Collection Agencies And Conduct
by Takara Alexis
When people are approached by a collection agency, many of them are automatically nervous. It's common to be nervous, since you literally have an entity reminding you that you have a debt to be paid. While it is legal to have collection agencies approach people in debt, many of the people who become nervous do not understand that there are certain laws that collection agencies must adhere to.
In the US, collection agencies have to abide by the Fair Debt Collection Practices Act. It was passed in 1978 and used to establish guidelines for fair debt collection practices to be made. Without these laws collection agencies would be able to harass you constantly from sunrise to sunset. So always make sure to know your rights, and what they are allowed and not allowed to do. There are also state laws that may affect collection agencies as well that differ from state, but here are a few from the Fair Debt Collection Practices Act.
Phone Contact- It is illegal to contact someone outside of the hours of 8am - 9pm local time. Deceit- It is illegal to misrepresent the debt, or pretend to be someone you are not, in order to intimidate the subject. (Such as pretending to be an attorney).
Abusive Language- Any profane language or abusive language is prohibited during communication related to the debt. Bad Debt List- It is illegal to put the name of the subject on a bad debt list.
Cease Contact- Once the collection agency has received a written notice that the subject wishes to prohibit contact, or refuses to pay the debt, it is illegal for the collection agency to continue contact with that person.
Attorney Contact- If you are represented by an attorney, they must contact the attorney. Persistent Phone Calling- Calling repeatedly calling someone is considered harassment.
Showing posts with label Canada collections. Show all posts
Showing posts with label Canada collections. Show all posts
Wednesday, September 7, 2011
Wednesday, June 1, 2011
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!
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!
Tuesday, April 26, 2011
Roth IRA
Roth IRA
by Takara Alexis
A Roth IRA is a type of personal retirement account that's similar to a traditional IRA (Individual Retirement Account) but with some key differences. Most significantly, unlike a traditional IRA, contributions made to a Roth IRA are not tax-deductible. That means that you cannot take an IRA deduction on your Roth IRA to reduce your taxable income.
Even though there are not immediate tax benefits to having a Roth IRA, there are other benefits. A very significant benefit is the tax-free withdrawals that are able to be made in the future. But, to get these benefits you need to follow the Roth IRA rules.
You are allowed to own both a traditional IRA and a Roth IRA, but the maximum IRA contribution limit is $5,000 between the two accounts. That means if you contribute $3,000 to a traditional IRA, you can only contribute $2,000 to a Roth IRA. The Internal Revenue Service (IRS) won't permit you to contribute more than your income to a Roth IRA. If you make $3,000, you can only contribute a maximum of $3,000 to a Roth IRA.
There are no age limits on Roth IRA contributors. In addition, there is no Required Minimum Distribution (RMD). After 70 1/2, you could continue contributing to your Roth IRA and you aren't required to withdraw any money from the account.
You are allowed to make a withdrawal from your Roth IRA, without penalty if you do so within certain guidelines set forth by the IRS. When you make a qualified IRA distribution, neither the principal deposited nor the interest earnings are taxed.
Qualified IRA distributions can be made five years after you opened the account and after you have reach age 59 1/2. You might be able to make a qualified distribution before age 59 1/2 as long as the first contribution was made five years ago and you're making the distribution for one of these reasons: to help buy your first house, to pay for education expenses, you become disabled, you use the money for medical expenses, or you rollover the distribution into another qualified IRA plan.
If you make a withdrawal outside the guidelines listed above, it is thought of as an early withdrawal and will be subject to a 10% early withdrawal penalty as will as income taxes on the amount withdrawn.
A Roth IRA is a good idea for saving for retirement, but to get the maximum benefit from the account, you must follow the Roth IRA rules.
by Takara Alexis
A Roth IRA is a type of personal retirement account that's similar to a traditional IRA (Individual Retirement Account) but with some key differences. Most significantly, unlike a traditional IRA, contributions made to a Roth IRA are not tax-deductible. That means that you cannot take an IRA deduction on your Roth IRA to reduce your taxable income.
Even though there are not immediate tax benefits to having a Roth IRA, there are other benefits. A very significant benefit is the tax-free withdrawals that are able to be made in the future. But, to get these benefits you need to follow the Roth IRA rules.
You are allowed to own both a traditional IRA and a Roth IRA, but the maximum IRA contribution limit is $5,000 between the two accounts. That means if you contribute $3,000 to a traditional IRA, you can only contribute $2,000 to a Roth IRA. The Internal Revenue Service (IRS) won't permit you to contribute more than your income to a Roth IRA. If you make $3,000, you can only contribute a maximum of $3,000 to a Roth IRA.
There are no age limits on Roth IRA contributors. In addition, there is no Required Minimum Distribution (RMD). After 70 1/2, you could continue contributing to your Roth IRA and you aren't required to withdraw any money from the account.
