Collection Agency Gets Healthy

On July 19, 2010, In business, By Takara Alexis

A debt collection company based in California initiated a ploy to educate and motivate employees to live healthier lifestyles in early January. There are twenty eight employees at the company; more than half are participating in the program..

Everyone that is participating in the program have made a goal to lose ten percent of their total body weight by the end of June. Every Monday morning weigh-ins are scheduled and employees have an opportunity to win two cash prizes for losing five percent of their body weight by the end of March, and then another five percent by the end of June.

The company’s executive alleged that he had been considering founding the program for quite some time. He declares it perfect for the stereotypical office setting that is fraught with unhealthy eating, and employees taking breaks to get fast food. He made note of the fact that attempting to make employees lose weight was more cost efficient than actually getting health insurance for his workers.

In an attempt to get employees to live healthier, the agency hosts sporadic lunches and “education track meetings” once a week. The meetings are crafted to help workers target and plan for their weight loss goal. So far the program has been successful. The collection company has collectively lost 72 pounds to date. That’s the size of a small child.

The program tries to establish a better all around worker. It logically follows that a less stressed worker will be more efficient and motivated. Even though a very relaxed debt collector might not seem like they would be the most efficient worker, it all seems like a good idea. As the government tries to sort out the health care system, perhaps it is time that more companies like this take this route. If employees cannot get health insurance, health initiatives and goals at work could be the next best solution.

Mallory Megan works for a debt collection agency. Also she writes stories on business and finance, consumer spending and collection agencies.

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Be Nice To Your Lawyer! Pt. 3

On April 23, 2010, In business, By Takara Alexis

Additionally, when you think about the risk factors for suicide, like depression, anxiety, stress, divorce, alcohol and substance abuse, attorneys experience many of these at rates that are higher than the general population consistently. Why do lawyers seem more likely to deal with emotional problems than anyone else? From an anecdotal perspective, lawyers are more likely to suffer from perfectionism and competitiveness. While these traits might drive these people to do their best to excel in life, they also have a down side. An unachievable high coupled with a temperament that is less likely to seek help is a recipe for disaster.

Perfectionism has been known to cause levels of the stress hormone cortisol to rise. Chronic, high levels of cortisol are a key factor in a variety of health problems including depression. When a mistake is made, which of course is inevitable, perfectionism blows up the sense of failure.

Add the nature of the work itself to the “type a” personality traits of those who are drawn to the job, and you can easily see why attorneys may be so stressed. The legal system in and of itself is conflict driven by nature; the other side is always out to prove you wrong. Time constraints, deadlines, and scrutiny from opposing counsel, clients, and the courts are without doubt huge sources of stress for lawyers.

A good deal of suicides by lawyers that occurred in the past year have called new attention to these problems. Last April, Mark Levy, head of a large law firm died in a suicide at his law office in Washington D.C. In Connecticut, attorney James Ripper spent his lifelong career focusing on residential and commercial real estate transactions. With the market in a slump, his practice dwindled. In November, he hanged himself in his house. In January, Houston attorney John Mason Mings committed suicide on a beach, shooting himself.

In May, the American Bar Association started to sponsor a continuing legal education program on lawyers and suicide called “What Lawyers Need to Know About Suicide During a Recession: Prevention, Identity and Law Firm Responsibility.” However, regardless of how bad the economy may be, statistics point to the fact that those involved in the legal profession may be high risk. Remember that even if they might be the purveyors of your bad news, lawyers are people too. So on April 13, National Be Nice To Lawyers Day, and every other day, show a little kindness to your friendly neighborhood lawyer.

Mallory Megan is employed by a debt collection company. She also composes stories on business and finance, consumer spending and collection agencies.

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Latest Report Reveals Bleak News About Foreclosure Rates

On April 17, 2010, In business, By Takara Alexis

According to the RealtyTrac Year-End 2009 Foreclosure Market Report, 3,957,643 foreclosure filings were reported on 2,824,674 U.S. properties in 2009. Included are scheduled foreclosure auctions, default notices and bank repossessions.

That’s a twenty one percent increase in properties from numbers in information collected in 2008, and a one hundred and twenty percent increase in total properties from 2007. The report also showed that one in forty five housing units, 2.21 percent, had at least one foreclosure filing during 2009, up from 2008′s 1.48 percent and 2007′s 1.03 percent.

