How to Prevent Debt from Becoming Uncollectable. Todd Wahl, President - Hunter Warfield, Inc.

Size: px
Start display at page:

Download "How to Prevent Debt from Becoming Uncollectable. Todd Wahl, President - Hunter Warfield, Inc."

Transcription

1 How to Prevent Debt from Becoming Uncollectable Todd Wahl, President - Hunter Warfield, Inc.

2 It is a business anyway you look at it A death care professional s accounts receivable portfolio is often a large asset on the balance sheet. It should be regarded in much the same way as any other commitment of corporate resources. You must give the same attention to this capital investment as you do to all other business operations. 2

3 Develop a Credit and Collection Plan The process is similar to starting a new business - it requires planning, execution of the plan, evaluating the results achieved and making corrections and modifications as required. To be effective, the plans, policies, staffing arrangements and practices should all be consistent with your general objectives of your business. As the business evolves, it will become necessary to periodically review and revise your decisions and plans. If you think your business is too small to justify a formal credit and collection department dedicated exclusively to the function, you should at least have a formal credit policy and collection practices that you follow. 3

4 Can you handle the credit functions yourself? Many death care professionals who own 1-3 funeral homes* are handling the credit functions themselves, along with other activities, such as purchasing, selling, financial planning and general office management. Even as the business grows many death care professionals find it increasingly difficult to give proper attention to the function of receivables management. Source: Random survey conducted among funeral homes placing accounts for collections. 4

5 Develop an Action Plan A Plan to Prevent! 5

6 Establish a Credit Department Starting ti and maintaining i i a receivables management function can be quite a burden for a death care professional that may already be faced with numerous issues and decisions. Most death care professionals are familiar with selling on credit, managing the resulting receivable and even the decision as to whether your customer is a good credit risk may not be as obvious. You may not have ever considered a formal credit strategy or policy. You should! 6

7 What are the objectives? The goal of receivables managements is to achieve the best combination of profitable sales and timely collection of receivables. The above elements will help ensure a healthy investment in your business operations. Few businesses can be successful if they are not paid for the goods or services they deliver on credit. Prudent credit and collection management can play an important role in contributing to the success of the funeral home. 7

8 Intelligent Credit Management Develop sound and constructive ti credit policies i and practices consistent with the way you want to do business. Provide for prompt collection and adequate protection of your company s investment in accounts receivable. Ensure that all credit decisions and actions will contribute to increasing sales volume, customer stability and to the funeral homes profit. Having debt truly isn t a bad thing. It is part of doing business. 8

9 What is a Credit Policy A credit policy lays the foundation from which h plans are formulated and decisions are made to achieve the goals set by your organization s business plans and objections. Your funeral homes credit policy is intended to cover most of the credit decisions that need to be made by your company over an extended period of time. Your policy should include balances from payments from Trust Funds, Insurance, Pre-Need, etc. EQUALLY. A few questions can shape the framework of your credit policy. 9

10 Framing your credit policy Determine your mission statement as it pertains to credit. (How strict or lenient will you be when providing credit to customers.) Define your goals in terms of credit and receivables and management. (How much bad debt is OK, age of receivables, DSO (Days Sales Outstanding), deductions. Establish a sound write-off policy for days and remove from the balance ledger. This is no longer an asset. Who has the responsibility for making the credit decisions at your funeral home(s) How are you evaluating whether you should provide credit. 10

11 Framing your credit policy How are you handling collections internally. What are your terms of sales and are they aligned with your business objectives. Credit policies vary from death care facility to death care facility. Large death care corporations already have internal credit and collection policies in place. You do not have to be a large funeral home corporation to obtain precredit resources. There are many economically priced tools available on the Internet that allow you to get what the larger companies are using. The level of risk a death care facility is willing to take when evaluating credit worthiness and the aggressiveness with which you pursue collections are dictated by your individual business objectives. 11

12 Develop an Action Plan Don t let it become uncollectable 12

13 Why you need to develop a Collection Plan A sale is not complete until the CASH is in the bank! Your business would be out of operating capital if it were not continuously replenished through collections of receivables. Your assets are unproductively tied up if you do not convert them to cash on a regular schedule. Uncollected receivables may restrict and interfere with your own ability to pay bills on time. 13

14 What to consider when establishing a collection process The four most important principles to follow Collect the money Maintain a systematic follow-up Speak with the customer about the past due amount Preserve your good name 14

15 Go collect the money The primary function of the person responsible for collecting your receivables is to collect the money as close to the selling terms as possible. You ve established a contract with your customer and they have an obligation to pay with the terms set forth. Your internal collector whether it s you or your staff needs to make sure the customers obligations are met. Gain a commitment date for payment, follow up accordingly. Your tone may be easy at first, but should be accelerated as much as necessary to prompt payment of the delinquent account In business sometimes you need to be firm 15

16 Create a systematic approach After the initial iti contact, t keep additional contact t time on a strict schedule. Document accurately. Did the customer promise a payment on a certain date and it was not met? Make note of it. Follow-up, follow-up, follow-up. Otherwise the collection effort may become ineffective. Systematic follow up indicates to your customer the importance attached to the delinquent dollar amount by the creditor. This creates a collection advantage. 16

17 Keep the line of communications open Once you get the debtor to talk about the situation, ti you are much closer to recovering payment. Invite the customer to communicate, whether its by mail, phone, or in person. The object of the discussion is to get the customer s s explanation of why they are delinquent. There are plenty of reasons The insurance money has not come yet, the estate is in probate, the immediate family is fighting, etc. Don t shut the door on communication 17

18 Preserve your good name Although h a customer may currently have trouble meeting payments, it certainly does not preclude them or their family from becoming a good customer in the future. Preserve the customers good will and your good name while pressing for collection of what is owed. However, if a choice is to be made between collecting money and preserving good will (theirs), typically the emphasis should be placed on collecting the money. If a customer has no intention of paying a legitimate debt then are they worthy of future business? No 18

