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Bad Debtors


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Author Topic: Bad Debtors  (Read 43 times)
Lovelee
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« on: March 08, 2009, 02:08:45 pm »

It must be a sign of the times that a new website which aims to help small and medium-sized businesses collect bad debts has been an instant hit.

Marc Robinson set up www.nzblacklist.co.nz after becoming frustrated at the amount of time he spent chasing delinquent debtors for the marine marketing company he worked for, something he found he had in common with others running small businesses.

Many of those people were also dissatisfied with the service they received from debt collection agencies but were unsure of how to go about finding a better one.

NZBlacklist allows creditors to list details of a debt on the website without identifying the creditor or debtor. The website displays the information, including details such as the amount owed, the nature of the transaction which incurred the debt, whether it is disputed, why the debtor has not paid, and an indication of whether the creditor hopes to retain the debtor as a customer.

All of the debts can then be viewed by collection agencies, who can quote for collecting the money.

Once a debt is assigned to a collection agency, Blacklist receives a commission of between 1.5 and 3% of the debt from the agency. Creditors listing their debts pay nothing.

Robinson said the advantage for creditors was that they could choose from several quotes without having to contact several agencies, but this was often as much about selecting the best service as finding the best price.

Many creditors would prefer to pay more and hire an agency that would have someone turn up on a debtor's doorstep and demand payment rather than just make a few phone calls and write a couple of letters, he said.

For collection agencies, the website provides a cost effective way of generating new business.

When Robinson launched nzblacklist 10 days ago, his aim was to have it loading up $100,000 of new debts a week within three months. He hit that target in the first three days.

He initially targeted the building industry and has so far relied purely on word of mouth advertising. But good news travels fast and word has also spread to the automotive trade, which has provided many new listings.

The biggest debt listed so far is $53,000 and the smallest is $295, with most falling in the $3000 to $8000 range.

The site has also had its first listing from an Australian-based company that does business in this country.

http://www.stuff.co.nz/business/personal-finance/2078154/Bad-debts-site-a-sign-of-times
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