In the month of December alone, the foreclosure filings were reported totaled 349,519 properties in December. That’s a fourteen percent jump from the previous month of November and a fifteen percent increase from 2008. Despite this, even though there was an increase in December, foreclosure activity in the fourth quarter of 2008 has decreased by seven percent.

Of all of the states, Nevada claimed the nation’s highest state foreclosure rate; more than ten percent of housing units received at least one foreclosure filing in 2009. That makes Nevada’s third consecutive year at the top of the foreclosure list. Nevada’s foreclosure activity in December increased twenty seven percent from the previous month, but still was down by twenty two percent from December of 08.

Arizona took the nation’s second highest state foreclosure rate in 2009 with more than six percent of properties receiving at least one foreclosure filing during the last year, and Florida claimed the nation’s third highest foreclosure rate at 5.93 percent of its properties having at least one foreclosure during the filing year.

Clearly, this raises concerns in the debt collection industry. Recent trends have illustrated that consumers are raising up their credit debt and low balling their assets to receive lower payment plans. The fact that they are maxing out their credit cards to receive lower payment plans does not look promising.

Mallory Megan is employed by a debt collection agency. Also she composes stories on business, finance, consumer spending and collection agencies.

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Irish “Bill Collection Agency” Uses Unusual Tactics To Retrieve Debt

On April 17, 2010, In business, By Mallory McGuinness-Hickey

And you thought your bill collections agency was bad enough. It has been recently disclosed that a gang boss in Ireland has made a new career move – debt collection. This criminal genius has been linked to twelve murders; a threat even more serious than a collections letter.

Usually, legitimate creditors who aren’t criminals will hire out third party bill collectors to retrieve debts. Collection agencies work on commission, where they receive a portion of the amount of money that they collect. Frequently collection companies will purchase debt from the creditors so that they can collect the whole sum of money owed.

The Irish thugs seemed to have borrowed inspiration from this practice, but the similarities end there. The boss of the notorious Irish gang has established his own collection agency, purchasing debt and using his reputation to bully his way into gathering the money owed. The unfortunate debtors are drug users who are unable to repay dealers.

Lawful collection agencies will generally start with a gentle “reminder letter.” If the debtor is hostile or evasive, the letters will become sterner. Phone calls are used as well to remind those who owe money to pay up. If these tactics fail, the agency has the right to report a debt to credit bureaus, or file a lawsuit.

Conversely, the Irish gangland collection agency will use its reputation as a group of ruthless murderers and criminals to intimidate debtors into paying back drug money. Fortunately, the head of this operation has been arrested, and the Justice Minister of Ireland has vowed to do everything in his power to ensure that the accused will be brought to justice.

So next time you get a letter from a collections agency, try to keep things in perspective. And if you are ever in Ireland, it is probably not smart to take out a loan with a notorious gang.

Mallory Megan works for a debt collection company. She also composes articles on business, finance, consumer spending and collection agencies.

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Collections Industry To Undergo Transformation

On April 15, 2010, In business, By Takara Alexis

The collections industry has grown massively in the last couple of years. The reason for this is that collections and recoveries are mostly outsourced business functions. It would be impossible for a creditor to handle retrieving debt from all of their accounts, so the creditors call the collections agencies.

But there seems to be a beginning of an enormous change taking place with the collections industry. The industry has grown and grown through the recession and seems huge. Rather than hire out more service providers, creditors are starting to lower their number of agencies that they will work with, which requires the companies they originally hired to take on more accounts.The effects of this could change the way that the collections industry operates in a large way.

As the worst employees are removed from these collection networks, certain collection agencies are going to lose their most vital clients. Creditors will also have less reason to work with companies that have a reputation for not following regulations. The financial effects of this will cause these companies to suffer, and company value will also fall with some owners forced to sell their companies as a last resort.

As this happens, the best performers will see more potential job growth, less competition, greater leverage on contract terms, better revenues, and improved profitability.

Within the debt buying market, the same type of shift is also taking place. Instead of calling on more debt buyers, some credit issuers are lowering the number of companies they approach for sales.

Smaller, less capable debt buyers will see less opportunities to buyfrom these issuers. Here again, concentration within the primary debt sales market will increase. Recovery executives within credit businesses will be making the same kind of choice more and more, selecting concentration within their vendor networks over diversification.

Mallory Megan works for a debt collection company. She also writes articles on business and finance, consumer spending and collection agencies.

