New Delhi, Feb 18 (UNI) A new book warns that in the wake of the recent global financial crisis and slowdown, the risks of businesses resulting from bad debt and ineffective credit controls are greater than ever before.
For businesses and institutions to survive in difficult economic times, there must be effective systems in place to successfully manage credit risks and recover bad debt Losses, the book says.
Entitled 'Essential Guide to Credit Management and Debt Recovery in Hong Kong, Singapore, Malaysia and India', the book has been writen by two experts--Roberto (Bobby) Rozario and Puru Grover. The book brings out how credit management is an important business discipline, as it impacts working capital and cash flow of an organisation.
Entitled 'Essential Guide to Credit Management and Debt Recovery in Hong Kong, Singapore, Malaysia and India', the book has been writen by two experts--Roberto (Bobby) Rozario and Puru Grover. The book brings out how credit management is an important business discipline, as it impacts working capital and cash flow of an organisation.
It borrows a common adage in business that goes as follows: 'revenue is vanity, profit is sanity but cash is king!''
Credit is all around us every day. We need to understand that learning about credit management involves gaining greater insight into how it impacts us at the macro and micro level. Business closures, layoffs, higher prices, tax increases and budget deficits are just a few examples of failures in credit management and debt recovery,' the authors say.
The book is a practical, easy-to-follow guide to proven credit management and debt recovery systems throughout the Asia-Pacific region.
It is a book written by leading experts in the financial and credit and money management industry. The authors have drawn upon their years of professional and academic experience to provide a definitive guide for the industries in Hong Kong as well as Malaysia, Singapore and India.
Useful for credit managers and more accessible to beginning students in the field, the book provides a distillation of the essential concepts in credit management and debt recovery. It is supported by current examples and a solid pedagogical framework.
The text has been praised both for its balanced yet solid coverage of traditional topics, and its broad coverage of managing the risk associated with accounts receivable.
The book comes at a time when globally experts are striving to improve credit performance. The global financial crisis is linked to reckless lending practices with a broadbased credit boom which fed into a global speculative bubble in real estate and equities that reinforced risky credit transactions. 'Credit Management that encompasses prudent management of cash is the life blood of all businesses, and takes a paramount position when braving an economic downturn.
The effect of liquidity is immediate and mismanagement of credit could be unforgiving,' the book says.
The foreword of this book is written by the president of the Association of the Credit & Collection Professionals (ACA International - Minneapolis, MN US) which is the world's largest association for credit and collection professionals. 'It is so very important that we continue to encourage more youth to consider credit management as a career goal,'the book says.
Mr Bobby Rozario is the Managing Director of Alpha & Leader Risks and Assets Management Co Ltd in Hong Kong and Principal of Alpha & Leader Law Firm in China. He is the current Executive Councillor and Fellow Member of the Hong Kong Credit and Collection Management Association. Having over 15 years of experience, Mr Puru Grover has worked for organisations like Philips Electronics, Bell and D&B. He is currently the General Manager at Credit Guru Inc, a Canadian company.
Gurdip Singh
Head of Business & Economy
United News of India (UNI)
Head of Business & Economy
United News of India (UNI)
31 comments:
in business trust is a major obstacle to overcome and I need to hand over the company finances including debt recovery to somebody. Who do you trust, friends, family who
I also wanted to see if this needed to be validated through mail legally? I got contacted by a debt collector and they never sent me anything in writing within four days (which it says per FDCPA laws) and they are just asking for money. Can the actual original creditor (which is a Citi bank credit card) be contacted instead? Any suggestions or info would be greatly appreciated!
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Horizon ‘s Recovery Solutions threatened to send a police car to arrest my boyfriend if he didn’t make a payment on a credit card he never even had . I told the collection agency I would need to see a copy of the original application and he proceeds to give me some bogus story about I’ll have to hire a private detective , blah , blah , blah ! He continued to babble away while making threats such as “you’re gonna have problems if this isn’t taken care of it ” & I told him ” No, you’re the one is going to have a problem if you ever contact us again . Any future contact from you will be considered harassment . Not only will I report you to the BBB but to your local prosecuting attorney’s office for harassment .” So , basically he scammed my boyfriend out of $60.00 on a credit card he’s never even had by using bullying and itimdation tactics ! My boyfriend is currently at his bank to try and have the transaction cancelled . SMH !!
what if the coliection agency place the debt on your credit report, even still disputing the debt?
I am a senior trying to deal with Verizon charging us over 6000.00 in data overages. I had a defective phone that must have caused it, it never worked again and they couldn't fix it. Our history for 25 years with them proved we have a normal low monthly charge and then within 2 months it went up to almost $7000.00. They won't help us or only offered us a 600.00 discount. I keep writing and asking them for help with no answer. Now I am getting calls from a collection agency. I am looking for help everywhere how to handle this. Thank you.
What if they sold me magazines as a minor? And the original creditor wants payment now through a debt collector. How could I dispute this ?
