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April 2016

Debt Recovery an Increasing Problem for Businesses

Debt Recovery an Increasing Problem for BusinessesTimes are tough for many and there’s little evidence that anything will change soon. As international milk prices continue to fall and the New Zealand economy muddles along the bottom, so everybody’s debt levels are rising. Invoices are going unpaid for up to 120 days at a time, according to one credit management company.

Data from credit agencies indicates a disappointing future of more unpaid invoices and company collapses as a lack of cash flow drives them under. Debt collection and debt recovery agencies say the situation is worsening and recommend businesses carry out credit reference checks to avoid the frustrations of chasing clients for late payments.

The last thing any business owner wants is to deal with the often financially-crippling scenario of having to recover debts totalling thousands of dollars by customers who don’t pay. An increasing number of New Zealand firms are delaying their bill payments, a trend that can draw an increasing number of vulnerable businesses into the late payment cycle.

The day an expected payment from a customer is missed, a business should be on the phone to query it. Firms must proactively monitor and manage any customers who are struggling to pay and even customers with a good track record of payments should be managed and monitored. For small businesses in particular, going through the process of recovering these debts can be difficult and time consuming and the delay in cash flow can push them into severe financial stress.

That’s when debt recovery software like iCollect can assist. Managing credit and debt collection does not have to be an onerous task.  Getting the right system is like a professional safety check. With the right debt recovery software in place you’ll know where your clients are at so you can make the best, timely decisions for the success of your business.

Benefits of Debt Collection Software

Benefits of Debt Collection SoftwareDebt collection software is a powerful tool that can make life easier for businesses of all sizes and at an affordable price.

Cash is the lifeblood of any business. With cash, firms are not only able to meet their obligations to staff and suppliers but it provides the ability to invest in and develop the business. So when cash flow dries up, businesses struggle and can end up facing severe financial pressures.

One of the best ways for improving the cash flow of a company is to increase the quality of its debt management processes. A credit management and debt collection tool provides incomparable benefits when compared to conventional spreadsheets.

Implementing specialist debt recovery software like iCollect offers powerful debt collection and reporting features that will professionalise your debt recovery processes. Every late payment will become an opportunity to improve internal collection systems. By making the most of the dedicated
credit management technology available, your business can experience the benefits of establishing an effective, automated collection process.

Reminders are methodical and prioritised and automation of some reminders will ensure continuity of recovery and less time wasted by you and your staff. Data is accurate and up to date allowing the tracking of non-payments to be identified early. The ability to be proactive will help resolve the
dispute as quickly as possible to make the payment recoverable.

The customer payment behaviour is measured. Better information about your clients allows you to recover debts with different collection strategies depending on the client behaviour and can be used to encourage customers to pay their bills in a timely manner.

Implementing the right debt collection software for your business could help you increase your cash flow and ensure the success of your business.

Understanding Debt Recovery and Enforcement

Understanding Debt Recovery EnforcementIf you don’t pay a debt, the person you owe money to (the creditor) may negotiate with you about the debt or they can take you to court.

It’s also possible that the creditor might get a debt collection agency involved – either just to help them recover the debt or they might sell the debt to a debt collection agency, who will then legally become the “creditor”.

A debt collection agency will first ask in writing for the debt to be paid and provide information about the consequences if it isn’t.

If you disagree that you owe the money, you should tell the creditor or debt collection agency as soon as possible and give your reasons.

If the debt is $15,000 or less, a claim can be taken to the Disputes Tribunal. Claims between $15,000 and $20,000 can also be taken to the Tribunal, if both sides agree to dealing with the dispute this way.

Claims can be taken to the District Court if the debt is not more than $200,000, or the High Court for a debt of any amount but usually over $200,000.

The court can order the debt to be paid off by instalments, they can order an employer to take money directly from a person’s salary or wages to pay the debt, and they can issue a warrant to seize money or goods belonging to the debtor. Goods can only be repossessed if the signed contract explicitly allows this.

If the court is satisfied that the debt can be paid but the person is simply refusing to do so, it can order them to do community work for up to 200 hours.

If you need help with unpaid debts, consider iCollect business debt collection software, serving businesses in Auckland, Wellington and Christchurch for over 10 years.

Viagra alternatives works better

Last week, the United States equivalent to the Medical Products Agency, FDA, approved a new drug - Addyi (flibanserin 100 mg). The Sprout Pharmaceuticals supplier certainly cried up a bottle and journalists around the world wrote about this little pill. For Addyi is not any pill, it's the long-awaited pink Viagra.

Thus, a medicine that is expected to revolutionize women's most common sex problems (low lust) in the same way as Viagra revolutionized men's most common sex problems (erectile dysfunction) when it came in 1998. And clearly everyone wants to rewrite pink Viagra, everyone wants to rewrite sex, especially when It gets a nice scientific setting.

The subject of Pink Viagra comes up in the media on a regular basis and the conversation follows about the same pattern. In one corner, cheerful insistence that science can finally be close to finding the key to women's sex drive. In others, one and another feminist chronicle concludes that women may not want to lie because they take the main responsibility for the home and the children. The fascinating thing is that in the middle of the conversation about sex and science is the obvious few who actually talk about science.

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