Are you overwhelmed with debt?

13 07 2011

There are several options that consumers have to deal with their debt before considering bankruptcy. Declaring bankruptcy may be helpful in certain situations but it should always be used as a last resort. Depending on your level debt and self discipline, there are different options that you should consider.
Organize yourself
Contact your creditors directly and try to work out a payment plan. Try explaining to them the cause of your financial troubles, they may be understanding. Don’t wait until you have debt collectors calling you because that means your creditors have given your debt away to someone else which may or may not affect your credit. If you have secured debt like a home or car loan those objects may be repossessed until the full payment of the debt is received. If you foresee that you cannot make the payments on time, If possible, the best way to avoid this is sell the car or house and pay off the loan before the amount builds up more than you can handle.

Work with credit counselors
If you cannot organize your finances on your own there are organizations out there to help people with these exact problems. They usually offer services online or on the phone. They can help advise you on managing your debts and money, develop a budget and offer free educational materials.
Enroll in a debt management plan
Debt management plans or DMPs are programs that work with your creditors and schedule timely regular monthly payments for you unsecured debt. In exchange for inactivation of the accounts or credit cards the creditors may lower interest rates or fees. These are not for everyone though. If you fail to make a payment while enrolled in one of these programs it may affect your credit even worse.
File for bankruptcy
This should be done only as a last resort. The results of this are long lasting and can stay on your credit report for up to 10 years. This can make it almost impossible to buy a house or car or even get a job. But if it is your only option, it is an option.

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Hiring the Right Sales Person for Your Company

2 06 2011

Hiring the right sales person can be a difficult business decision.  Not only do you want to get the best person for the job, you want the best person for selling your product.  Hiring sale people can be difficult because if they are good at what they do they will be selling themselves to you in their interview.  There are different angles to be considered before hiring a new sales representative.

Hiring sales people already in your industry has its advantages and disadvantages.  Some of the advantages are that sales people within your industry are already familiar with how to sell to your customer base.  It can also reduce the cost and time of hiring and training new employees.  Sometimes hiring people already in your field may expand sales by acquiring the new contacts.

However, there are disadvantages to hiring sales people within your industry.  People already in the industry might not be the best candidates to choose from.  If someone is looking for a new sales position within the same industry there is a reason.  Usually these people are at the bottom percentage of the sales ranks.  Remember that every sales group is different, even within the same industry.  Your company might require different skill sets than what your new sales person learned from their previous company.

Hiring from outside your industry can be an excellent choice to avoid some of the problems listed above.  There are a few things to keep in mind when looking for sales people new to your industry.  Look for people who have job skills that are clearly defined and have worked within standard sales dealings that aren’t industry specific.  Remember that a good sales person is responsive to the customer.  By predicting the purchasing patterns of your customers, it shouldn’t be difficult to find related industries where the sales people are trained in a way that making the switch in industry will not affect their selling skills.  Finally, look for skill not just a degree.  Ask the prospective sales employee about their numbers from previous jobs.  Remember that perseverance and drive are not things that can be learned in school.

Remember when hiring a new sales person to keep in mind their persuasiveness and selling points.  You want to hire the best person for the job and your company, but you need to make sure they will fit into your company culture.  Just because people have sales in your industry does not necessarily mean they will be the best candidate for the job.





What Your Credit Score Means

7 04 2011

A survey conducted by the Consumer Federation of America found that only 1/3rd of Americans know what their credit score means.  Credit scores are essential in qualifying for a mortgage, car loan, and a bad credit score can even prevent you from being getting a service like internet. 

A credit score tracks how you incur debt and pay your bills.  A high score shows you are responsible and will pay off loans.  High scores not only help you get lower interest rates on credit cards, mortgages, and car loans, but also for renting an apartment, getting a job, getting utilities.  Businesses that may extend you credit, look at your credit report to decide whether to lend to you or not and how much and at what interest rate.

You can find your score for a small fee from Equifax (800)685-1111, Experian (888)397-3742, or Trans Union (800) 916-8800.  If you are applying for a mortgage you can get your score for free from your lender. Annualcreditreport.com will give you access to a free credit report every year from each of the three major credit reporting companies.

Your score will fluctuate whenever you pay a bill on time or late, apply for a new credit card, or take out a loan.  It attempts to predict what your credit behavior will be like in the future. A creditor looks at the information on your credit report and predicts the creditworthiness based on outstanding debt, payment history, late payments, and age of your accounts.  The total number of points received suggests how likely you are to pay back a loan or pay bills on time.

To improve your score you should pay your bills on time, reduce outstanding debt, avoid having a creditor check your report, do not add new balances, stop applying for credit, keep one or two credit cards that you have had the longest and cancel the rest.  If you do this it will take some time to change, but over time your score will go up.

If there is something wrong with your credit report you should dispute it.  The credit reporting agency is required to investigate all disputes. With the increase in identity theft, you want to protect your information from people who may open a credit card or utility using your information that can damage your credit rating.

A score of 760 or above is considered an A grade and will receive the best interest rates. Above 700 is a B, between 600 and 700 is a C, and below 600 is a D or an F and will lead to higher interest rates.  Establishing good credit is important for future purchases you may wish to make.





Seven Ways to Stand Out At Work

14 01 2011

1. Control your image. This not only includes your clothing style but your self image as well. You should always dress appropriately for your job. You should have self confidence in the work you are doing and believe that you can accomplish the job at hand.