You are allowed to make a withdrawal from your Roth IRA, without penalty if you do so within certain guidelines set forth by the IRS. When you make a qualified IRA distribution, neither the principal deposited nor the interest earnings are taxed.
Qualified IRA distributions can be made five years after you opened the account and after you have reach age 59 1/2. You might be able to make a qualified distribution before age 59 1/2 as long as the first contribution was made five years ago and you're making the distribution for one of these reasons: to help buy your first house, to pay for education expenses, you become disabled, you use the money for medical expenses, or you rollover the distribution into another qualified IRA plan.
If you make a withdrawal outside the guidelines listed above, it is thought of as an early withdrawal and will be subject to a 10% early withdrawal penalty as will as income taxes on the amount withdrawn.
A Roth IRA is a good idea for saving for retirement, but to get the maximum benefit from the account, you must follow the Roth IRA rules.
Thursday, April 21, 2011
Avoiding Retirement Hazards
Avoiding Retirement Hazards
by Takara Alexis
As health care costs keep rising dramatically all of the time, employers are also shifting more weight of the prices onto their employees. Many companies are starting to drop retired workers from their health plans, and on top of that, millions of Americans have no form of coverage at all.
So one of the most common mistakes made in retirement, is a lack of preparation for the financial impact of your health. One very overlooked and most expensive costs is long-term healthcare. Long-term health costs can be devastating to a financial plan, so buying long term care insurance early on can assist with minimizing its costs severely.
A typical assumption is that you should have enough retirement assets to last you until your life expectancy is reached.
But today, the world is always going through changes. As medical technology goes up along with life expectancy, the odds are good that at least you or your spouse will live past age 90. So it is vital that you are prepared to live longer.
Your generation is famous for working extra long, hard and abnormal hours to try to get ahead. And most baby boomers agree that they will be working long into retirement. But that could be one of the biggest retirement mistakes you make.
As of now, the average age of retirement in America, is 62. According to the Employee Benefit Research Institute Retirement Confidence Survey of 2007, among retirees who had to leave the workforce earlier than they wanted to, 28% did so because of disability, 28% because of layoffs or corporate restructuring and 25% to care for a spouse or family member. So even if you decide to work as long as you can, it may not always be possible and it's vital that you plan and save for such a scenario.
by Takara Alexis
As health care costs keep rising dramatically all of the time, employers are also shifting more weight of the prices onto their employees. Many companies are starting to drop retired workers from their health plans, and on top of that, millions of Americans have no form of coverage at all.
So one of the most common mistakes made in retirement, is a lack of preparation for the financial impact of your health. One very overlooked and most expensive costs is long-term healthcare. Long-term health costs can be devastating to a financial plan, so buying long term care insurance early on can assist with minimizing its costs severely.
A typical assumption is that you should have enough retirement assets to last you until your life expectancy is reached.
But today, the world is always going through changes. As medical technology goes up along with life expectancy, the odds are good that at least you or your spouse will live past age 90. So it is vital that you are prepared to live longer.
Your generation is famous for working extra long, hard and abnormal hours to try to get ahead. And most baby boomers agree that they will be working long into retirement. But that could be one of the biggest retirement mistakes you make.
As of now, the average age of retirement in America, is 62. According to the Employee Benefit Research Institute Retirement Confidence Survey of 2007, among retirees who had to leave the workforce earlier than they wanted to, 28% did so because of disability, 28% because of layoffs or corporate restructuring and 25% to care for a spouse or family member. So even if you decide to work as long as you can, it may not always be possible and it's vital that you plan and save for such a scenario.
Collection Fees On HOA Bills
Collection Fees On HOA Bills
by Takara Alexis
Collection agencies could charge up to $1,950 plus "reasonable attorney fees" on a house that is late on its homeowner association assessment under a bill passed out of committee Friday by Senate Democrats.
Senate Bill 174 passed along party lines after an intense debate that had Republicans accusing Democrats of wading into a legal battle in favor of collection agencies.
The bill is usually supported by homeowner associations and collection agencies and opposed by consumer protection groups and investors. Sen. Allison Copening, D-Las Vegas, argued that the fee cap would protect homeowners from the excessive collection practices, and "reasonable attorney fees" could be settled by a judge. She said that the collection agency fees are required to keep homeowner associations solvent and able to provide services for existing residents.
Copening works as a lifestyle director for a homeowner association management company, and critics, including homeowners unhappy with their association boards, have said her outside employment presents an issue.
The legislation has been a source of drama this week, and a sign that the Democratic assembly is less than iron clad. Copening this week initially would not say whether she was a part of the Democratic caucus.
Tempers flared Friday in a back and forth between Copening and Sen. Michael Roberson, R-Las Vegas. Sen. Valerie Wiener, chair of the Judiciary Committee, stopped the sides at one point and said, "Take a breath. Take a breath."
Friday was the deadline for bills to make it out of committee, and SB174 now moves to the full Senate.
Consumer advocates said collection fees on late HOA bills have become a growing problem in the recession and as people walk away from their houses.
