The state of Queensland in Australia is fast approaching $1billion in debt from unpaid fines. The government has abandoned the plan to use debt collectors to collect the fines. The outstanding fines were at $980 million dollars at the end of April. The new government is looking at other measures to recover the unpaid fines. Read…Details
Majority of small businesses do not have the ability to track or manage their cash flow because the necessary tools are not available at banks. According to Barlow Research Associates, around 60% of small business owners have mentioned cash flow is a concern monthly. Most small business failures are due to poor cash flow management.…Details
GCS Partners Greg Cohen and Albert Knowles have been elected to the 2015 IACC (International Association of Commercial Collections) Board of Directors. IACC is made up of commercial collection agencies, associate, law list and affiliate members. IACC serves members in the US and 25 other countries. Members of IACC recover millions of dollars annually for their…Details
The percentage of Americans having at least one account in a third party debt collection system has fallen to a post-financial crisis low in the fourth quarter of 2014.
The average balance of accounts in collection has also fallen for a second straight quarter.
Source: Inside Arm, Patrick Lunsford
South Africa has a spending culture with low savings levels, which is evident in many segments of the population. With a low growth rate and a tough economic environment in South Africa, consumers have turned to accessible unsecured credit facilities. Data analytics can be used to predict the best possible date to collect debts from…Details
After completing a $75 million funding round, Bitcoin payment firm Coinbase has revealed it will open the first Bitcoin exchange in the United States.
The company has regulatory approval in half of the states already for this purpose.
Coinbase already offers exchange services in 19 countries.
Source: Tech Crunch, Jon Russell
British businesses are being hampered by late payments, where 60% of firms are having to wait for 60 days or more for payments. According to research done by Sage, 457 small businesses in the UK expressed that late payment had improved only marginally compared to 12 months ago. However it shows the continuous failure in…Details
A State Duma lawmaker and member of the ruling party in Russia has submitted a bill in parliament to introduce a temporary ban on the collection of mortgage debts in foreign currency. This bill has been drafted to prevent mass default of individual clients and public tension, protection of consumer rights and prevent the real…Details
Employers do not want to hire thieves, drug addicts, bad-news-bear-execs etc. Many companies are now hiring third party screening firms to do a background check that goes beyond checks on your references and verifying your employment history. Legally they need your consent. But once they start the checks, they can find out everything from drink…Details
The US Securities and Exchange Commission has filed legal action against a hedge fund and its owners for defrauding customers.
Investors have lost millions as the hedge fund run by a former debt collector who had no experience in hedge fund management.
Source : Inside ARM, Patrick Lunsford
The New York Department of Financial Services has issued new regulations on consumer debt collection practices on 3rd of December 2014.
The state has rolled out tough regulations to protect borrowers from illegitimate debt collection practices who are deceiving and abusing consumers to make a quick buck.
Source: Mondaq, Travis P. Nelson