Two Best-Selling Authors Suggestions for Living Happily in 2013

Business author Bernard Marr thinks the year 2013 should be the year that people measure their happiness. 

Marr used the example of Weight Watchers.  He said people who join WW tend to lose more weight and keep it off because progress towards goals is measured and monitored.  So his idea for 2013 is that you measure your happiness by being more aware of the different elements that make you happy and then to simply check once a week how you are doing.

If nothing else, this is a simple way to help remember the good things in our lives and maybe stop taking for granted the many things we should be grateful for in our lives. 

Another author, Gretchen Rubin, suggested that along with making resolutions in the new year, people should choose a single word or phrase as a theme for the entire year.  Some examples are, "bigger" "comfort" "silence" or "overcome."  You can use this word as a reminder of what is important to you or how you want to live your life.

These are two suggestions on how to approach the new year and hopefully proceed in a happier and healthier way.  What will your happiness checklist look like?  What will "word of the year" be?


Source: LinkedIn

National Recovery Services Follow Student Loan Debt Collection News

U.S. Representative Tom Petri (R-Wis.) has a bill to propose that would require employers to withhold federal direct student loan payments from their employees’ wages.  The business reporter writing about this subject noted that this type of bill may eliminate the need for private debt collection agencies currently used by the Department of Education.  Credit and collection professionals do not agree that this would end the Department of Education private student loan contract, or at least that it is too soon to make that assumption.  

Some statistics show that nearly 20 million Americans attend college each year, with 60% of those borrowing money annually to cover costs.  There are around 37 million student loan borrowers with outstanding student loans currently, and of those 14% have at least one past due student loan account. 

ACA International cited statistics stating that about 56% of students who earned bachelor’s degrees in 2009/10 from the public four-year colleges at which they began their studies graduated with average debt of $22,000.  Additionally, in 2010, private collection agencies under contract with the Department of Education, the Department of Health and Human Services and Financial Management Service had referrals of $35.9 billion in delinquent federal debt, and these private collection agencies collected $777 million. 

That is to say, collection agencies were able to retrieve $777 million to be put back into the economy, which so desperately needs it.  The statistics show that it is a necessity for many college students to borrow money to obtain their education.  There is a percentage of those students and graduates who become delinquent in paying back their loans.  This is why collection agencies play an important role in retrieving those funds, and it turn, help manage and resolve a financial issue for those particular graduates. 

National Recovery Services will continue to follow current events related to the debt collection industry in our effort to remain a compliant, compassionate, and competitive third party debt collection agency.

Source:  ACA International, American Student Assistance

Tips for Portraying an Accurate Picture of Third-party Debt Collectors

It has been reported that Hollywood megastar Brad Pitt and his production company are currently in the process of developing a TV series that will center on an ex-gangster living in Buffalo, N.Y. trying to get his life back together by working at a debt collection agency, according to a report in entertainment trade publication Variety.

It is likely that this project will take a long time to develop.  There are some in the collection industry that are worried because typically this type of series will only be intriguing to viewers if it portrays "moral ambiguity" as with other successful series, while a more accurate picture of the business of third-party debt collection agencies would not be considered good t.v. by Hollywood standards.

If Mr. Pitt truly did his research here are some things he would find out about the third-party debt collection industry:

Speaking to those in management or sales in the collection industry, he would hear that early placement with a professional, licensed, and bonded collection agency allows businesses to maintain a positive relationship with slow-paying clients.

But on an "unofficial" basis, staff at National Recovery Services would say collectors use compassion and the art of compromise to help people get out from under the burden of past due debt.

NRS staffers would say that collectors take accounts and give them one-on-one personal attention, thus, ensuring that every possible option is explored to help consumers resolve their debt obligations.

I know it doesn't sound as exciting, and does not portray "moral ambiguity" but, it is what the majority of the debt collection industry is striving to do on a daily basis.

Laws and regulations must reflect the increased reliance on wireless devices by millions of consumers.

FCC, FTC, FDCPA, TCPA, CFPB, what do all these initials have in common?  They all attempt to regulate how consumers are contacted and what should be required for contacting consumers' wireless numbers.  It is a very complex issue dealing with things like "autodialers" and "robocalls" and informational vs. telemarketing calls.  Past laws (FDCPA) and current legislation deal with these issues on an ongoing basis as technological advances are made.

Statistics show a trend toward American households dropping their land lines and becoming "wireless only" households.  Because of this, being able to contact consumers using their wireless numbers becomes increasingly important.  Text messaging could also be a meaningful way to contact consumers in a less invasive way, which could break down barriers for some consumers who choose to avoid dealing with their financial struggles. 