19 Your collections efforts should entail awareness Awareness of the economy How is the situation. Awareness of the industry Are changes happening. Awareness of your business and your customers Taking the first steps in collections is crucial What are your customers problems? Why are they slow payers (or no payers)? Do they just not want to pay at all? 19

20 So what s next? Regularly l review your outstanding t invoices. i How long should you wait after the initial due date of the invoice has been missed? Your basic policy should specify the timing of the 2 nd and subsequent follow up Make sure you have the resources available to handle the entire collection effort. Are your records accurate and available. It is extremely important to keep a clear record of accounts that remain open beyond the regular terms of sale. 20

21 The early stages of collections If your AR systems allows past due notices, now is the time to prepare them and send out. Gather copies of invoices and be prepared to telephone your customers explaining what is past due. Your communication to a customer should be different based on the amount due. You should allocate less resources n a $100 balance vs. a $3,500 balance. 21

22 Past Due Letters Form letters provide substantial savings in time and expense. Sometimes they work, sometimes they do not. Often recipients recognize it as nothing more than a computer generated letter and discard it. Wit Write it correctly Explain what is due. Explain to them your position Follow up 22

23 Direct Telephone Contact The preferred method of contact where sizable amounts are owed. Handled properly it establishes a better understanding of the seriousness of the situation. Accelerates the collection of delinquent receivables. Build good will. 23

24 The middle stage of collections Customers are not responding to early collection efforts. Why? Was there a problem with service? They choose to pay others ahead of you. They do not have the money. This stage is a challenge to your internal collector s ability. Separate who is going to pay vs. the ones that will not. Follow up intervals must be maintained regularly. Usually once a week. The collector s abilities must be applied in writing resourceful, appealing and tactful letters that induce the customer to fulfill their financial obligations. You ve seen the RED flags now sell them. There is still good will in this stage; communications is key. 24

25 The middle stage of collections Promises, promises of payment. During the mid-stage it is quite common for customers to promise payment, give excuses for non-payment, or even send partial payments. If partial payment is made, this provides the collector something to work on. Use common sense and better business judgment. Set up specific dates and amounts that you want the customer to pay to complete the debt at the earliest date. 25

26 Final Collection Stage You ve nearly exhausted all avenues to collect on your own. The final collection effort by your funeral home is designed to motivate the seriously past-due customer to pay their account and avoid the cost of third-party action. At this stage you are probably at the 90 day past due mark. Your final letters and calls will be to offer a last chance opportunity to make payment arrangements or payment in full. 26

27 Final Collection Stage Point out that alternate implications will be costly if a third party collection agency is utilized to collect the debt. The agency will report the debt to the credit reporting agency, which in turn may affect their credit for 7 years. Point out that Interest is accumulating on their balance and the collection agency will add it to the principal. p Tell them legal action is also viable. Your goal at this point is to get them to pay something now. If the customer is still unresponsive and providing excuses, it is time to refer the account to a third party collection agency. 27

28 Yes, the account is still collectable When all internal collection efforts have been exhausted, it is time to refer the customer account to an outside collection resource. Selecting the right agency should be done with care. You should thoroughly understand who the agency is. What are their qualifications? Your agency should be licensed to collect debt in your State, bonded, and insured. Do they specialize in your field or market? What is their industry reputation? Ask for industry references. Do they have the resources to collect your money? What type of fee structure do they utilize? *Contingent *Flat Fee *Other 28

29 Trust the agency Provide them with what they need 29

30 Your collection agency needs your data Provide a copy of the obituary, contract, and breakdown of charges. By having the right data available to the collector handling your account, the harder it is for the debtor to dispute the amount owed. Debtors typically dispute how much they owe, not that they owe the debt. The more information you provide to your agency the more they can collect for you. 30

31 When the account reaches collections It is essential that you send new responsible party contact information you discover to your agency. New telephone numbers or addresses are key to finding the debtor. If the debtor has moved, people in your area may know where he/she has relocated. Share this information with the collection agency. 31

32 With collections Time truly is money Turn your accounts over in a timely fashion days The longer the time from the date of last payment or service to the time you place your account for collections, the harder it is to collect.* The age of the account is crucial. The older the account is the greater the number of disputes that may arise. * ACA International When a loan is 90 days overdue, a 75 percent chance of collecting exists, but the odds fall.5 percent with each passing day. By the time a loan is 180 days or six months past due, the chance for recovery has dropped to 30 percent. After a year, it is less than 10 percent. 32

33 Why speed is essential Respond quickly to your collection agencies request, including additional documentation, payment plans options, and settlement in full requests. If you receive a direct payment, report it to the agency immediately. Your agency must convey a sense of urgency to the debtor. If the needed information is not returned quickly, the agency may lose momentum. The debtor could change their mind and the agency may never reach them again. 33

34 Should you take a settlement? It depends. You need to weigh the options between what your agency recommends vs. the Legal Option, which may have associated upfront costs; additionally the length of time could be a factor. Accept deeper settlements on accounts with BAD credit and on accounts in non-garnishee states. Your collection agency should have the most recent credit information on the responsible party to make an educated decision on your behalf. 34

35 Staying out of the negotiation process Do not become involved in negotiation or set up payment plans with the responsible party once an account is in collections. Your collectors are experienced professionals who know what the best approach is to handle the negotiation process on your behalf. If debtors are contacting you, simply refer them back to the agency who has the most information on the debtors ability to make payment. Unfortunately, debtors will play both the funeral home and collection agency against each other and pressure you to accept payment. 35

36 The debtor is playing the Agency against You What the agency saying to them What they are tell you We can offer you a payment plan of $1000 monthly for three months The collection agency wants me to pay an outrageous monthly plan, please, please I can pay you $300 per month. We obtain a settlement in full for Call and get you to OK 70% 85% of total due. settlement in full with a payment plan. The agency has leverage and knows the debtors credit history. The debtor is embarrassed that they actually owe the money Complain the collector was abusive and damaged my reputation. I would rather deal with you. Please work with me. 36

