How to Collect Debts without all the Frustration

For any commercial business where credit is extended, there is inherent risk involved.  At some point in time, most corporations – or even small businesses – that extend credit to consumers will have to deal with the frustration of bad debt.  The issue is that most of these companies are not in the business of debt recovery services; most do not consider themselves a debt collections agency either.  No, a commercial business is in the business of selling items and extending credit when necessary.  Collection is a whole different realm which actually requires a good deal of expertise.

A Pile of USA Dollar BillsBecause of the frustration and negative emotional impact that go hand in hand with debt recovery services, many creditors show a lack of motivation in going after bad debt.  Really, the underlying thought is that your company has done its part by providing the services or product promised.  It’s reasonable, then, to expect to be repaid in a timely manner.  Dealing with a slow paying debtor, or a dishonest debtor who has no intention of repaying debt, is extremely frustrating.

To further complicate matters, our world has become a far smaller place thanks to the innovation provided by the internet.  There is good and bad to this.  Through the internet, a company has a far wider reach and can increase their sales numbers tremendously.  However, collecting international debt seems to lend further complication to an already frustrating process.  In this instance, the best thing to do is to locate a reputable international collection agency to handle these specific debts.  Be sure to look at the numbers of debts collected by an international collection agency.  Many may try to say they can get the job done, but the proof is in the pudding.  Every country has its own policies and procedures, which means that it really does take a highly skilled – and well connected – international collection agency to be able to negotiate terms for debt collection.  Finding such a company to work with you on debt collection is a far better idea than simply writing off bad debt.

500 and 100 Euro BillsHandling debt collection takes skill and motivation, two things that may be lacking to handle this type of thing in-house.  One thing that will need to change in order for you to attempt to collect debts without the debt recovery services of an outside company is the right frame of mind.  In order to approach this whole scenario differently, it may help to develop the mindset that you are locating lost money, or increasing sales figures by collecting debt.  Establishing a new mindset allows the collector to approach this process in a more professional, less negative way.

Collecting debt is a very real and very important part of running a business.  That does not mean, however, that it is a task that must be handled by the business owner or even by an in-house employee.  The best way to minimize the frustration of dealing with debt still seems to be to enlist the services of a professional company.  By doing this, you hand over this important task to a company whose business IS collecting debts.  In this way, your operations can be “business as usual”.

How to Choose the Best Life Insurance

If you’re like most people, you probably only have life insurance through your employer. However, if that is the only life insurance you have, you are counting on that single policy to take care of your family if something happens to you. Many people put off purchasing more life insurance because they aren’t sure how to choose the best life insurance for their needs. Finding the right life insurance policy may not be easy, but it is one of the most important things you can do to care for your family’s future.

Reviewing life insurance policy quote

Start by figuring out how much life insurance you actually need. At a minimum, you will need to find a policy that covers costs associated with your death, such as a funeral and burial, as well as doctor or hospital costs that may come as a result of a battle with a long illness. You will also want to cover any taxes that will be levied against your estate, and plan for the day-to-day expenses that your family will need to cover. For most people, the right life insurance policy is five to seven times their annual income. When you decide how to choose the best life insurance, you will want to know exactly how much coverage you need without going overboard.

Once you have figured out how much your policy needs to be worth, you need to figure out how to choose the best life insurance type. Term life insurance is a policy that covers you for a certain number of years- for example, for twenty years or until you turn sixty five. These policies are often less expensive than other policies, and the rate is generally guaranteed during the period you own the policy. However, unlike other forms of life insurance, term life policies don’t gain cash value and they may not be renewed when they expire.

Permanent life insurance covers you for as long as you are alive, as long as you pay your monthly (or annual) premiums. This type of life insurance may have a cash value, also called a “cash surrender value” which allows you to surrender your policy for a portion of the total value of the policy or even take a loan out against the value of the policy. Permanent life insurance comes in “whole life” or “ordinary life” versions, in which premiums remain fixed and must be paid regularly.

Some people prefer “universal” or “adjustable” life insurance policies, which can be purchased and paid for at any time, as long as you follow the rules that the company sets. Variable life insurance allows you to decide how you want to invest the premiums you pay among different types of investments. This means that the total value of your policy will vary, depending on the value of those investments.

As you start looking at different policies, you will want to decide how to choose the best life insurance policy based on the needs of your family. Talking with an insurance agent is a great way to better understand what you need to provide for your family in case something happens to you.