International Debt Collection: Debt Recovery Services Overseas

International Debt Collection: Debt Recovery Services Overseas
by Michael Gillen

International debt collection has its own pitfalls, but it's a crucial part of any debt recovery services plan. In the global village in which we live, it isn't realistic to assume to all of your debtors are going to remain within the United States. Considering our history as immigrant nation, it makes sense that people will have connections in foreign countries and, if they no longer want to repay their debt, they could end up skipping town.

The first thing you should remember is that, even if a person has fled to another country, international debt collection is still possible. In fact, it is a growing field. You don't stop owing money just because you moved to a different town, so it makes sense that the same would follow if you were living in a different country.

International debt collection has numerous problems specific to it that must first be addressed. The simplest and most obvious is the language barrier. If you're attempting to do research on a client that lives in Japan, it makes sense that you gain the services of somebody who is fluent in Japanese. Although the old adage is that everybody speaks English, not everybody speaks it well enough to discuss something as complicated as debt collection.

Next you should figure out the laws that are in place regarding international debt collection in the country you're trying to work in. Take, for example, the laws regarding bounty hunting. Whereas bounty hunting is a legitimate last resort in the United States, it is illegal almost everywhere, at least if done by a foreigner. Obviously, you do not want your debt collection to end in your arrest, so you should work on learning all you can about the country you are trying to find your debtor in.

Finally, it may be best for you hiring a professional agency to handle your debt recovery services, especially if you are trying to perform international debt collection. Debt collection is a highly regulated activity, so it makes sense that you work with an expert that will know the ins and outs of international debt collection.

Success Rate Valued Over Price When Choosing A Debt Collection Agency

Success Rate Valued Over Price When Choosing A Debt Collection Agency
by Takara Alexis

The latest "Global Collections Review" survey, lets us see a new trend amongst businesses when selecting a debt collections agency. Unlike in the past year, companies put more attention on the agencies' success rate, less the cost.

This craze can be seen amongst many major European countries and reveals a mindshift in European businesses seeking support from external agencies when collecting outstanding debt. The success rate of a debt collections agency easily allows comparison between collection agencies' performance. The success rate is defined as the value of collected payments of the total debt received and expressed as a percentage. The total excludes insolvencies and withdrawals.

Successful debt collections and establishing solvency is essential to business. The study has made clear that the choice of a collection agency is made based on its quality, meaning its performance and ability to succeed in collecting, and not price.

The ability of external debt collection agencies to deliver results is the key factor for businesses to employ a debt collections agency.

With the economy picking up and staff busy focusing on incoming business, collecting debt can again be seen as a task that is more frequently handed over to external agencies.

Leader in usage of external debt collections agencies is the Netherlands where 65% of the surveyed businesses have used this service and is much higher than in countries, such as Spain which remains at a low 20%.

Broken down by sectors, companies operating in the financial services sector seem to use a debt collections agency more often while in the other sectors, such as manufacturing, wholesale and retail trade and distribution, services, companies have a preference towards collecting internally.

Overall, European attitudes relating to the choices of debt collection agencies were incredibly similar, which indicates that the requirements, expectations and high standards demanded of agencies are constant factors irrespective of business size, type or location.

Rapid Recovery Solution is an attorney based collections agency specializing in debt recovery. Our collection agency attorney works non-stop along with our many experts at Rapid Recovery to quickly collect your money. Contact RRS for more information or request your FREE quote today!

Reverse Mortgage

Reverse Mortgage
by Takara Alexis

As thousands of Americans plan for retirement and turn to alternative sources of post work income, one that might come to mind is a reverse mortgage. The concept of a reverse mortgage is pretty simple: someone pays you, based on the value of your home. There are plenty of options available as to how you want to receive this money. You may choose to take monthly payments, take a lump sum, or receive a line of credit.

When you purchased your home you probably had to make mortgage payments. As you did, you began to decrease the amount of debt owed and gradually increased the amount of equity in your home. Reverse mortgages are the opposite. As time passes, you gradually receive more and more money from the lending company.

The intention of a reverse mortgage is to have an added source of income, particularly if you plan on selling your home near the end of your life or after you die. It permits you to take in the equity from your home and enjoy it in retirement. The amount you receive in the reverse mortgage is based on the value of your home, current interest rates, and your current age.

Once you've received the amount your home has been determined to be worth, less any fees charged by the lender, you will owe that amount to the lender. You can pay that back any way you wish, but in numerous cases, the idea is to sell your home and repay the debt. Usually, this is done by an estate after a person passes away and still has debt. As long as you're permanently living in your home, you don't need to pay the lender back.

Reverse mortgages contain a lot of details and can get complicated, which is why it is best to ask a financial professional for advice prior to looking into them much further. While they may have a lot of technical details, they don't have many requirements. In general, you have to be 62 years of age or older, and own your own home. Those are the two basic requirements of a reverse mortgage. Beyond that, there are a few other basic things to keep in mind.

Reverse mortgages do have upfront costs, just like a regular mortgage. They also have monthly service costs. However, all of the money you receive from the lender is tax-free. To receive a better estimate of how much a reverse mortgage would pay you, it is wise to meet with a financial professional.

Unfortunately, reverse mortgages aren't for everyone. Reverse mortgages could supply a valuable resource to individuals when the circumstances are right, but there are many considerations to be taken before choosing one, involving: fees, restrictions, estate planning considerations, need for income, other assets, health considerations, insurance coverage, and so on.

Frequently a reverse mortgage is a last resort for income for many individuals and many individuals decide that reverse mortgages aren't for them. And in many situations, for instance, if you want the house to stay in your family for many generations, then it might not be for you.