37 Sometimes filing a law suit may be necessary When your agency recommends suit, you should thoroughly hl review your options with the agency to determine if it is in your best interest. If you decide to move forward, most agencies will have a network of collection attorneys ready to take action. The account is still collectable. 37

38 Summary Few businesses can be successful if they are not paid for the goods or services they deliver on credit. Prudent credit and collection management can play an important role in contributing to the success of the funeral home. By establishing a good credit and collection policy internally you have a much better chance of collecting your customer s s past due balance. Although compassion is a big part of your business you should still consider it a business. 38

39 Questions?

How to Stop and Avoid Foreclosure in Today's Market

How to Stop and Avoid Foreclosure in Today's Market How to Stop and Avoid Foreclosure in Today's Market This Guide Aims To Help You Navigate the foreclosure process [Type the company name] Discover all of your options [Pick the date] Find the solution or

More information

How to Stop and Avoid Foreclosure in Today's Market

How to Stop and Avoid Foreclosure in Today's Market How to Stop and Avoid Foreclosure in Today's Market This Guide Aims To Help You Navigate the foreclosure process [Type the company name] Discover all of your options [Pick the date] Find the solution or

More information

DEBTS AND DISPUTES. Understanding Debt. What to do?

DEBTS AND DISPUTES. Understanding Debt. What to do? DEBTS AND DISPUTES If you ve ever been owed money, you know it s a frustrating situation to be in. Even when it s a small sum, debts not only leave a bad taste, but they can really affect your financial

More information

Effective Credit Control Management

Effective Credit Control Management Effective Credit Control Management Do you have control of your cash flow? Take a look at these 10 effective steps to gain control of your cash flow, improve your credit control and management of bad debtors

More information

The Ideal Collection Alternative

The Ideal Collection Alternative Flat Fee Collection Services The Ideal Collection Alternative Clinton J. Sallee President & CEO Fidelity Creditor Service, Inc. Copyright 2014 Fidelity Creditor Service, Inc. All Rights Reserved Table

More information

Unravelling the Maze of Student Loans

Unravelling the Maze of Student Loans Unravelling the Maze of Student Loans Unravelling the Maze of Student Loans - Page 1 BY: Leona Lai INTRODUCTION This guide will help demystify the student loan process for you. You re about to invest in

More information

Why is Credit Management important?

Why is Credit Management important? Why is Credit Management important? Cash flow is crucial for the survival and success of any business. It is generally accepted that cash flow is the single most pressing concern of most small and medium-sized

More information

How to Strategically Manage Your Debt

How to Strategically Manage Your Debt Debt. Funny how four little letters can feel so dirty. Most of us have it in one shape or another, but none of us like to talk about it. Debt can get us into trouble, especially if it is unplanned and

More information

A Guide for Credit Grantors

A Guide for Credit Grantors A Guide for Credit Grantors Extending Credit, Managing Your Company s Delinquent Accounts and When to Hire a Third-Party Debt Collector Consumer Credit The extension of credit to consumers and the resulting

More information

Early Delinquency Intervention: Saving Your Home From Foreclosure

Early Delinquency Intervention: Saving Your Home From Foreclosure Early Delinquency Intervention: Saving Your Home From Foreclosure There are many circumstances in a homeowner s life that could result in missed mortgage payments: unexpected expenses, loss of overtime,

More information

GETTING RID OF DEBT: WHAT IS THE BEST OPTION FOR YOU?

GETTING RID OF DEBT: WHAT IS THE BEST OPTION FOR YOU? GETTING RID OF DEBT: WHAT IS THE BEST OPTION FOR YOU? What debt are we talking about? What are the methods to get rid of debt? What are the benefits of each method? What are the downsides? How do I determine

More information

A Guide for Credit Grantors:

A Guide for Credit Grantors: : Extending Credit, Managing your Company s Delinquent Accounts and When to Hire a Third-Party Debt Collector Consumer Credit The extension of credit to consumers and the resulting debt has steadily increased

More information

11 Biggest Rollover Blunders (and How to Avoid Them)

11 Biggest Rollover Blunders (and How to Avoid Them) 11 Biggest Rollover Blunders (and How to Avoid Them) Rolling over your funds for retirement presents a number of opportunities for error. Having a set of guidelines and preventive touch points is necessary

More information

LIEN FAQ ANSWERS TO YOUR QUESTIONS ABOUT THE SERVICING OF LIENS FROM PCM CORP. Brad Lohner President & CEO PCM CORP

LIEN FAQ ANSWERS TO YOUR QUESTIONS ABOUT THE SERVICING OF LIENS FROM PCM CORP. Brad Lohner President & CEO PCM CORP ANSWERS TO YOUR QUESTIONS ABOUT THE SERVICING OF LIENS FROM PCM CORP. Brad Lohner President & CEO PCM CORP LIEN FAQ Sales Info & Inquiries Toll Free: 866-266-0117 Email: sales@pcmcorp.com Why use Lien-Pro?