"The fees that are being charged to homeowners for past-due HOA fees are exorbitant," said Cena Valladolid, operations director for the nonprofit Consumer Credit Counseling Services in Las Vegas. She said collection agencies hired by HOAs have been unwilling to minimize payments or offer any flexibility to consumers.
The bill specifies that collection agency fees are "super-priority liens" - moving to the front of the line to be paid back when a house is sold. Investors have argued that collection agency fees should not be "super-priority," which they say the Legislature specifically reserved for past homeowner association dues.
Republicans argued that the Senate bill wouldn't do much to slow a problem in Nevada of aggressive collection agencies taking on fees of thousands of dollars on relatively small homeowner association bills. Roberson said the Legislature should also refrain from getting involved in a legal disagreement between two private parties.
Copening brought up the case of Paradise Spa homeowner association in Las Vegas, which was raided by the FBI and Nevada Attorney General's office last week. A single investor there owes more than $1 million in assessments, she said. Residents face having their gas shut off on Monday, Copening said, calling the investor a "slumlord."
Roberson, an attorney, scoffed at the "reasonable" attorney fees in the bill. "How are homeowners supposed to dispute 'reasonable or not?'" he said.
"They're going to have to hire their own attorney, and have more legal fees?" said Sen. Ruben Kihuen, D-Las Vegas, who added he was not completely satisfied with the bill, and reserved the right to vote against it on the floor. He said he would move it forward to prevent excessive fees right now.
Sen. Shirley Breeden, D-Henderson, was the other undecided Democrat on the Committee. She called Copening's bill "a good start" to capping collections.
A regulation pending in front of a Legislative committee is arranged to cap the collection fees at $1,950 per home, plus costs.
by Takara Alexis
Collection agencies could charge up to $1,950 plus "reasonable attorney fees" on a house that is late on its homeowner association assessment under a bill passed out of committee Friday by Senate Democrats.
Senate Bill 174 passed along party lines after an intense debate that had Republicans accusing Democrats of wading into a legal battle in favor of collection agencies.
The bill is usually supported by homeowner associations and collection agencies and opposed by consumer protection groups and investors. Sen. Allison Copening, D-Las Vegas, argued that the fee cap would protect homeowners from the excessive collection practices, and "reasonable attorney fees" could be settled by a judge. She said that the collection agency fees are required to keep homeowner associations solvent and able to provide services for existing residents.
Copening works as a lifestyle director for a homeowner association management company, and critics, including homeowners unhappy with their association boards, have said her outside employment presents an issue.
The legislation has been a source of drama this week, and a sign that the Democratic assembly is less than iron clad. Copening this week initially would not say whether she was a part of the Democratic caucus.
Tempers flared Friday in a back and forth between Copening and Sen. Michael Roberson, R-Las Vegas. Sen. Valerie Wiener, chair of the Judiciary Committee, stopped the sides at one point and said, "Take a breath. Take a breath."
Friday was the deadline for bills to make it out of committee, and SB174 now moves to the full Senate.
Consumer advocates said collection fees on late HOA bills have become a growing problem in the recession and as people walk away from their houses.
"The fees that are being charged to homeowners for past-due HOA fees are exorbitant," said Cena Valladolid, operations director for the nonprofit Consumer Credit Counseling Services in Las Vegas. She said collection agencies hired by HOAs have been unwilling to minimize payments or offer any flexibility to consumers.
The bill specifies that collection agency fees are "super-priority liens" - moving to the front of the line to be paid back when a house is sold. Investors have argued that collection agency fees should not be "super-priority," which they say the Legislature specifically reserved for past homeowner association dues.
Republicans argued that the Senate bill wouldn't do much to slow a problem in Nevada of aggressive collection agencies taking on fees of thousands of dollars on relatively small homeowner association bills. Roberson said the Legislature should also refrain from getting involved in a legal disagreement between two private parties.
Copening brought up the case of Paradise Spa homeowner association in Las Vegas, which was raided by the FBI and Nevada Attorney General's office last week. A single investor there owes more than $1 million in assessments, she said. Residents face having their gas shut off on Monday, Copening said, calling the investor a "slumlord."
Roberson, an attorney, scoffed at the "reasonable" attorney fees in the bill. "How are homeowners supposed to dispute 'reasonable or not?'" he said.
"They're going to have to hire their own attorney, and have more legal fees?" said Sen. Ruben Kihuen, D-Las Vegas, who added he was not completely satisfied with the bill, and reserved the right to vote against it on the floor. He said he would move it forward to prevent excessive fees right now.
Sen. Shirley Breeden, D-Henderson, was the other undecided Democrat on the Committee. She called Copening's bill "a good start" to capping collections.
A regulation pending in front of a Legislative committee is arranged to cap the collection fees at $1,950 per home, plus costs.
Friday, April 8, 2011
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.
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.
Subscribe to:
Posts (Atom)