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Things To Consider Before Filing For Bankruptcy

On April 15, 2010, In business, By Takara Alexis

Bankruptcy may be seen as a quick fix solution to financial issues. However, the effects of bankruptcy are long term and can impair your ability to obtain employment, house, and any type of credit. It is important to weigh the pros and the cons of bankruptcy before making a major choice.

Truly, bankruptcy brings a number of benefits to the table. First and foremost it wipes out most of your debt. It can help you with missed debt payments, defaults, repossessions and lawsuits. If you have bad credit, it can get you started on rehabilitation.

Bankruptcy will stop the phone calls from creditors, collections letters, repossessions, declined charge authorizations, cancelled credit cards, and lawsuits. You also can keep your car if you keep up on the payment; bankruptcy will also allow you to hold on to your home if you remain current on the payments.

Bankruptcy permits you to exit foreclosure and make monthly payments on amounts in the past. Finally, it halts creditors from making a claim after it is filed, even if your financial situation changes.

On the other side of the coin, bankruptcy law offers a “fresh start” but only every six years in most cases. Bankruptcy will stay on your credit report for ten years and severely hurts your credit rating. Also, filing bankruptcy may require a wait of two years before it is possible to buy a home. Some lenders allow for home loans after one year though.

Bankruptcy does not clear away most tax debt. It does not have an effect on student loan debt. It requires you to give up your credit cards. It may cause you to lose some of your possessions, and unfortunately bankruptcy carries a stigma that can be embarrassing.

If you are not sure whether to file bankruptcy or not, call your creditors to see what type of repayment plan they can work out with you. While bankruptcy is an option, in most cases it should be seen as a last resort.

Mallory Megan is employed by a debt collection company. She also composes stories on business and finance, consumer spending and collection agencies.

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Tax Payers in Scranton May Have Received Collection Notices They Did Not Deserve

On April 2, 2010, In business, By Takara Alexis

More than 200 Scranton taxpayers might have be mailed a letter from a debt collection agency they didn’t deserve. The notices are for garbage fees supposedly unpaid that may have actually been paid. According to officials, the garbage bill for 2009 could be at fault for more than 200 collection notices sent to city taxpayers in error last week.

They think the issue might be the way the bills were folded into the envelopes. The bill comes equipped with a perforated line above a bar code that identifies the consumer, but because a crease made by the folding of the envelope, a second line under the bar code was formed, causing people to rip the bill off without the bar code.

Bills that didn’t have a bar code would cause a bank not to register the payment. The mailing house that Scranton hired to fill the envelopes was seen at fault. If the bill was sent to the bank, it would be the pay stub in their payment that goes directly to a lock box. The stubs are then scanned and the bar code is read. After that the bank gives the town a list of those who had paid up based on the bar code readings.

Representatives from the debt collections company who sent out the collections notices allege that they are taking every dispute from people that may have paid very seriously. Company protocol allows consumers to dispute a notice within 30 days of receiving a bill. Also, representatives said that no bill will be collected while they are still sorting out the issue.

The collections company will research every claim from people who claimed they had paid and also received the notice. Those that they see have paid will be left alone.

Mallory McGuinness is employed by a debt collection company. She also writes articles on business, finance, consumer spending and collection agencies.

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Cash4Gold Scam

On April 2, 2010, In business, By Takara Alexis

We’ve all seen them – the flashy “Cash4Gold” commercials, at times they feature people on the street dancing, or at other times, M.C. Hammer promising fast cash in turn for your old, unused jewelry. Although human nature makes us want to unconditionally trust the dancing person or even with his track record, M.C. Hammer, it turns out that Cash4Gold may not in fact be too legit to quit.

Recently Representative Anthony D. Weiner called Cash4Gold out on their bad business practices. Standing in front of legitimate jewelry appraisers, Weiner urged consumers to take their business to a place that they knew was valid as opposed to the shady mail in gold exchange.

The way that Cash4Gold works is that consumers utilize special envelopes to send jewelry and gold to the company’s offices in Florida. The advertisements claim the business will provide customers with a quick appraisal of the value of the items they have sent, and then they will mail them a check for that amount.

Apparently customers are given a twelve day period in which they are able to return their check and get the jewelry back. Yet according to research by Rep. Weiner and Consumer Reports, Cash4Gold paid out only 11 to 29 percent of the actual value of valuables sent to them, and they often refused to send jewelry back when it was asked to do so within the 12 day period.