More information

GUIDE TO OUR PROTECTION SERVICES. Protecting the things that matter the most

GUIDE TO OUR PROTECTION SERVICES. Protecting the things that matter the most GUIDE TO OUR PROTECTION SERVICES Protecting the things that matter the most 02 GUIDE TO INVESTING Contents Intrinsic shares our values and beliefs about being clear and transparent with our clients. This

More information

Debt Settlement Account Identification. Segmenting Portfolios for Strategic Recovery

Debt Settlement Account Identification. Segmenting Portfolios for Strategic Recovery Segmenting Portfolios for Strategic Recovery DS3 can identify debt settlement accounts in your portfolio and segment them for strategic recovery and a reduction of costs. Over $7B has been settled in the

More information

How to Find and Qualify for the Best Loan for Your Business

How to Find and Qualify for the Best Loan for Your Business How to Find and Qualify for the Best Loan for Your Business With so many business loans available to you these days, where do you get started? What loan product is right for you, and how do you qualify

More information

9Steps. to Owning a Home

9Steps. to Owning a Home 9Steps to Owning a Home Contemplating buying a new home? I can help. With some planning ahead of time, buying a home isn t very difficult, but the event intimidates a lot of people. So you ll understand

More information

Early Delinquency Intervention SAVING YOUR HOME FROM FORECLOSURE

Early Delinquency Intervention SAVING YOUR HOME FROM FORECLOSURE Early Delinquency Intervention SAVING YOUR HOME FROM FORECLOSURE BALANCE offers a variety of free and low-cost services to help you get out of debt, design a money management plan, and achieve your financial

More information

5 Biggest Mistakes Most Home Buyers Make

5 Biggest Mistakes Most Home Buyers Make 5 Biggest Mistakes Most Home Buyers Make And 3 Guaranteed Ways to Get Approved for a Home Loan This Complementary Special Report was prepared by: 2 5 Biggest Mistake Home Buyers Make Purchasing a home

More information

Club Accounts - David Wilson Question 6.

Club Accounts - David Wilson Question 6. Club Accounts - David Wilson. 2011 Question 6. Anyone familiar with Farm Accounts or Service Firms (notes for both topics are back on the webpage you found this on), will have no trouble with Club Accounts.

More information

How to Control Your Own Destiny, Generate More Fees and Explode Your Wealth By Structuring Your Own Deals Using Little of Your Own Money WEALTH

How to Control Your Own Destiny, Generate More Fees and Explode Your Wealth By Structuring Your Own Deals Using Little of Your Own Money WEALTH How to Control Your Own Destiny, Generate More Fees and Explode Your Wealth By Structuring Your Own Deals Using Little of Your Own Money A Business Designed for Brokers That ll Increase Your Fees and Explode

More information

TWO Preliminary planning

TWO Preliminary planning TWO Preliminary planning Introduction Chapter 1 posed the question whether or not legal action should be taken and it explained some of the factors that should be considered in reaching the decision. It

More information

A Different Take on Money Management

A Different Take on Money Management A Different Take on Money Management www.simple4xsystem.net Anyone who read one of my books or spent time in one of my trade rooms knows I put a lot of emphasis on using sound Money Management principles

More information

Real Estate Private Equity Case Study 3 Opportunistic Pre-Sold Apartment Development: Waterfall Returns Schedule, Part 1: Tier 1 IRRs and Cash Flows

Real Estate Private Equity Case Study 3 Opportunistic Pre-Sold Apartment Development: Waterfall Returns Schedule, Part 1: Tier 1 IRRs and Cash Flows Real Estate Private Equity Case Study 3 Opportunistic Pre-Sold Apartment Development: Waterfall Returns Schedule, Part 1: Tier 1 IRRs and Cash Flows Welcome to the next lesson in this Real Estate Private

More information

GUIDE TO OUR MORTGAGE & PROTECTION SERVICES. Affordable and sustainable solutions designed for you

GUIDE TO OUR MORTGAGE & PROTECTION SERVICES. Affordable and sustainable solutions designed for you GUIDE TO OUR MORTGAGE & PROTECTION SERVICES Affordable and sustainable solutions designed for you 2 GUIDE TO OUR MORTGAGE & PROTECTION SERVICES Contents Intrinsic shares our values and beliefs about being

More information

Early Delinquency Intervention

Early Delinquency Intervention Early Delinquency Intervention Saving Your Home From Foreclosure There are many reasons homeowners face difficulty in making mortgage payments: unexpected expenses, loss of overtime, unemployment, overspending,

More information

STAYING INDEPENDENT. This ebook brought to you by: Buy-Ebook.com

STAYING INDEPENDENT. This ebook brought to you by: Buy-Ebook.com STAYING INDEPENDENT This ebook brought to you by: Buy-Ebook.com Our site has got a great collection of the best ebooks which are sold on the Internet, but at a lower price than on any other site. Earn

More information

Seven Steps to Handling Your Loved One s Estate

Seven Steps to Handling Your Loved One s Estate Seven Steps to Handling Your Loved One s Estate How to close out accounts, notify key authorities, access death benefits and begin the probate or trust administration process after the loss of a loved

More information

B2B DEBT COLLECTION BEST PRACTICES INTRODUCTION COLLECTION BEST PRACTICES. Presented by Michael C. Dennis, MBA, CBF, CCP, CPC

B2B DEBT COLLECTION BEST PRACTICES INTRODUCTION COLLECTION BEST PRACTICES. Presented by Michael C. Dennis, MBA, CBF, CCP, CPC B2B DEBT COLLECTION BEST PRACTICES Presented by Michael C. Dennis, MBA, CBF, CCP, CPC 2019. Michael C. Dennis. All Rights Reserved 1 INTRODUCTION About 80% of people learn about B2B collection on the job

More information

The Fair Debt Collection Practices Act

The Fair Debt Collection Practices Act The Fair Debt Collection Practices Act The Fair Debt Collection Practices Act... i The Fair Debt Collection Practices Act... 1 Definitions used throughout this document... 1 For purposes of the Fair Debt

More information

BINARY OPTIONS: A SMARTER WAY TO TRADE THE WORLD'S MARKETS NADEX.COM

BINARY OPTIONS: A SMARTER WAY TO TRADE THE WORLD'S MARKETS NADEX.COM BINARY OPTIONS: A SMARTER WAY TO TRADE THE WORLD'S MARKETS NADEX.COM CONTENTS To Be or Not To Be? That s a Binary Question Who Sets a Binary Option's Price? And How? Price Reflects Probability Actually,

More information

Revenue Collections. Establishing Internal Guidelines 5/16/2018. About Weltman. Overview

Revenue Collections. Establishing Internal Guidelines 5/16/2018. About Weltman. Overview Revenue Collections Ohio Association of Public Treasurers Annual Training Program Presented by Sara M. Costanzo June 15, 2018 About Weltman Nationally-recognized full service collections firm We represent

More information

UNDERSTANDING AND PREPARING FOR BANKRUPTCY. Lewis & Jurnovoy P.A.

