Monthly Archives: November 2016

Bad debts recovery, worst situation by day In Dubai

Recovering of debts and management of bad debts are becoming high concerns in Middle East, the fluctuation of the economy in State has made the number of debt recovery cases as high as the skyscrapers in there but they also have strict laws and regulation to protect the organization from debtors that may hurt the balance of statement of the company.

Dubai being the city of high tertiary industrial has number of debt recovery agencies with highly experienced advocates that ensure the companies about the recovery of debts. Commercial debt recovery is yet another huge market yielded but its demand in Middle east and so Companies like Dubai Debt Recovery, Fort Equity and CEDAR Financial claim that they not only manage your debts but to recover them successfully and the same time securing the debtor creditor relationships.

The bad debt cases involve faulty debts due to identity theft, fraud, mismanagement of invoices etc. and methods of recovering them originally were mortgaging properties until cases went on to the debtors not having any. The scenario such were quickly identified and yet has been solved till date by the best agencies not just on national forum but globally.

The flexible deals of these agencies allow companies and organizations to recover content debts, the first party and third party prosecution helps the companies in making full conclusion in order to reach to the point that is in favor of the debtors.

Chris Maranis, the business development manager for Exus, told The National newspaper about debt-collection systems he has built earlier this year. He was asked about how the system would work in maintaining the high rate of bad debts in Dubai this was what he brought in to the spot light.

“In collections we have certain phases, so you have what we call early collections. This is the area where a customer falls into arrears – for example, he misses his installment day and banks start to communicate with the customer in a friendly and polite manner to remind him of his obligations. As you can imagine, as time goes by the banks escalate their communications to the customer from multiple channels. They can do either from a call Centre. They can do it by sending reminder letters. They can do it by outsourcing to collections agencies or by sending emails and any other means of communications. All this management of the delinquent portfolio of this call center, of this letter sending, of this outsourcing, can be done by a system. But collections systems can offer many more things that can benefit the bank and the debtor. This is very important. Many aspects of these systems or features they offer help the bank but also they help the debtors. However, we have seen that most of the banks have systems that were deployed more than six or seven years ago and they do not offer the new tools such as warning signals.

Upon asking how it will work he said

“One of the quite interesting aspects is the collections segmentation, as we call it. For example, think that you are a bank and you have 1,000 delinquent customers. Each one of them is a person. They might all be delinquent, but the treatment you are going to give to each one of them should be adjusted, if not to each specific customer, then to patterns of customers you can identify. So you have different customers. You have customers who have a temporary inability to pay because they have a very temporary problem. Or you have customers who are the people who are skipping their obligations in a very organized way. These are different kinds of people. I can give you an example that is very simple but it will help you understand. Imagine you have a loan and it is due on the first day of each month and imagine you get your pay cheque from your employer on the fifth of the month. That means that each month you are probably going to be delinquent for four days. If the bank does not identify this pattern in your payment methods, they might be calling you every month on the second of the month to remind you that you are late. This will irritate you. This will make you take your loans and go to a different bank. So you see, this risk segmentation can help the bank but it also helps the debtors.”

Each day the cases related to recovering of debts are reaching the lawyers and agencies while each day the suicidal situation of the other side makes it to the headlines. The mutual understatements are yet to be solved in the high functioning state economy.

About One College Graduate Overcame a Six-Figure Student Loan Debt

After leaving college a few years ago, Stephanie Bousley found herself in the same predicament shared by over 40 million Americans; that of student loan debt. In fact, the holder of an MFA in film production owed nearly $200,000, a figure which soon ballooned to $289,000 after three unpaid internships.
Now, that’s no small amount of money to be set back with so early in life. Considering that the average salary in the U.S. stood at just over $48,000 in 2015, according to the Social Security Administration website, it is easy to understand why a six-figure student loan debt of that magnitude would be cause for concern.
But Bousley proved to be one not to panic. Instead, she buckled down and went about finding solutions to her debt woes. After all, she did get a first-class education for all her troubles, not only picking up several awards for her work in film production, but also holding bachelor’s degrees in international business and psychology.
It was then that she decided to use her education as leverage to get a well-paying job, which would make it easier to pay off her student loan debt and start building her future. Needless to say, that decision, while not being easy to fulfill, has worked out for her best interest. Today, Stephanie Bousley works in Singapore for one of the country’s largest hedge funds and has paid off most of her college debt. In addition, she is able to live pretty well with a high level of freedom, and travels frequently, while managing to spend time on her first love – script writing.
Wondering if this could be your story as well? The good thing is Bousley has decided to use her experience to help others who have been in similar situations. If you are currently facing high student loan debt, you are at the right place. This is your chance to get coaching on managing your debt, as well as valuable financial advice. Plus, find out how you can land high-paying jobs abroad.
Dealing with student loan debt can be pretty frustrating but, as you will find out, it doesn’t have to haunt you forever.