Weiner suggested that the Federal Trade Commission should look into the whole Cash4Gold problem, adding that he wanted to introduce legislation that would regulate companies that use mail to exchange cash and jewelry.

This law would impose fines on businesses that melt down gold without the owner’s consent or before a return period has passed. It could make companies allow enough time for consumers to request a refund and ensure that companies actually insure the jewelry they are returning to consumers.

Mallory Megan works for a debt collection company. Also she writes stories on business, finance, consumer spending and collection agencies.

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How Is This Economy Treating Your Small Business?

On March 16, 2010, In business, By Takara Alexis

You would have to be living on Mars if you don’t know that we’re in the worst financial crisis in our lifetimes in America. If you find yourself worried about your business and what can happen next, you’re certainly not alone.

As I write this, the next few days bring great uncertainty about what the government is going to do to try and help bail out the banking system in the United States. While it’s not clear what form the assistance will take, it appears almost certain that the United States government will have to do something to fix the mess created in the financial system by rampant greed. What is going to happen? Who knows! What is obvious is that the vast majority of Americans are very unhappy with the situation and quite angry about spending billions of dollars to bail out an industry known for greed.

The unfortunate truth is that a bailout is not the end to the troubles for those of us who run small businesses. The US economy is in deep trouble and is not likely to be fixed very quickly. All the major news outlets have commentaries about what’s happening and what to expect. It seems the consensus is that it’s unlikely we’re going to experience a level of unemployment seen during the Great Depression. That’s the good news. The bad news is that things are ugly and their likely get much worse before they get better. And if that wasn’t enough, things are probably not to get better very quickly!

Small business owners are highly unlikely to land the line of credit they need in order to expand their business in the near future. So what can you do? No one can tell you what you need to do in your particular business, but I’ve always been a huge supporter of the low-cost direct marketing style in my businesses. I suggest you start rethinking all the many ways you can seek out additional revenue at a minimum cost. This means not only getting new customers at that minimum cost, but just as important, you need to try to sell more services to the customers you already have.

The situation is more complicated than simply not being able to obtain credit, but it is also going to be difficult for many business owners to even make it through the next several years. There has already been a big drop in consumer spending in the United States, and getting new customers as well as maintaining the ones you already have is going to get more difficult. That is why this is the time to get yourself back to the basic and most important task which is to get your business well marketed. There is nothing more important for your business in difficult times such as these than your marketing efforts.

Mallory Megan is employed by a collections agency that works with a debt collection lawyer. She also does pieces on business and finance, the credit industry and collections agencies.

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What To Do If You Have A Bill Collector On The Phone

On March 9, 2010, In Uncategorized, By Takara Alexis

If you owe money to a creditor debt collectors are permitted to report your debt to credit bureaus, file lawsuits against you, and should be taken extremely seriously. The best way to protect yourself and your financial situation is a methodical approach. First, know why you are being contacted. Know where the debt is from and exactly how much it costs.

Ask for the name of the person calling, the agency, the creditor, and the agency’s address and fax number. You have the right to tell a collector over the phone that you want all future contact to be in writing. Follow up all requests with a written request.

Keep in mind if you tell the debt collector that they are not permitted to contact you at all it the agency is entitled to contact you once more to inform you how it plans to proceed. Another request that can be made is that you are the only person that can be contacted. It might be a good idea to keep a file including dates and details of phone conversations and when you mail out or receive letters.

If you do send any correspondence to the collections agency do this by Certified Mail, Return Receipt Requested. This ensures that the letter reached the collector, giving you a signed receipt as proof. If you negotiate a re-payment plan over the phone, ask for the terms of the plan in writing. Any promise to remove or adjust credit history should also definitely be documented.

Make sure that you pay the right party; payments should be made to the debt collector, not the creditor, unless otherwise instructed to do so. Carefully look over the amount you are being asked to pay. Get an assessment of any interest, fees or charges that have been added.

If you feel that your collector is being abusive, be certain to complain to the agency and keep this complaint on file. Finally, never ignore a collector even if you feel that the debt isn’t yours; they will continue to contact you and it may mean more trouble and time in the long run.

Mallory Megan works for a debt collection company. Also, she does articles on business, finance, consumer spending, and collection agencies.

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