UNDERSTANDING AND PREPARING FOR BANKRUPTCY. Lewis & Jurnovoy P.A. UNDERSTANDING AND PREPARING FOR BANKRUPTCY Lewis & Jurnovoy P.A. WARNING SIGNS If you are in financial trouble, you are not alone. At Lewis & Jurnovoy, P.A. we ve helped thousands of people just like you

More information

David A. Hays, PLC 3416 Lincoln Park Drive, Galesburg, IL PH: Fax: URL:

David A. Hays, PLC 3416 Lincoln Park Drive, Galesburg, IL PH: Fax: URL: INFORMATIONAL BROCHURE for DAVID A. HAYS, PLC PROFESSIONAL INTERNATIONAL AND DOMESTIC DEBT RECOVERY This brochure includes: Mission statement Services provided Which is best- A Law Firm, or a Collection

More information

c» BALANCE C:» Financially Empowering You Financial First Aid Podcast [Music plays] Nikki:

c» BALANCE C:» Financially Empowering You Financial First Aid Podcast [Music plays] Nikki: Financial First Aid Podcast [Music plays] Nikki: You re listening to Financial first aid. Hi. I m Nicky, your host for today s podcast. Many circumstances in life can derail even the best plans and leave

More information

GREENPATH FINANCIAL WELLNESS SERIES

GREENPATH FINANCIAL WELLNESS SERIES GREENPATH FINANCIAL WELLNESS SERIES UNDERSTANDING YOUR CREDIT REPORT & SCORE Empowering people to lead financially healthy lives. TABLE OF CONTENTS Understanding credit reports...2 What s in a credit

More information

Chapter 6 - Credit. Section 6.1

Chapter 6 - Credit. Section 6.1 Chapter 6 - Credit Section 6.1 Credit is a medium of exchange which allows individuals to buy goods or services now and pay for them later The creditor supplies money, goods, or services in a credit agreement

More information

How to start a limited company

How to start a limited company How to start a limited company 020 8582 0076 www.pearlaccountants.com How to start a limited company Working as a freelancer, contractor, or small business owner can be incredibly rewarding, but starting

More information

You re listening to rebuilding after a financial crisis. Hi, I m Niki, your host for today s Podcast.

You re listening to rebuilding after a financial crisis. Hi, I m Niki, your host for today s Podcast. Rebuilding After a Financial Crisis Podcast [Music plays] Nikki: You re listening to rebuilding after a financial crisis. Hi, I m Niki, your host for today s Podcast. There are many things in life that

More information

Filing Your Sole Proprietorship Return

Filing Your Sole Proprietorship Return Coaching Program 2010-9 Filing Your Sole Proprietorship Return A Sole Proprietorship is the default tax treatment for a single member LLC (limited liability company) that has not elected how it wants to

More information

UNEMPLOYMENT COMPENSATION

UNEMPLOYMENT COMPENSATION UNEMPLOYMENT COMPENSATION Unemployment compensation is a state program to help workers who are unemployed through no fault of their own. It is run by the Virginia Employment Commission (VEC). How do I

More information

YOUR GUIDE TO PRE- SETTLEMENT ADVANCES

YOUR GUIDE TO PRE- SETTLEMENT ADVANCES YOUR GUIDE TO PRE- SETTLEMENT ADVANCES What is a pre-settlement advance? If you have hired an attorney to bring a lawsuit, and if you need cash now, you may be able to obtain a pre-settlement advance on

More information

Wealth Management. All the financial help you need. Life is all about peace of mind. So you need a friend in your corner.

Wealth Management. All the financial help you need. Life is all about peace of mind. So you need a friend in your corner. Wealth Management. All the financial help you need. Life is all about peace of mind. So you need a friend in your corner. Dukes gives you peace of mind... The most important things in your life are the

More information

Accounts Payable vs Receivable: Differences and Similarities

Accounts Payable vs Receivable: Differences and Similarities Accounts Payable vs Receivable: Differences and Similarities No matter the size of your business, finance is a critical piece of the puzzle. As you grow and continue to process more transactions every

More information

DEBT RECOVERY elselaw.co.uk LEGAL SOLUTIONS FOR YOU AND YOUR BUSINESS

DEBT RECOVERY elselaw.co.uk LEGAL SOLUTIONS FOR YOU AND YOUR BUSINESS DEBT RECOVERY DEBT RECOVERY SOLICITORS Does getting paid for the work you do, on time with the minimum of fuss, sound attractive? 01283 526 200 elselaw.co.uk LEGAL SOLUTIONS FOR YOU AND YOUR BUSINESS I

More information

DEBT REPAYMENT OPTIONS OPTIONS FOR THE REPAYMENT OF YOUR UNSECURED DEBT

DEBT REPAYMENT OPTIONS OPTIONS FOR THE REPAYMENT OF YOUR UNSECURED DEBT DEBT REPAYMENT OPTIONS OPTIONS FOR THE REPAYMENT OF YOUR UNSECURED DEBT EDUCATIONAL SERIES / MARCH 2012 1 DEBT REPAYMENT OPTIONS OPTIONS FOR THE REPAYMENT OF YOUR UNSECURED DEBT Published by Debt Management

More information

TAX LIEN INVESTING REPORT

TAX LIEN INVESTING REPORT Tax Lien Investing for Robust Returns TAX LIEN INVESTING REPORT Tax Lien Investing for Robust Returns Tax-related investments such as tax lien certificates and tax deeds are unique and little-talked- about

