Ross Chapman - DebtorCorp Collections
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Ross Chapman - DebtorCorp Collections

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Debt Collection: Profession... or aggression?

Debt Collection: Profession... or aggression?

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Ross Chapman - DebtorCorp Collections Ross Chapman - DebtorCorp Collections Presentation Transcript

  • DEBT COLLECTION: Profession… or Aggression?Ross Chapman, FCADebtorCorp CollectionsPrompt, Professional, Receivables Solutions
  • So What Are We? OR
  • Tackling the Post-GFC Financial Crisis• Stress for owners, staff, creditors, debtors• Pressure on cash inflows & outflows• Household debt as percentage of disposable income ‟ 150%• 1992 ‟ 50%• Truth v Lies• Iron Fist‟Velvet Glove :: Loudspeaker‟Sledgehammer
  • Industry & Professional Standards• Debt collection guideline for collectors and creditors: joint publication by ACCC and ASIC• Department of Fair Trading - Privacy Acts ‟ Self Regulation• The Institute of Mercantile Agents
  • Industry & Professional Standards (cont’d)• Australian Institute of Credit Management• Financial Ombudsman Service• Credit Ombudsman Service• Energy & Water Ombudsman• Telecommunications Industry Ombudsman
  • Pay, or I’ll rip your bloody arms off!!
  • So What are People Saying and What is Reality?• Threats of legal action ‟ deliberate misinformation & phone harassment• Continuous phone calls inside and outside of allowable calling times• Bullying, coercion, manipulation, pressure• Enquiring about bonafide long outstanding deb which is detrimentally impacting creditor’s cashflow and business including staff retentio
  • • Attempting to work with debtor to arrange mutually beneficial payment arrangement• Calmly responding to abusive barrages from debtor• Dealing with false claims of harassment, breaching of ACCC / ASIC guidelines, denial of signed documents proving debts due ‟ by serial non-payers
  • Telecommunications Ombudsman
  • • Creditors have better memories than debtors ‟ Benjamin Franklin• Abuse reports to FTC † >144,000† more than any other industry• FTC v West Asset Management $US 2.8M fine• Persuing widows• “We know where you live, we know who your wife is. “
  • Could it be the Lure or the Lack of theAlmighty Dollar $$$ !!!• “When I was young I thought that money was the most important thing in life; now that I am old I know that -Oscar Wilde• “The hardest thing is to take less when you can get mo -Kin Hubbard• Client and collection firms’ internal staff performance measurement policies• Remuneration policies• Pay peanuts†get monkeys
  • Where are we in the World of Debt Stress?AVERAGE NATIONAL TRADE PAYMENT DAYSQ2 2009 ‟ Q2 2012 (Dun & Bradstreet)
  • Australian insolvency statisticsReleased: 3 July 2012Table 1.1 - Companies entering EXAD–Region summary, ANNUAL, QUARTERLY Australian New South South Western Northern CapitalPeriod Wales Victoria Queensland Australia Australia Tasm ania Territory Territory Australia ANNUAL (2008–2011)2007-2008 3,820 2,134 1,196 286 291 42 17 121 7,9072008-2009 4,487 2,616 1,806 338 543 43 24 148 10,0052009-2010 3,935 2,327 1,894 312 580 81 24 128 9,2812010-2011 4,072 2,603 1,894 352 681 79 33 115 9,8292011-31Mar 3,325 2,020 1,764 342 547 72 24 111 8,205 Based on quarterly trends for 2011 - 2012 anticipate June 2012 quarter EXADs at 2,000+© Australian Securities & Investments Commission
  • The Answer…
  • Did you really doubtit would be anything else… Prompt, Professional Receivables Solutions1300 433 2826 „ debtorcorp.com.au MELBOURNE „ SYDNEY „ BRISBANE SUNSHINE COAST „ AUCKLAND, NZ