In 2013, additional regulations begin such as requiring that prerecorded telemarketing messages include an automated opt-out mechanism.  Also, companies will be required to obtain prior written express  consent from consumers before calling them with prerecorded telemarketing “robocalls” or before using an autodialer to call their wireless numbers with telemarketing messages.

ACA International, the trade association for credit and collection professionals believes clarification will be needed on these new regulations since such requirements impact calls made to mobile phone numbers, these obligations restrict non-telemarketing calls to what is becoming the primary means of communication for millions of American consumers.

Additionally, ACA commented that the FCC has distinguished between informational/non-telemarketing and telemarketing calls for purposes of the TCPA, and they should continue to ensure that these are subject to less burdensome requirements.

Some of these changes do not relate specifically to the third party debt collection industry.  But, any legislation regarding how consumers can be contacted is important for the industry to be aware.

National Recovery Services will continue to follow any new information regarding wireless communications and the Telephone Consumer Protection Act, especially in regards to changes in third party debt collection.  We, at National Recovery Services are committed to staying abreast of any issues that effect the debt collection industry.

How Consumer Confidence Can Effect Holiday Shopping

Holiday shopping is in full swing, which means experts are discussing and making predictions about the economy and how retailers will fare this holiday season. 

According to the Conference Board, which calculates the Consumer Confidence Index, there is optimism among consumers about the job market, therefore, consumers are feeling more positive about the US economy than they have been in over four years.  However, there are economists that recognize there are fears about higher taxes in 2013, which poses a threat to consumer confidence and spending habits in December.

We have all heard about the "fiscal cliff," which Congress is currently discussing, however, most households don't know how this fiscal cliff will effect them financially in the immediate or long-term future.  So many households will follow media coverage of the fiscal cliff and keep this in mind this holiday season.

The White House said uncertainty about taxes could hurt holiday sales and consumer spending going into 2013.  In fact, President Obama's top economic advisers released a report warning that if Congress doesn't prevent tax hikes on middle class families, consumer confidence could decline, retailers could be hurt and jobs may be cut.

Sounds ominous for sure, but it was reported that spending over the Thanksgiving weekend hit a new high of $59.1 billion, a 13% increase over last year, according to the National Retail Federation.  It appears consumers aren't letting fiscal cliffs and potential tax hikes effect their holiday shopping.  The NRF actually predicts that holiday sales will increase by over 4% this year.  One economist described consumer confidence as strong, but shaky.

Only time will tell how consumers really feel this holiday season when retailers reveal if they met their retail goals and expectations. 

A final thought... if the first of the year finds you with some overdue debt, rest assured there are competent and compassionate third party debt collection agencies like National Recovery Services that will treat you with dignity and respect as we work together to solve your financial problem. 

Source:  CNNMoney

Some Thanksgiving reflections...

Have you ever typed out an angry email and really wanted to send it, but knew it would not turn out good if you did?
Be thankful for the delete key!

Have you ever been in bumper to bumper traffic and just wanted to get home?
Be thankful for that driver who you let in that waved and made you feel that there were still gracious people in the world!

Have you ever been so tired and just needed to climb in bed before your kids were ready for bed?
Be thankful for kids that brush their teeth without being reminded, and prodded, and nagged...

Do you ever think back to your childhood and realize you had it really good?
Be thankful for not knowing what you didn't have.

A few quotes...

"Be thankful for what you have; you'll end up having more. If you concentrate on what you don't have, you will never, ever have enough."
Oprah Winfrey

"I am thankful for laughter, except when milk comes out of my nose."
 Woody Allen

"There is always, always, always something to be thankful for."
Author Unknown

"Feeling gratitude and not expressing it is like wrapping a present and not giving it."
William Arthur Ward

We, at National Recovery Services, wish you and yours a safe and happy Thanksgiving holiday! 

Source:  brainyquote.com, inspirationpeak.com

Smaller market collection agencies could be subject to supervision...

It is well known by now that the Consumer Financial Protection Bureau released a final rule defining “larger market participants” in the consumer debt collection market.  Larger market participants have been defined as any firm that has more than $10 million in annual receipts from consumer debt collection activities.  These firms will now be subject to the CFPB's supervisory authority beginning in 2013. 

However, credit and collection news professionals are shifting their focus to the fact that there are several provisions in the new law that will allow the CFPB to examine and supervise smaller collection agencies as well.  For example, smaller companies that perform collection work on behalf of larger participants could have their relationship with the larger participant examined, and potentially subject to direct supervision.
   