More information

Understanding Your FICO Score. Understanding FICO Scores

Understanding Your FICO Score. Understanding FICO Scores Understanding Your FICO Score Understanding FICO Scores 2013 Fair Isaac Corporation. All rights reserved. 1 August 2013 Table of Contents Introduction to Credit Scoring 1 What s in Your Credit Reports

More information

PROFITING WITH FOREX: BONUS REPORT

PROFITING WITH FOREX: BONUS REPORT PROFITING WITH FOREX: BONUS REPORT PROFITING WITH FOREX: The Most Effective Tools and Techniques for Trading Currencies BIG PROFITS COME FROM LETTING YOUR WINNERS RUN S. Wade Hansen Two axioms pervade

More information

Seven Steps to Handling Your Loved One s Estate

Seven Steps to Handling Your Loved One s Estate Seven Steps to Handling Your Loved One s Estate How to close out accounts, notify key authorities, access death benefits, and begin the probate or trust administration process after the loss of a loved

More information

FORECLOSURE ALTERNATIVES

FORECLOSURE ALTERNATIVES FORECLOSURE ALTERNATIVES You may be facing foreclosure, so what are your options? Try to look at the situation more from a financial standpoint rather than an emotional standpoint. This way you can more

More information

(k) prospecting

(k) prospecting 401(k) prospecting 207 401(k) PROSPECTING If you are trying to make 401(k) business the focal point of your practice, or simply want to become more effective in capturing 401(k) business, this course will

More information

BOOST YOUR REAL ESTATE GAINS BY BEING YOUR BANK

BOOST YOUR REAL ESTATE GAINS BY BEING YOUR BANK BOOST YOUR REAL ESTATE GAINS BY BEING YOUR BANK CHANGE YOUR THINKING We all know that real estate investments are not foolproof, so how can you offset the risk? We want to show you a proven method of growing

More information

FAQ s. Why should I hire Social Security Advocates for the Disabled? How can you help me if I don t live near your office?

FAQ s. Why should I hire Social Security Advocates for the Disabled? How can you help me if I don t live near your office? 800.825.7735 136 Long water Drive, Suite 100, Norwell, MA 02150 FAQ s Why should I hire Social Security Advocates for the Disabled? Hire us because we win, and we ve been winning since 1994. People that

More information

Economic Anxiety and the American Dream:

Economic Anxiety and the American Dream: Economic Anxiety and the American Dream: Is the Dream at Risk in the 21 st Century? Presented by Celinda Lake, 1 Summary Description of Methods This is a unique approach to the study of the American Dream,

More information

Workers Compensation. Employer s Handbook

Workers Compensation. Employer s Handbook Employer s Handbook Workers Compensation LMC Insurance & Risk Management 4200 University Avenue, Suite 200 West Des Moines, IA 50266-5945 1-800-677-1529 // www.lmcinsurance.com Table of Contents What is

More information

Collection & Recovery Profile

Collection & Recovery Profile ADVOCATES & LEGAL CONSULTANTS Collection & Recovery Profile ALWASL INTERNATIONAL GROUP ADVOCATES & LEGAL CONSULTANTS COLLECTION & RECOVERY UNIT P.O.Box: 89229, Dubai, UAE Ph: 00971 4 4370313/314/315 Fax:

More information

What s My Note Worth? The Note Value Handbook

What s My Note Worth? The Note Value Handbook What s My Note Worth? The Note Value Handbook Inside Information Regarding Valuation of your Seller Financed Note in the Note Investor Market Compiled and published by Nationwide Secured Capital Retail

More information

Credit Management vs. Collections EXECUTIVE SUMMARY. Tom Gannon, CCE Director of Research & Education Federation of Credit and Financial Professionals

Credit Management vs. Collections EXECUTIVE SUMMARY. Tom Gannon, CCE Director of Research & Education Federation of Credit and Financial Professionals EXECUTIVE SUMMARY Credit Management vs. Collections Conceptually, collection is the easier of the two to understand. That is not meant to belittle the work done by collectors, nor is it meant to downplay

More information

Introduction Slide SET. Host Organization s Name July 30, Business Smart is a business education series developed by

Introduction Slide SET. Host Organization s Name July 30, Business Smart is a business education series developed by Introduction Slide Business Smart is a business education series developed by SET Host Organization s Name July 30, 2015 1 Business Smart Workshop 3 Modules READY SET GO 2 Today s Presenter Add Name of

More information

Group Stakeholder Pension Plan Key features

Group Stakeholder Pension Plan Key features Group Stakeholder Pension Plan Key features This is an important document. Please read it and keep for future reference. Key features document: Pages 1 17. Terms and conditions for joining: Pages 17 20.

More information

Six Scenarios that Lead to Under Performing Receivables

Six Scenarios that Lead to Under Performing Receivables Six Scenarios that Lead to Under Performing Receivables Practices, processes, and problems that are commonly seen in the credit and collection area that lead to high DSO, weak cash flow, and low resource

More information

What You Can Do to Improve Your Credit, Now

What You Can Do to Improve Your Credit, Now What You Can Do to Improve Your Credit, Now Provided compliments of: 1 What You Can Do to Improve Your Credit, Now Steps to Raise Your Score Now we re going to focus on certain steps that you can take,

More information

BUYERS GUIDE IMPORTANT THINGS TO CONSIDER WHEN BUYING A HOME COURTESY OF

BUYERS GUIDE IMPORTANT THINGS TO CONSIDER WHEN BUYING A HOME COURTESY OF BUYERS GUIDE IMPORTANT THINGS TO CONSIDER WHEN BUYING A HOME COURTESY OF OWNING MAKES SENSE When comparing the cost of owning a home to renting, there is more than the difference in house payment against

