5 Ways to get Debt Free For Retirement

Those Golden Years, you are getting ready for them.  

Right now you are in your peak earning years, and your least expense years as the kids have left you an empty nester, and you only have expenses for you and your spouse.

No more teenage binge eating to finance!

Now is the time to get your financial house in order to prepare for the frightening day when you no longer draw a paycheck.

As debt collectors in Tampa Florida, we all too often have to work with retirees swimming in a sea of debt when they should instead be enjoying a well deserved long term break on the beach.  We've noticed a few key mistakes that people tend to make as they enter the empty nester phase of life, but before they retire, that leads to having to deal with our business.

We therefore present, the 5 ways to get Debt Free for Retirement.

1.  Cosigning for an adult child.

The temptation is great, and we all want to help our kids get established.  The truth is though, that young adult children are the least likely to pay their debts.  They simply aren't yet in the habbit of payment discipline.  This is their time to learn to manage THEIR OWN debt.  Maybe a less expensive car that their credit can support is better for THEM in the long run, than extending your credit to a fancier car.

2. Borrowing for yourself.

You feel you've earned it.  You got the kids standing on your own, you've sacrificed away a professional lifetime, and AMX will fund that trip to Europe you have always dreamed of.  Don't Do It!  you have spent a lifetime getting here.  Going on a debt spree now that your expenses are lower is like stopping 2 blocks short of the end of a marathon.  In the long run, those debts will have to be paid out of fixed income investments, or worse, Social Security.  Don't give up the discipline.

3.  Student Debt.  

This falls in the sam bucket as Cosiging for an adult child.  Your adult child's student loan debt will stay with them for 20 years, maybe more.   Who knows with any certainty what their economic future will look like.   If you must help, then offer to help with the payments, don't sign up for the debt.  Help your kids to stand on their own, and take responsibility for themselves, its a good life lesson, and will protect your nestegg.

4.  Fiddle with Real Estate Debt.

In the past, all of your interest on your mortgage was used in your Schedule A tax filings, and had the effect of the Tax Man rebating to you a good chunk of your mortgage deduction as a whopping tax deduction.   It is easy to refinance your realestate mortgage, forgetting that in the future, you will not have the dependents, and your income will be lower, and the new economic paradigm may not be as amenable to deductions for realestate debt as they used to be.  Check with a tax advisors before jumping into more real estate debt.

5.  Credit Card and Car Loans and Unsecured Consumer Debt.

Credit card balances for retirees have trippled from 1989 to today.  The average person aged 65 to 74 carries over $6,000 in credit card debt.  Now is not the time to rely on expensive debt, now is the time to find ways to scale back and live within your means.  It won't be long, and your income will be limited to retirement investment.  Debt does not care, and interest rates tend to rise.

It is our sincerest hope that we don't have to come calling on you in those glorious years of retirement.  Take intelligent steps now to secure a prosperous, happy, and debt free retirement.

Till Next time.

Collectivity LLC

Tampa Debt Collection Agency

8875 Hidden River Parkway, Suite 300,Tampa, Florida, 33637 Telephone:813.792.8030 Fax: 813.792.8609 E-mail: mlevinson@collectivityllc.com

www.collectivityllc.com

Debtor’s Who Just Won’t Pay

Stubborn as a Mule!

What can be more frustrating than dealing with a company that just refuses to pay? Well, let us begin by asking a few questions.

1               Does the company have the ability to pay? If it doesn’t…well you’re just wasting your time. Threaten to withhold shipments, proceeding with litigation, reporting them to the credit bureaus…will not result in recovery of your funds.

2               Let’s assume now that the company does have the ability to pay…now what?

It’s important for a client to decide what the true costs are to be spent in the collection effort. It makes no sense to spend $300 to collect a $500 claim. In addition, time is money…so how much time would you as a creditor wish to spend pulling together the necessary documentation necessary to recover your $200 dollars?

3               If you decide it is worthwhile to pursue taking into account the cost and time involved, are there any potential negative aspects to the pursuit? Will you potentially lose a valued client? Is there a potential counter claim that the debtor could file against you should you proceed with legal action?