2. Communicate Effectively. Listen actively to understand what you are being told. When you are speaking, speak clearly. Avoid negativity and pay attention to yours and others body language. Be sure to show interest.

3. Improve your leadership skills. Motivate others by giving reinforcement, teach others, give enthusiasm, and pass up leadership in areas where someone else is better suited than you.

4. Maintain Integrity and Digression. Practice ethical behavior and use your common sense. Do not take credit for others work or pretend to know something when you don’t. Do not lie you want to be trustworthy. Be discreet about what you say and who you say it to.

5. Learn From Mistakes. It is okay to admit your faults and let it go. Do not blame others. Be rational and do not make false assumptions. If you do not know something it is okay.

6. Adjust to Change. Technology and organizational functions are constantly changing. Be flexible and accepting of change.

7. Manage your Time. Planning, prioritizing, and getting organized is a good tool to stay on track and to avoid wasting time. Do not take too long to take advantage of a good opportunity.





New Years Resolution for 2011: Five Ways to improve you collections from 2010 to 2011

14 12 2010
  1. Develop an approval process to reduce the number of problem accounts. Only extend credit to those who pass your approval process. This may include getting a background and asset check before accepting them as your customer. Once you accept a customer, you may want to consider the following:
  • Possibly getting a credit card to secure payments.  Next to cash payments, this is an effective way to ensure the customer is committed to paying you.
  • Consider setting in a Progress Payment Plan for work in progress or Contract Sales.  For example, 15% at placement of order, 40% after 60 days, etc. to lighten the tightness of cash flow and lower the payment for the customer.
  • Set a credit limit for every customer.
  1. Get Deposits. In Large orders, produce to orders, and custom orders, getting a non-refundable deposit of 10-50% of the final price ensures the customers commitment to pay.
  2. Do not wait too long before you attempt to collect. The grace period past the due date should only be about 2 business days.  After that is it time to contact your customer to let them know that you are on top of things.  The longer you wait the less chance you have of collecting. Be friendly with the first reminder.  If your customer still does not pay after you continually contact them, consider hiring a debt collection agency, and FAST!
  3. Document any contact you have with your customers.  Always start a conversation with the terms of the original agreement to let your customer know that you are going to be on top of the issue until the bill is paid.
  4. Be fair and firm.  Creating templates of scripts of what you will say is a great way to be sure that you stay calm and friendly when trying to get your customer to pay.




International Debt Collection

19 11 2010

With the growth of a global economy, more and more companies are able to advertise and sell their products and services in other countries as well as their own.  Global economies also lead to the expansion of debt collections into foreign countries. When doing business in a different country, you need experience and knowledge of the countries government and laws, trade restrictions and requirements, and the differing currencies and credit reporting criteria.

Debt Collection Agencies collecting from or for companies outside the United States need to consider a few factors:

1. Language – Working with people from different countries often presents a language barrier.  It is important to have a translator for communication.

2. Time Zones – Working across time zones presents communication challenges and time constraints regarding when you can talk with someone in the opposite time zone.

3. Foreign Partner Relationships – Gaining the cooperation and a positive attitude while working with a foreign country will build a quality relationship between the client, collection agency, and debtor.

4. Laws – It is important for a debt collection agency to understand their country’s laws and the other country’s laws and policies regarding credit, collection, and the court systems.

At Butler Robbins & White Global Revenue Recovery, we are able to collect foreign debt with our unique research.  We may be able to transfer a judgment to a foreign country. We are sensitive to the different cultures we work with and offer an extended arm, so companies are able to interconnect with the United States.

Let us help you! Email us today at RKluge@brwcollect.com





Smart Questions to Ask A Corporate Collection Agency

24 09 2010

A collection agency can become an important partner for any business in helping to recoup debts owed the business from past due clients when all other attempts and options have proved futile. Because the collection agency your business hires is in effect representing you, there are several smart questions to ask a potential agency in order to select one that is reputable as well as effective.

The first question to ask is how long the collection agency has been in business and at their present location. You want an agency that has a good track record and that has been in business long enough to show that they are professionals who get the job done to their clients’ satisfaction.

Another smart question to ask is how many collection agents they have on their staff and how are they trained. Find out if one or more collection agents are assigned to your account. Ask the collection agency if they expect their staff members to be professional and courteous at all times, both attitudes which can only help you in the long run.

Ask how easy the collection agency makes it for the debtor to reach them, either by phone or in person or email and even thru social media such as Linkedin, Facebook and even Twitter. Find out if they offer debtors a toll-free number for returning their calls, making it easier for a cash-strapped debtor to call back and discuss the situation rather than avoiding the call because they cannot afford to make a long-distance or toll call to the collection agency.

Ask if the agency is computerized and how often they report the status of your account to you.

Ask if the agency will provide client referrals or testimonials from others in your same type of business. Ask what sort of fees they charge you to collect monies owed and if you must sign a contract to retain their services and how long is it binding on both parties.

Ask a prospective collection agency how they ensure that they are following all state and local laws and regulations regarding collection.

Ask how long the collection agency works at trying to obtain your money from past-due accounts and how they determine when to advise you to start legal proceedings against deadbeat clients.

Have a question? Call us now.

Butler, Robbins and White has been in business for 30 years and we are on standby now to help increase your business’ cash flow. Call now at 1800-749-1969 or email us your contact information to new_client@brwcollect.com