Congress established the CFPB to protect consumers by carrying out Federal consumer financial laws, including conducting rule-making, supervision, and enforcement of said laws.  Therefore, the Bureau can supervise any company it deems to be a risk for consumers.  It was stated that complaint volume will be a factor in determining which companies are "risky." 

National Recovery Services believes that when trained professional collectors are placed in a positive, supportive environment and given the best possible tools of the trade, we provide collectors who listen to consumers, as well as fair treatment and clear explanations to consumers.  It is this type of business practice that the CFPB expects out of companies in our industry. 

National Recovery Services will continue to follow the news related to regulatory changes in the debt collection industry in our effort to remain a compliant, compassionate, and competitive third party debt collection agency.

How Election Results May Effect the Collection Industry

The results of the November 6, 2012 election could effect the business of credit and collection professionals.  Experts in the industry have discussed a few of the potential changes, or lack thereof, which are below.

The CFPB will continue to operate and fulfill the goals it has set out in the consumer arena, such as larger market participants being subject to supervisory authority beginning in 2013.  Some people believed there was a possibility that Governor Romney (and a Republican Senate) might have taken steps to dismantle the agency.

New tax policy could effect ARM (and other) types of business owners in the way of an increase in taxes or limiting deductions. 

Elizabeth Warren is now the Senator in Massachusetts and will likely be involved with legislative reform of the Fair Debt Collection Practice Act (FDCPA) within the next six years. Warren is considered to be a fierce consumer advocate and was a crucial part of setting up the Consumer Financial Protection Bureau, even being considered for the position of director of the CFPB at one time.

ACA International, the association of credit and collection professionals, has stated its commitment to getting to know newly elected officials in order to educate and explain the collection industry's issues.  Additionally, ACA's relationship with CFPB will be a priority in order to educate and provide tools to association members ensuring we are all working under the agency's regulatory authority.

National Recovery Services will continue to follow current events related to the debt collection industry in our effort to remain a compliant, compassionate, and competitive third party debt collection agency.

Sources:  ACA, InsideARM

The Value of Treating People as Individuals

As a mother with two boys who have very different personalities, especially when it comes to education and learning, there is one very important thing I have come to believe:  Students are individuals, and each of them learn in different ways.  Some students feel successful when the grade is an "A," while others feel successful when their teacher (or a parent) acknowledges their effort regardless of the grade.  And of course, there is everything in between those two extremes.  The important thing is that the student feels successful so he or she will continue to put forth the effort needed to learn and grow in their education.

An recent article in Inc. discussed the "world's simplest management secret."  The author suggested that leaders must manage individuals, not people.  It was contended that people are different when it comes to how they would like to be managed so company leaders should ask their employees what helps them excel and what annoys them in management styles.  For example, some people respond to mentoring, while others may find advice to be irritating. 

Companies could get the best out of their employees by finding out how individuals like being managed- in what ways they feel successful.  In a similar way, teachers who view their students as individuals, likely enjoy more motivated and content students.   

It is an interesting concept, not a simple concept.  Teachers do not have the time and resources to treat each student as an individual, in the same way that managers can't be expected to only get results from employees who are treated as "individuals."  But, in small ways, a positive comment, an email, a small bonus, may make a difference in the success of the company as a whole.

CFPB to Begin Supervision of Larger Market Participants

The credit and collection industry has been aware for a while now that the Consumer Financial Protection Bureau, or CFPB, would be putting in place official supervisory authority guidelines, and last week it finally happened. 

It has been reported that the Consumer Financial Protection Bureau released a final rule defining “larger market participants” in the consumer debt collection market.  Larger market participants have been defined as any firm that has more than $10 million in annual receipts from consumer debt collection activities.  These firms will now be subject to the CFPB's supervisory authority beginning in 2013. 

The CFPB also released the field guide that examiners will use to evaluate newly defined larger market participants with key areas of focus related to required disclosures being provided; having a consumer complaint and dispute resolution process; and the presence of civil and honest communication with consumers.

It is estimated that the CFPB will be directly examining and supervising the 175 or so largest ARM firms in the US.

Commercial debt collection and medical debt collection are two markets that will be exempt from supervision.  Student loan debt was not addressed by the CFPB specifically, but it was noted that it will be included in the definition of consumer debt collection market. 

National Recovery Services will continue to follow current events related to the debt collection industry and consumer issues in our efforts to remain a compliant, compassionate and competitive third party debt collection agency.  

Source:  ACA International and InsideARM