4               Let’s now assume that you have decided it’s worthwhile pursuing and have placed calls and written letters to no avail. What techniques are available to finally get some of your hard earned dollars in the door?

There are several techniques one may use. Let us explore a few of them.

1               You can settle – this is many times the wisest approach. Something is better than nothing. In addition, there may be reasons a valued client isn’t paying… real or perceived. Or you may value your long term relationship with that client as important enough to take less during their “financial difficulties.”

2               You can always proceed in small claims court – as long as the amount falls within the jurisdictional limits and you have decided that you no longer wish to maintain any form of business relationship with your client. There are real risk involved also with this form of action…you can lose!

3               You can use a collection attorney – and in many cases, it is wise to do so. However, know that you will be paying up front court costs and suit fees along with usually higher percentages than using other alternatives. There is definitely the necessity for using creditor’s rights attorneys…after the proper review and investigation to deem it of potential value to you at the end of the day.

4               Mediation and arbitration – this is only a good choice when both parties desire to continuing doing business aside from this particularly disputed transaction. This unfortunately is not the case many times.

5               Write it off – Many times after doing the costs analysis, this makes the most logical business sense. Even is some limited instances, if there were real issues with the product or service, many times this act can save good will and help retain a valuable customer.

6               COLLECTION AGENCY – In the past, turning over a claim to a collection agency always resulted in the end of the business relationship with that client/customer. Also many agencies may charge flat intake fees, percentages on the amount collected, so on and so forth. On the other hand, you wouldn’t consider turning your claim over to an agency if the collection process was easy and cost effective to do so on your own.

This is where Collectivity can assist you. Visit us at www.collectivityllc.com to discover how we can help you recover your money while maintaining a positive business relationship for you with your customer.

                

Collectivity LLC

Tampa Debt Collection Agency

8875, Hidden River Parkway, Suite 300,Tampa, Florida, 33637 Telephone:813.792.8030 Fax: 813.792.8609 E-mail: mlevinson@collectivityllc.com

www.collectivityllc.com

  

Good Morning Friends...

Today, Bric a Brac.

Enough of the seriousness.


Today, there are three kinds of people:  the have's, the have-not's, and the have-not-paid-for-what-they-have's.  ~Earl Wilson

From your Florida Debt Collection Agency,

Collectivity, LLC


Till Tomorrow!

Mark

Collectivity LLC

Tampa Debt Collection Agency

8875, Hidden River Parkway, Suite 300,Tampa, Florida, 33637 Telephone:813.792.8030 Fax: 813.792.8609 E-mail: mlevinson@collectivityllc.com

www.collectivityllc.com

Creditors Memory and Benjamin Franklin!

Collectivity LLC

Tampa Debt Collection Agency

8875, Hidden River Parkway, Suite 300,Tampa, Florida, 33637 Telephone:813.792.8030 Fax: 813.792.8609 E-mail: mlevinson@collectivityllc.com

Debt Collection Services Florida

Welcome to Collectivity, LLC, debt collection services for all of Florida.

Collectivity is a "new" kind of Debt Collection Agency, one that employs old fashioned values, and new technology to provide a different kind of experience for both you, and the people that owe you money.

The bottom line is that the collections industry has developed a black eye.  There is enormous new legislation, and more coming down, that make the collection of debts far more difficult.  The likelihood that an individual small to mid sized business will be even able to keep up with the new laws is at best slim. 

We have a few decades experience in this industry.  We use psychology and process to create a debt collection process that is unique in the industry.  Our goal is to not only collect on your debt, but to do so in a way that is entirely within the confines of new regulation, and in a way that is conducive to you keeping your clients as clients, not ostracizing them over a past due balance.

Listen to what one of our clients had to say.  He was concerned, being from a small town, what would happen when he called in the collection agency.   His experience is not unusual, we collected what he was owed, and preserved his relationship with his customers.

Collectivity, LLC, give us a call.

Mark

Best Practices, Florida Debt Collection

Usually we pass on interesting bits of knowledge, witty quotes, or a general message on the state of the debt collection industry, especially as it pertains to Florida Debt Collection.

Today, however, I am going to share an excellent article on how to actually reduce your need for a debt collector!  It may sound counter-intuitive, however, our clients and followers aren't as interested in our services as a debt collector in Florida, as they are in simply Getting Paid!

