Money and debt management update

NZ Blacklist www.nzblacklist.co.nz Online debt collection solutions

Orlando, FL — The Federal Reserve reported recently that consumers cut debt by a record $21.6 billion in July 2009, an indicator, in part, that Americans are becoming more aware of their personal finances and concerned about their long-term financial stability. The news prompted Etta Money, president of InCharge® Debt Solutions (IDS) to comment, “We hope the great news from the Fed will translate into a trend in which consumers commit more of their resources to paying off their debts and become more focused on money management.”

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Courts Slam NZ Property Developer

NZ Herald reports

Queenstown developer Rod Nielsen’s business practices should be restricted and he must bear responsibility for commercial irresponsibility, says the High Court.

After declaring him bankrupt over a $14.5 million debt owed to failed finance company Bridgecorp, Justice Paul Heath, in the High Court at Auckland, criticised Nielsen’s “speculative” business attitude, The Dominion Post reported.

Nielsen, who now lives in Las Vegas, originally borrowed $7.5m from Bridgecorp in 2005 to fund the Lake Esplanade development in Queenstown, which was never completed.

Nielsen operated a speculative business in good financial times but did not make adequate provision to deal with any adverse financial conditions, Justice Heath said.

“Property developers cannot do business on the basis that the market will always be buoyant. Mr Nielsen must take responsibility for being, at best, imprudent or, at worst, commercially irresponsible.”

Bridgecorp secured a judgment against the developer in mid-2008 for $13.7m owing but Justice Heath felt Nielsen had “made no real efforts to settle”. Read more

Debt Reduction and Debt Advice

NZ Blacklist www.nzblacklist.co.nz Online debt collection solutions

Every debt is different, circumstances behind it as are the debtors themselves. Before approaching an agency or NZ blacklist, have a look at the following advice and see if you can achieve collection without having to use a collection service.

PREPARE: Review the paperwork on the debtor before making the call. Know the history of the account, credit record, the promises kept/broken. Have all records in front of you, ready for reference.

ATTITUDE: Adopt a straight, professional business-like attitude. You have a contract, you delivered the goods, money is owed, and you have a right to expect payment. Never let it become personal. Don´t yell or raise your voice; and NEVER swear. Don´t threaten; legal action is your recourse.

CONTACT: Make sure you´re talking to the right person. Don´t let the individual brush you off with “You´ll have to talk to the bookkeeper.” Identify the person who will pay the bill. If you can´t get through after several calls, tell the secretary that you know your calls are being screened. Indicate the purpose of your call and if necessary give deadlines.

CONTROL: Control the conversation. Keep it focused on the debt and on the repayment schedule. Don´t let the customer sidetrack you with personal history, excuses, etc. Remember, the object of your call is to collect money, or get a commitment, not to become buddies with the customer or win arguments.

FLEXIBLE: Be ready to adjust to the situation. Think about the kind of customer you´re dealing with and adapt to meet the circumstances. Be prepared to accept a reasonable payment schedule, and a willingness to deal with a customer´s circumstances.

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.

PRODUCTIVE: Keep contact brief and to the point. This is a business call, not a social one. View your efforts on a ratio of time expended to results achieved. Long conversations probably mean the customer is stalling you, or trapping you in the buddy syndrome.

PRECISE: Never leave a contact open ended, such 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, even the check number the customer is using to pay the pledge.

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 60 days, place the claim with NZ Blacklist or start legal proceedings.

PLACEMENT: Contact NZ Blacklist and start your road to successful debt collection

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Mafia Justice and Crocodiles

NZ Blacklist www.nzblacklist.co.nz Online debt collection solutions

ROME — Here’s another of the Mafia’s trademark offers-you-can’t-refuse, pay or be eaten by a crocodile.

Italy’s anti-Mafia police unit said Wednesday (local time), that it had seized a crocodile used by an alleged Naples mob boss to intimidate local businessmen from whom he demanded protection money.

Officers searching for weapons in the man’s home outside the southern Italian city last week found the crocodile living on his terrace, said police official Sergio Di Mauro.

The crocodile, weighing 40 kilograms and 1.7 metres long, was fed a diet of live rabbits and mice, Di Mauro said.

He said the suspect, an alleged boss in the Naples-based Camorra crime syndicate, used to invite extortion victims to his home and threaten to set the animal on them if they didn’t pay or grant him favours.

The man was not arrested but placed under investigation for illegal possession of an animal, Di Mauro said.

Investigators are also working on extortion charges against him.

Di Mauro said the animal is believed to be a caiman, a species that lives in Central and South America, and it is not yet clear how it got to Italy.

The crocodile was placed in the care of Italy’s forestry service.

- AP



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Debt and personal finances

NZ Blacklist www.nzblacklist.co.nz Online debt collection solutions

Orlando, FL — The Federal Reserve reported recently that consumers cut debt by a record $21.6 billion in July 2009, an indicator, in part, that Americans are becoming more aware of their personal finances and concerned about their long-term financial stability. The news prompted Etta Money, president of InCharge® Debt Solutions (IDS) to comment, “We hope the great news from the Fed will translate into a trend in which consumers commit more of their resources to paying off their debts and become more focused on money management.”

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Paying for debt collection advice?

NZ Blacklist www.nzblacklist.co.nz Online debt collection solutions

A recent stroy from the UK shows that people may be paying for debt advice which could possibly be available for free through outher sources. Please see our free links for debt advice on NZ Blacklist by clicking here.

Story:

People in debt are being charged for advice that they could be receiving for free, according to an industry insider.

Jessica Brown, a spokesperson from talkaboutdebt.co.uk, said that research by the company showed that up to 48 per cent of people in debt have paid money for advice on how to resolve their situation.

She described those in severe financial situations as a vulnerable group who needed to be given the right support and – considering their circumstances – it should be free of charge.

“We completely support any steps by the government to provide better protection for indebted consumers, with our recommendation being the implementation of an industry code of practice,” said Ms Brown.

Last week, the government published a consultation paper called Debt Management Schemes, which will review solutions for both creditors and debtors.

Ms Brown expressed her delight that central government has decided to look into the problem of firms charging people for debt advice.

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Comsumer debt on rise in UK

NZ Blacklist www.nzblacklist.co.nz New Zealands online debt collection solution

Britain’s level of debt increased again the second quarter of this year, with almost double the level of borrowing compared to the first quarter of 2009.

Consumers borrowed £5.5 billion between April and June, nearly twice as much as the £2.9 billion borrowed between January and March, said financial advice site unbiased.co.uk.

Savings levels grew to £21 billion in the second quarter, up from a record low of £14 billion in the first three months of the year.

Despite the rise in saving, the amount represents a 70% fall compared to saving levels in the year ago period.

Unbiased.co.uk said the drop in savings is due to an increase in the number of people choosing to pay off personal debt rather than save.

“After the topsy-turvy behaviour of financial markets and a deluge of contradictory reports on the economy in the media, it is not surprising that many consumers may feel uncertain about their financial standing,” said David Elms, unbiased.co.uk chief executive.

He added that the UK risks “heading down the debt path again” unless consumers rein in their addiction to credit.

“However, it is encouraging to see that Brits are beginning to save again, despite the low interest rate environment,” he concluded

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