More information

Home Mortgage Foreclosures in Maine

Home Mortgage Foreclosures in Maine Home Mortgage Foreclosures in Maine Find more easy-to-read legal information at www.ptla.org Important Note: This is very general information about home mortgage and foreclosure rules in Maine. It is not

More information

An Attorney s Options for Handling Clients in Trouble with Real Estate. Aka: Forbearance to Bankruptcy and Everything in Between

An Attorney s Options for Handling Clients in Trouble with Real Estate. Aka: Forbearance to Bankruptcy and Everything in Between An Attorney s Options for Handling Clients in Trouble with Real Estate Aka: Forbearance to Bankruptcy and Everything in Between Erica Crohn Minchella ~ Attorney at Law 7538 St. Louis Ave Skokie, IL 60076

More information

Get Your Worry Free Retirement Kit

Get Your Worry Free Retirement Kit Get Your Worry Free Retirement Kit Below is a picture from the web-site http://dl.wealthpreservationinstitute.com/. If you click on the link above or the picture below, you can go to my site and sign up

More information

Your Guide to Life Insurance

Your Guide to Life Insurance Your Guide to Life Insurance (800) 827-9990 HealthMarkets.com Your Guide to Life Insurance Contents Life Insurance Basics 4 Do I Need Life Insurance? 9 How Much Life Insurance Do I Need? 11 What Kind of

More information

Home Mortgage Foreclosures in Maine

Home Mortgage Foreclosures in Maine Home Mortgage Foreclosures in Maine Find more easy-to-read legal information at www.ptla.org Important Note: This is very general information about home mortgage and foreclosure rules in Maine. It is not

More information

Living today while planning for tomorrow. UTC Employee Savings Plan Enrollment Guide TOTAL REWARDS

Living today while planning for tomorrow. UTC Employee Savings Plan Enrollment Guide TOTAL REWARDS Living today while planning for tomorrow 2018 UTC Employee Savings Plan Enrollment Guide TOTAL REWARDS WHAT S INSIDE Why Save Now?...3 Steps To Getting Started STEP 1: Decide How Much To Save...4 STEP

More information

Estate Planning & Administration

Estate Planning & Administration Estate Planning & Administration Introduction If you ve been putting off creating an estate plan, then you re missing out on a chance to get some peace of mind. Many of our clients tell us that they feel

More information

Easy ways to get started organizing your finances. Retirement

Easy ways to get started organizing your finances. Retirement Easy ways to get started organizing your finances (See related blog post at https://www.youbethree.com/step-4-finances-empowerment) I thought I d put together a small startup list, so to speak, as a guide

More information

Mind Your Own Business

Mind Your Own Business Mind Your Own Business In the previous two articles we have discussed the importance of defining a Chart of Accounts that reflects how you want to measure and manage your horse business. We also discussed

More information

Getting Delinquent Accounts to Pay Up. Presented by Larry Holmes

Getting Delinquent Accounts to Pay Up. Presented by Larry Holmes Getting Delinquent Accounts to Pay Up Presented by Larry Holmes Overview 1. Writing a good collection policy 2. Elements of a collection call 3. Handling the no money excuse 4. 5 techniques for collection

More information

PREPARING AN FTZ PROJECT FEASIBILITY ANALYSIS

PREPARING AN FTZ PROJECT FEASIBILITY ANALYSIS PREPARING AN FTZ PROJECT FEASIBILITY ANALYSIS An Essay and Commentary By Greg Jones with FTZ Corporation gregjones@ftzcorp.com There are two prudent things to do before one sets out to pursue any particular

More information

Peace be unto you, Sincerely, O'Rell Muhammad

Peace be unto you, Sincerely, O'Rell Muhammad Peace be unto you, We all know how valuable and vital having a good credit rating can be. Without a good credit rating, your financial, occupational, and personal goals are at risk of being severely limited.

More information

RECEIVABLE MANAGEMENT SERVICES (HK) LTD

RECEIVABLE MANAGEMENT SERVICES (HK) LTD The Guide to Overcoming Debtor s Objections Understandably, most new collectors have a fear of facing the telephone. The most important thing to remember is that you control the call. Your customer owes

More information

MYATLLAW BANKRUPTCY GUIDE. A Comprehensive Bankruptcy and Attorney-Client Correspondence Manual for Existing and Potential Bankruptcy Clients

MYATLLAW BANKRUPTCY GUIDE. A Comprehensive Bankruptcy and Attorney-Client Correspondence Manual for Existing and Potential Bankruptcy Clients MYATLLAW BANKRUPTCY GUIDE A Comprehensive Bankruptcy and Attorney-Client Correspondence Manual for Existing and Potential Bankruptcy Clients TABLE OF CONTENTS GREETINGS: Welcome and thank you for taking

More information

ACCIDENT INVESTIGATION

ACCIDENT INVESTIGATION 1604 ACCIDENT INVESTIGATION Leader s Guide Marcom Group Ltd. Structure and Organization Information in this program is presented in a definite order so that employees will see the relationships between

More information

WHAT YOU SHOULD KNOW ABOUT YOUR CHAPTER 13 CASE

WHAT YOU SHOULD KNOW ABOUT YOUR CHAPTER 13 CASE WHAT YOU SHOULD KNOW ABOUT YOUR CHAPTER 13 CASE This booklet answers most of the questions that will arise during your Chapter 13 plan. Read this completely to understand your obligations and responsibilities,

More information

The Problems With Reverse Mortgages

The Problems With Reverse Mortgages The Problems With Reverse Mortgages On Monday, we discussed the nuts and bolts of reverse mortgages. On Wednesday, Josh Mettle went into more detail with some of the creative uses for a reverse mortgage.

More information

Interview: Oak Street Funding s Rick Dennen

Interview: Oak Street Funding s Rick Dennen Interview: Oak Street Funding s Rick Dennen Rick Dennen is the founder, president and CEO of Oak Street Funding. Located in Indianapolis, Indiana, Oak Street is a family of diversified financial services

More information

How Do You Calculate Cash Flow in Real Life for a Real Company?

