Debt Collection Agencies is not a new term and chances are that you or people around might have had an encounter with them, once or more times if their credit history is unstable. Debt collection agencies are basically companies that are responsible for collecting debt which is typically 60 days or more overdue. The debt can be related to any industry e.g. business debts, student loan debts, medical debt, or personal debt. However, the debt collection agencies are stereotypically associated with banks for credit card debts and bank loans.

Firstly, there are mainly two types of debt collection London agencies; the first party agencies and then there are the third party agencies. The former are a branch of the creditor company and are merely doing their job by extracting the home company’s money back. Whereas the latter are the companies, creditor companies outsource their debt collection to and are independent debt collecting companies on their own.

While it very simple how the first-party agencies work, there are two ways the third-party agencies ideally operate. The very mainstream way of working is by taking contracts from creditors and then taking it upon themselves to settle the debt from the debtor. Agencies who work this way take their payments by having a fixed percentage on the amount they have to collect. However, there is another, more professional way opted by bigger debt collection agencies. The bigger names often buy debts from companies. They pay an amount less than the original collectible amount and then get to work to collect the original amount from the debtor. The difference of the amount they pay to buy the debt and what they collect is their profit from the business. One of their basic rules is that the older the debt is the cheaper they buy it because the older the debt becomes, its collection chances decrease.

The typical image of the debt collection agencies is a very dreadful one and call from such an agency is usually assumed to be a start of an abusive interaction. This may be true in some cases where the companies first get in touch using the contact information the original creditors provide them with. If that doesn’t work, the debt collecting agencies then try to trace through investigators or technological channels. These agencies also immediately carry an investigation to check the creditor’s ability to pay the loan off. Once these agencies have an access to the creditor who doesn’t seem willing to pay off, they creditor is taken to the court and if difficulties still prevail, creditors bank accounts and vehicles are sealed and sometimes it gets as bad as the creditor having to sell off their assets.

On the other hand, more professional agencies are nothing like the types mentioned above. They make sure that the law comes first and like to abide by all the consumer protection laws. They go by proper channels of investigation and if they can’t verify the debt, they’ll request the creditor to remove the record. Also, they won’t proceed with the collection activities till a decided time and won’t make calls at any time without the creditor’s permission. They are also willing to draw solutions to make things easier for the creditors by either decreasing the debt or dividing it in installments.

With increasing business activities and bank involvements all over the world, there is an appreciating need of the debt collecting agencies worldwide which play the same roles but have extremely different ways of operation.

Debt management is a demanding task during the lifetime of an individual. More so if the person has reached the winter of his life and is to consider retirement soon. Such people, in the above 50 age group, have a life of retirement to look forward to and many a times, a host of debts to service.

Effective management of the debts is necessary to ensure that the life of retirement does not become burdensome. The growth of debts should be curbed when a person is fit and earning, more so when the person is above 50 years of age. Certain steps to ensure the same have been described.

Proper insurance of the biggest financial requirements

Life insurance is an investment whose benefit can be reaped later on in life. Individuals must make sure to get themselves and families insured so that when they reach retirement, they have substantial amount to their credit. Individuals above 50 should ensure that they are insured against medical ailments and have proper mediclaim to their names. This is because as age increases, the spending on medicines and hospital bills is more than that for personal upkeep. Good bank policies, insurances and investments in right places would help in the long run after entering the fifties.

More focus on yourself rather than your dependents

During his adult days, a person has to fend not just for himself but also for his family including children. However, once entering fifties, more focus should be given to one’s own upkeep and savings rather than giving to the children. As by that time, the dependents would no longer be so in the true sense of the word. And it would be more apt to look after oneself independently rather than being dependent yourself. A track of personal finances, savings, investments and claims should be kept. The sooner this can be done, the better it is for your future as well as the children’s present.

Beware of scams that target aged people

Scammers understand the importance money holds for people in their old age and their requirement for the same. As a result, they target the aged section of the society with their fraud schemes and gimmicks, promising to return a higher amount for some initial investment. People should be aware of these fraudulent schemes and not fall into the vicious tentacles of the fraudsters. Money lost in this way is a huge loss given that the earning power of the person is not very high anymore


Do not take more debts

Taking debts at such age should be avoided because it would put the burden of servicing either on the debtor or the co-debtor. This would not be good as the person’s age would have reduced his earning power which in the end would transfer the burden to the co-debtor. Debts that are taken should have a strong back-up and proper means to service the same.

As old age approaches, more stress should be on relaxing rather than on servicing debts. Hence, proper planning and early debt servicing would go a long way in helping people lead a peaceful retired life.

Concealments of recipes and impressions of receipt of cash without preservation of the act of purchase. This measure is aimed at combating VAT fraud through permissive payment systems.

1) What is a cash register?

The law obliges a trader to keep track of all transactions over 25 € TTC . If the amount is less than this amount, editing a note is mandatory only if the client requests it. A note must be in duplicate. The first must be handed over to the customer and the second must be kept for the commercial accounts. At the opening of a restaurant or a business, all the managers ask themselves the following question: “With what system of cash register to equip my establishment? “.

In fact, the cash register allows you to automatically edit your detailed sales receipts and also allows you to calculate VAT much more simply.

It consists of a keyboard, a calculator, two printers and a cash drawer. It is often associated with a barcode reader. However, there are many models with different functionality.

Among the models certified for 2018 are the cash registers on IPad.

More and more, merchants and mainly restaurateurs are equipped with these boxes. Lighter, more mobile and easier to use, these cash registers are directly connected to a central body.

2) Why does the state want to increase the security of cash registers?

Article 88 of the Finance Act for 2016 is intended to combat tax evasion. Indeed, an average of 17 billion euros do not come into the coffers of the State because of tax fraud. The main cause, the so-called “permissive” cash register. This fund does not allow certain receipts to be declared in cash.

In order to counter this, the State has decided to oblige traders to bring cash registers. These must comply as of 1 st January 2018. Traders will have to have a fraud software to VAT, as detailed below.

The credit union will now have to satisfy conditions of inalterability, security, preservation and archiving of the data.

After considering the application of this system to all companies, the Ministry of Action and Public Accounts finally announced in early June to have simplified and refocused this obligation. This device will only concern users of cash registers . In other words, it only concerns merchants .

3) What obligations for traders in the coming months?

From January 2018, merchants equipped with cash registers will have to certify that this is in compliance with the law of finance 2016. From now on it will be necessary to call on a software certified , that is to say a software secure, unalterable , which will have to keep the data and obviously archive them.

The ministry stresses that ” companies that have not yet made this compliance of their cash software have six months to ensure “.

In order to prove the compliance of his cash register, the merchant must provide documents. In particular, it may request an attestation from the software publisher certifying its commitment to comply with the requirements of the finance law for 2016. In addition, the merchant may request certification from a third party organization.

In case of inspection, the absence of attestation will be subject to a fine of 7,500 € per software or non-certified system, the offender having to regularize his situation within 60 days.