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While most are dreaming of success, winners wake up and work hard to achieve it - Unknown

This month we have outlined a fabulous success of CollectIT's - one which took an unbelievable amount of hours in our office and resulted in both successful payments for our clients and enormous satisfaction for our team.CollectIT's client (Client A) in the travel industry was owed $13,057.11 by an ex-employee who had promised to repay the money. Funds were misappropriated in 2007 and although some payments had been made, they were not consistent. In November 2011 CollectIT was asked by Client A...

Are you in the Business of Repossession?

Business owners who sell goods on credit with a right of repossession in the event of default are obliged to comply with the Credit (Repossession) Act 1997. One important section of this Act is section 35 which prohibits a lender from recovering more than the debt balance outstanding after goods have been repossessed and sold. What this means is that after you have repossessed and sold a vehicle (or the goods you held security over) and you still have an outstanding balance owing, no further pen...

Courts are making changes to civil debt enforcement

Court changes are occurring from 14 April 2014.  They are being called the most comprehensive reform to civil debt enforcement in almost 25 years. The changes have been made to make the enforcing of debts quicker, simpler and cheaper.  Some of the key changes are as follows: Currently, an attachment order can only be obtained following an order for examination. This requires a bailiff to successfully serve the summons, and both parties to attend the hearing. Following the cha...

A Landmark Case in NZ - Foreign Spammer Slammed by Judge

In August this year the High Court slammed an Australian business man in penalties and costs for his spam emails. Heralded a landmark case, the decision confirms that the sending of spam emails from other countries into New Zealand is a breach of the Unsolicited Electronics Messages Act 2007.Perth man Wayne Mansfield ran business seminars in New Zealand. The penalty imposed by the High Court were for spam emails promoting the seminars which were sent to more than 80,000 email addresses.The Depar...

When can I pass an overdue account to debt collection?

TODAY! Once an account is overdue, you have every right to pass the debt on to CollectIT Ltd.At CollectIT we continually see debts that are left far too long. At any time companies can be liquidated, consumers can be bankrupted and contact details can change. If a debtor is unable to be contacted the chances of recovering your debt are very slim. Below are two debts where CollectIT have been involved prior to bankruptcy and liquidation:Company 1: CollectIT recovered a debt of $14,500. ...

Why does CollectIT have an industry leading success rate?

'The difference between a successful person and others is not a lack of strength, not a lack of knowledge, but rather a lack of will' - Vince Lombardi.Small Business - CollectIT employs four staff who are focused on doing the very best for each and everyone of our clients. Our systems and processes are excellent and we continue to improve these in order to offer our clients a pleasant experience in an area of business that can be stressful and highly emotional. This allows our clients to ge...

I will make payment online tonight

Is your business experiencing cash flow problems? You're not alone! The Bibby Barometer Small Business Survey runs a study twice yearly, surveying primary decision makers across Australia in more than 200 non retail, small and medium sized enterprises (SME). Here are some of their results around cash flow.Last August a staggering 83% of SME's surveyed had experienced cash flow issues in the past year. This was commonly due to customers making excuses for slow payments (41%).According to the surv...

Are you aware you can report spam texts?

Most readers will be aware that sending emails which do not have an 'unsubscribed' button or a process to unsubscribe is against the law.These emails can be reported under the unsolicited Electronic Messages Act 2007 to the Department of Internal Affairs electronic messaging compliance.CollectIT described this area fully in a newsletter a couple of years ago.What readers may be unaware of is that in June 2012 the Department of Internal Affairs launched a new spam reporting tool for mobile device...

Can you breathe a sigh of relief once you have been paid?

So, after months of uncertainty that debtor company you were worried about has paid you in full. You can relax  . . . or can you?If your debtor goes into liquidation less than two years after your debt was paid, then no you can't.Why is that? Section 296 of the Companies Act gives the liquidator of the company the ability to claw back the payment you received on the basis that it was an "insolvent transaction."Seems unfair doesn't it? After all, you've done the work, you deserve to be paid....

Are you worried about losing business if you send your debtors to debt collection?

In our experience at CollectIT debtors do not leave their suppliers just because they've been sent to debt collection. Regardless of the industry whether it is an accountant, landscaper, lawyer, advertiser or vet it doesn't make a difference.Often the creditor (business that is owed the money) fires the debtor as a client. Who wants to be spending their time chasing money when your time can be better spent on getting new work or doing more work for existing clients that actually pay on time.This...