Financial management with technical support For You

Quick Banking Advizors is a company that provides technical support to its customers for managing various financial aspects of their business. The company has been providing a multitude of solutions for many companies and has developed a skilled and professional team for round the clock support. The QuickBooks accounting software helps in the following aspects of financial management.

Managing payrolls

Payroll lists the employees working for a company and the wages that are paid to them every month. Payroll is also a financial record of the company in the form of salary, bonuses paid to the employees and also the necessary taxes paid by the company. The QuickBooks accounting software enables effective payroll management by the company. The software automatically calculates the salary paid to each employee by accounting for the taxes, bonuses, etc. The software also enables a company to maintain a record of the expenses. The Quickbook Online Support features installation, activation and upgradation, resolving issues relating to data or files import/export and issues about backup and restoring QuickBooks files.

Filing of taxes

Tax filing is an important part of the financial transactions of any organization or an individual. The process of tax filing is extremely complex and prone to mistakes. The fact that one mistake can prove costly also makes tax filing a crucial process for a company or individual. QuickBooks is a software that has made negotiating the complex maze of tax filing easier and faster for people. The experts provided by Quick Banking Advizors help in filing taxes using this software so that any chance of mistake is eliminated. Quickbooks Online Phone Number is a toll free number which enables the users to connect with the experts whenever the need arises. The experts provide customized support plan and always suggest productive actions.

Other features of QuickBooks

QuickBooks is available in the form of a mobile application which makes access highly convenient for the users. The mobile app consists of all the accounting features and is very easy to use.

QuickBooks enable swift generation of invoice for customers. It also enables storage of information as a backup. The app. is highly convenient for bookkeeping because it allows the users to easily maintain books by creating invoices, statements and expenses. The finances can be efficiently tracked by using QuickBooks. QuickBooks has also caused a paradigm shift in budget management.

The Quickbooks Online Customer Service Number is toll free and is always attended round the clock.

Hiring a Debt Collection Agent For You

If you own a business house, then I am sure you are quite worried about some stubborn customers who are refusing to pay, instead of a series of reminders and follow-ups, right? And that is why every company needs to hire a stable and skilled debt collection agent, who knows the dynamics and knowhow of this industry. It takes years of experience to gain the right amount of confidence and various other qualities, that only a successful negotiator possesses.

But apart from checking the number of experience in their bag, there are four other essential things that you should check. And yes, make sure that he or she is associated with the best collection agency. How will you find the best one? Well, simply browse through the internet and you will come across numerous agencies. Compare the prices, achievements and credentials in order to locate the best one in the lot.

So, here are the five traits I am talking about. Take a look.

 Salesmanship: They should have the qualities of a successful salesman. A successful agent always has tangible solutions ready and knows how to convince a party to make the payment on time. Squeezing out all kinds of required information is another trait of them. They know that there are many frustrated debtors and thus, deals with them tactfully. They do not use any kind of over-aggressive methods. Generally, a reputed business collection agency hires experienced and skilled professionals. But you should take a little initiative and communicate with the agent yourself so that you are left with no doubts.

 Acute knowledge of the industry: The entire process is not at all a cakewalk. In fact, it is quite complicated. A good negotiator has acute industry knowledge which includes the following:

1. Billing
2. Credit approval
3. Payment processes

While talking to him, make sure you ask a few questions, which will help you understand his knowledge on the industry. The science of negotiation requires a lot of skills other than the industry knowledge. For example, he or she should be an able master at understanding human psychology, so that they can understand the willingness of payment in a customer.

 Patience: One of the most important virtues of a successful debt collector is patience. They know that there is no point in hurrying, and the major mistakes are mostly committed when in a rush. Efficient collectors take a lot of time in gathering information and documenting them. So, this is another trait you must not forget to consider while hiring a debt collector. Search online for a reputed commercial collection agency so that you can contact a successful agent easily.

 Optimism: Deb collection professionals should have a strong sense of optimism. They always focus on a “win-win” situation. You will get a clear idea of this quality during the first or second meeting itself.

So, these are the top-most skills that you should be looking for in an agent. Apart from these four, he or she should brim with confidence and must be a good listener. So, don’t delay anymore and start your search for the best collection agency immediately. Save your accounts from going into the “bad debts” column in your final books of accounts.