This is a wonderful and concise article on how to better frame your invoices to get paid quicker by your customers and clients.

It's a short, and excellent, read.

http://www.fairshare.cc/how-to-improve-debt-collection-by-using-your-invoices-more-efficiently/

Till our next post, Have a fantastic weekend.

Mark.

Collectivity LLC

Tampa Debt Collection Agency

8875, Hidden River Parkway, Suite 300,Tampa, Florida, 33637 Telephone:813.792.8030 Fax: 813.792.8609 E-mail: mlevinson@collectivityllc.com

Ups And Downs of Commercial Debt Collection

The Commercial Collection Agency Association has released industry trend analysis for Q4, 2013.

What they found was a consistent drop (5.7%) in the number of Business To Business Collections accounts placed with collection agencies, but a consistent rise the the dollars placed (4.13$) with collection agencies.

In other words, fewer, but larger accounts in the B2B Debt Collections world Q4, 2013.

We were very ready to hear this news, as the year (2013) has been in overall decline.   The collection industry declined 11.5% over the volumes reported in 2012.


Similar declines, soft years, were see in 2009, 2010.  This is a business decline we have seen before and have seen again.

It may seem like an odd time to launch a new debt collection agency in Tampa with an overall soft market.  It is our belief that in tough times is when opportunity knocks the loudest.  The classic stereotype debt collector is being steadily legislated out of business.  We are not unhappy to see them go.

A new breed of tech savvy collection agencies, with solid old fashioned values, and a firm grasp on the psychology of debt collection is on their way to fill that gap.  Collectivity, LLC  is there, bringing to the industry old fashioned values, and modern technology.

Contact us now about your debt collection needs in Tampa, Florida, or anywhere in the country.

Collectivity LLC

Tampa Debt Collection Agency

8875, Hidden River Parkway, Suite 300,Tampa, Florida, 33637 Telephone:813.792.8030 Fax: 813.792.8609 E-mail: mlevinson@collectivityllc.com

It's the client partnership... not the software!

Going through the Debt Collection Industry's Journals is one of the things we do to keep up to date on changing debt collection laws, changing collection strategies, and the general state of our industry.

We got a bit of a Valentines Day Present  with a very insightful article on Feb 14 in Inside ARM.

I'd like to share a snippet with you, and then our reflections.

“Last year confirmed an important lesson I’ve learned over and again during my more than 20 years in the collection industry—the software an agency uses isn’t the most important ingredient to success. What matters most is the partnership and joint efforts we engage in to bring about a lift our clients’ bottom lines. Ultimately, we help our clients succeed through partnerships built upon an unwavering commitment to know them and understand their needs.”

That's the framework that Collectivity is built on,   Old Fashioned values.  Forging a relationship with our clients, and not breaking the relationship between our clients and their debtors.   Gone are the days when the collector screaming on the phone is an acceptable model, and we are glad to see them gone.  Gone are the days when your software or your autodialer can trump a calm rational voice working with your debtor.

Personal skills, personal service, dedication to your clients, respectfully treating the debtor.  These are the hallmark of the new collection agencies.

While our industry is being hammered left and right with enough scandal to make us look like the average politician (yes sarcasm and humor intended), our firm, Collectivity, welcomes the change.  The minority bad collection firms erode the credibility and huge value of the quality firms.

Collectivity, however does stand in two places, the first is Old Fashioned Values, the second though is modern tools.   We believe in using technology to work for us, and work towards the best tools possible to make sure that we execute on your debt collection with maximum efficiency, we meet the myriad of reporting requirements, and effective collect the money you are owed.    This sits, however behind our first pillar of our business... Old Fashioned Values.

Give us a try we are in Tampa Florida, and focus on Florida Debt Collection, but also service clients and collect from Debtors all over the country.

Call today, find the difference Old Fashioned Values make to the quality of your debt collection efforts.

Collectivity LLC

8875, Hidden River Parkway, Suite 300,Tampa, Florida, 33637 Telephone:813.792.8030 Fax: 813.792.8609 E-mail: mlevinson@collectivityllc.com