Please and thank you
These tips are very helpful while you are cheated by fake debt collection agencies. These ones help to how to answer if you are threatened and confused what to do in such critical situations. Thank you very much Lucy..
call the original lendor for dates and prices, then check if its close to seven years..if so never pay it! also if settling always demand a complete deletion off your credit reports, they will always say at first they dont do that..they can only mark it as paid.closed..which is not true at all..trust me ive settled multiple collection to have them delete the collection from my credit reports or i wont ever pay!!! anybody saying they cant delete is a liar!!! probably from a collection agency to say this..demand a complete deletion or never pay!! it does no good for it to just say paid/closed, thats not good enough people..it still is seen as a negative on your credit report!!! other lendors still see it and your still punished so to speak for it..so nothing less than a complee deletion everytime!!!
I am disabled and my only income comes from SSDI, which is direct deposited (I get one deposit, SSDI for our son, who is 15, is also deposited by direct deposit).
However, my wife also deposits her paycheck in the same account. We ran into serious trouble, as my wife's work unexpectedly fell off badly and on my fixed income, our family were drowning - lived on my remaining credit during some pretty tough months, and I now have a debt collection attorney representing a creditor contacting me. I had good credit and always worked hard to keep it this way, but feeding ourselves and our son, paying our rent and utilities became more important. Not proud, but it is what it is.
Can they go after her income? It would kill us. Thanks.
How do I check my balance that I still owe after paying on a debt for a year?? And I have SSI for my disability..i only get a certain amount, some months I'm struggling cuz of this debt(pay $150 a month, I get $730 a month) I pay my own bills for house and have 2 kids...im a single mom...if I skip 1 month of payment what will happen?
What a dead beat! the woman shouldve just returned the call... too many degenerates walking around owing money and not paying a cent. She does deserve to be harassed as does anyone who owes a lot of money. When someone borrows money they are expected to owe it back not ignore phone calls etc. they are dead beats and deserve to be harassed... too many things protecting these losers
some advice on dealing with collection agencies. This is assuming you do not / can not / will not pay the amount requested to them (for any reason):
1. Never get into an argument or start yelling obscenities at the person who is trying collecting money from you. Get off the phone as quickly as possible.
2. Never admit you that you owe or are aware of the debt in question
3. Try not to admit that you are the person they are looking for -- and if you do admit you are hang the phone up and deny that that person is associated with the phone number if they call again. Ask them politely not to call again. Do not lose your temper
4. Never ever send partial payments -- for example if someone says "send $5.00 now and we will not take additional against you for now". What they will do is reset the clock on the statute of limitations.
5. Never negotiate a debt payback arrangement by yourself. Have an attorney do it for you (they charge as little as $500 for this). They are pros at this --and debt collectors usually only budge if an attorney calls.
7. If you are sued, always reply to the law suit, Look up how to phrase a response online if an attorney does not represent you. Make the lawyer suing you work for a judgement against you --if you do nothing you will lose by default.
I had a debt for $1000 put in collections for a class I took. The problem is, I shouldn't even have this since I did everything the school's financial aid office told me to do. I just paid $200 on it but it's still rubbing me the wrong way. Is it too late to dispute it since I already started paying on it?
If i want to make payment arrangements but do not want to use my debit or credit card but the collection company says that is the only way i can what other recourse do i have ?
This is very frustrating. I have perfect credit, make very good money as does my wife and are meticulous about paying all of our bills on time. All of a sudden I start getting calls from a collection agency over a $75 bill from over 2 years ago from a Doctors office, the problem being I never (HONEST TO GOD) received any bills from them. If I had received a bill for $75 I would have paid it but I never got it. I am not disputing I may owe the money, and if I do, I'll pay it but I don't want it on my credit as a negative mark if I never received the bill in the first place. How can I fix this?
Did you get an answer to your question? Same thing happened to my grand daughter but for a lot money. Never got a bill from hospital or even the debt collector, found out it was in collections when she checked her credit report. Any help would be appreciated
I got a call from a collection place and they said that they could repo my car. Can they do that if I'm making payments to the bank? Can they take my SS disability check out of the bank?
have had a debt collector that has been calling me about an original debt from 2003. 12 years after that statue of limitations in my state. However when the had called my friends and roommates etc I called them and tried to talk about payments. They were aggressive. Does this mean I have reset the clock on the debt?
It doesn't reset the clock on the debt, it resets the Statute of Limitations and can allow them to take you to court. NEVER admit or claim the debt. Always say your not sure that it's yours, never acknowledge the dent to them, ever.
Once the Statute of limitations has expired they can not ask for a judgement, nor will a court grant one. After 7 years, if it is on your report, just dispute it with the CB. Then send them a cease and desist letter.
I paid a debt through a different debt collector and. now a new one is calling me about That same debt what should I do?
You have to provide proof to the company that is contacting you that you have already settled the debt. If you do not show proof they will continue to hound you. Remember what was stated. They will harass you to see if you will pay. Please look into the laws stated above if they are wrongfully calling & mailing you they will have to pay.
I maybe wrong on this, but if you make/pay a payment of a debt that was part of a higher (original amount).......like a debt collection company says pay $300 out of a $1200 actual balance and we (the collection co) would consider this case closed. You could still be held responsible for the remaining $900 and the SoL (Statute of Limitations) would likely be reset as per state/fed regs are governed.
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