How Do You Calculate Cash Flow in Real Life for a Real Company? How Do You Calculate Cash Flow in Real Life for a Real Company? Hello and welcome to our second lesson in our free tutorial series on how to calculate free cash flow and create a DCF analysis for Jazz

More information

SPIAs. Single Premium Immediate Annuities. Annuity Product Guides. Convert your retirement savings into a guaranteed lifetime income stream

SPIAs. Single Premium Immediate Annuities. Annuity Product Guides. Convert your retirement savings into a guaranteed lifetime income stream Annuity Product s SPIAs Single Premium Immediate Annuities Convert your retirement savings into a guaranteed lifetime income stream Modernizing retirement security through trust, transparency and by putting

More information

Questions to Consider Before Extending Credit

Questions to Consider Before Extending Credit Bank of America Merrill Lynch White Paper Questions to Consider Before Extending Credit Executive summary If your business is considering a credit program, it s important to start out with a firm understanding

More information

Valuable Secrets to Defending Debt Collection Lawsuits

Valuable Secrets to Defending Debt Collection Lawsuits Valuable Secrets to Defending Debt Collection Lawsuits Creditors will aggressively pursue you. The Terry Law Firm will aggressively defend you. IF YOU HAVE BEEN SUED BY A DEBT COLLECTOR, YOU CAN WIN! David

More information

Credit fraud is a serious problem for airlines and travel agents alike

Credit fraud is a serious problem for airlines and travel agents alike Reducing Fraudulent Transactions and Chargeback Agent Debit Memos Credit fraud is a serious problem for airlines and travel agents alike Jennifer Watkins, ARC s Director, Credit Card Services & Fraud Prevention

More information

Getting Ready For Tax Season

Getting Ready For Tax Season Getting Ready For Tax Season Topics of Discussion Filing requirements Process overview Timing Records verification Cost basis reporting changes Scope of bivio program Tax loss harvesting Things to do before

More information

White Paper. The Credit Controller's Guide to Collections

White Paper. The Credit Controller's Guide to Collections White Paper Introduction to This White Paper Effective credit control can be the difference between success and failure for a business. Get it right and customers and clients will pay their invoices on

More information

A Credit Smart Start. Michael Trecek Sr. Risk Analyst Commerce Bank - Retail Lending

A Credit Smart Start. Michael Trecek Sr. Risk Analyst Commerce Bank - Retail Lending A Credit Smart Start Michael Trecek Sr. Risk Analyst Commerce Bank - Retail Lending Agenda Credit Score vs. Credit Report Credit Score Components How Credit Scoring Helps You 10 Things that Hurt Your Credit

More information

The power of borrowing like a boss

The power of borrowing like a boss The power of borrowing like a boss Borrowing can help you do some pretty wonderful things. Like getting that home that s right for you and your family (or family to be!). The place where you ll make memories

More information

M O D I F I C AT I O N PA M P H L E T

M O D I F I C AT I O N PA M P H L E T THE STATE BAR OF TEXAS LOAN M O D I F I C AT I O N SCAM PA M P H L E T As the number of foreclosures grows, many thieves are swindling money from homeowners by preying upon fears of losing a home. The

More information

ForThePeople.com Representing the People, Not the Powerful 2012 S. Florida Avenue Lakeland, FL (863)

ForThePeople.com Representing the People, Not the Powerful 2012 S. Florida Avenue Lakeland, FL (863) Representing the People, Not the Powerful 2012 S. Florida Avenue Lakeland, FL 33803 (863) 680-1411 ForThePeople.com 877-667 - 4265 ATTORNEY ADVERTISING: Prior results do not gurantee or predict a similar

More information

St.George Estate Plan

St.George Estate Plan St.George Estate Plan Making sure you have a plan in place can make a difficult time a little bit easier. Product Disclosure Statement and Policy Wording (PDS) Effective Date: 17 November 2014 Issued by:

More information

HOW YOU CAN INVEST YOUR MONEY IN TODAY S MARKET THROUGH PRIVATE MONEY LENDING

HOW YOU CAN INVEST YOUR MONEY IN TODAY S MARKET THROUGH PRIVATE MONEY LENDING HOW YOU CAN INVEST YOUR MONEY IN TODAY S MARKET THROUGH PRIVATE MONEY LENDING Legal Notice Copyright Notice. All rights reserved. No part of this publication may be reproduced or transmitted in any form

More information

Driving Success, Generating Liquidity

Driving Success, Generating Liquidity > Receivables Management Driving Success, Generating Liquidity > Debtor Management > Debt Collection > Bad Debt Insurance > Factoring Build on proven competence and experience to get your money. Open receivables

More information

6 HACKS FOR WHOLESALERS TO GET PAID FASTER. (Plus a bonus ROI calculator)

6 HACKS FOR WHOLESALERS TO GET PAID FASTER. (Plus a bonus ROI calculator) 1 6 HACKS FOR WHOLESALERS TO GET PAID FASTER (Plus a bonus ROI calculator) 2 Contents 1. Late payments and the wholesale industry 3 2. Calculating the cost of unpaid invoices on your cash cycle 5 3. ezycollect

More information

This risk^ profile questionnaire has been designed for the Select Ready-made portfolios called Selected Portfolios.

This risk^ profile questionnaire has been designed for the Select Ready-made portfolios called Selected Portfolios. Select Wealth Management Limited Risk Profile This risk^ profile questionnaire has been designed for the Select Ready-made portfolios called Selected Portfolios. Investments can only be placed through

More information

Asset protection made EASY!

Asset protection made EASY! Asset protection made EASY! How COMPLETE is your plan? How much does a funeral COST anyway? Like most people, you ve probably set aside money to pay for the important events in your life: a new house,

More information