Album http://www.newsalbum.com/Read/396858-Virtual-Debt-Collection-Blacklist/
Stuff Business http://www.stuff.co.nz/business/2078154/Bad-debts-site-a-sign-of-times
Scoop Business http://www.scoop.co.nz/stories/BU0905/S00667.htm
Finda http://www.finda.co.nz/business/listing/4nb34r/nz-blacklist/
Federal Management http://www.federalmanagement.co.uk/news/tag/debt-collection-tenders
Chartered Accountants http://www.gilesandliew.co.nz/news/Newsletter%20winter%202009.pdf
Skynewswire http://www.skynewswire.com/modules/news/article.php?storyid=8771
Gopher http://www.gopher.co.nz/listing/3lgw/nz-blacklist.html
http://www.nzblacklist.co.nz/
http://www.nzblacklist.com/
Make no mistake, when you are looking for debt collection agencies that are competent and willing to serve at competitive market rates, contact NZ Blacklist for the best results
Todays Herald Newspaper reports more bad news on the bad debt front.
A "staggering increase" in the number of firms not paying their bills in the first half of the year has prompted credit bureau Veda Advantage to warn businesses of a deterioration in the next 18 months.
Veda said it saw a "massive" 64.56 per cent rise in commercial defaults in the six months to June compared with a year ago. Defaults are essentially where the business owed money has given up and turned to a debt collection company which then informs a credit bureau like Veda.
Commercial inquiries for credit were down 16.43 per cent. Read more
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
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
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.
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