• Four Reasons to Consult with an Attorney Before Getting into Debt Collections

    Jeffrey Scott . . #Education 

    Debt collection remains in the top five growing, profitable and fastest moving industries in the United
    States. Nearly anyone can start their own debt collection business but that does not mean that all debt
    collecting companies are going to succeed. You absolutely need capital in order to be able to collect on
    debts, and you either need to buy portfolios or win a contract with an original debtor. Before you start
    making big plans for obtaining a debt collection license and hiring and training employees, you should
    review these four reasons to meet with an attorney. Debt collection can be profitable, but it is also an
    industry that you need to be fully informed to excel in.


    1. The Fair Debt Collection Practices Act

    This federal law governs how, when, where and why debt collection companies can attempt to collect
    on a debt. Prior to ever picking up a phone and contacting a debtor, you need to not only read but
    understand how the FDCPA will impact your business. This will also help you to know when you are
    following the rules and when you are getting close to the line. Realize that a single violation of the
    FDCPA can cause your company to be fined for a minimum of $500 per violation.

    2. To Find Out About Updates to Local Debt Collection Laws

    In addition to federal laws that debt collectors need to comply with, there are state laws that are
    forever in a crux of change. You can read a new debt collection law, but can you interpret and apply it to
    your business operations properly? Go to an attorney and see if there is anything your company should
    be doing different.

    3. Have Your Phone Script Reviewed

    Simply reaching out to a suspected debtor without confirming who you are and what the purpose of
    your call is can be grounds for an expensive civil lawsuit. Since debt collectors mostly make contact by
    phone, you have to be certain that your phone script doesn’t have any flaws.

    4. Checking the Legality of Your Contracts

    Did you know that you could get in trouble if you contact consumers and try to get them to pay on debts
    that were already satisfied? In addition, did you know that your company could get fined big time for
    attempting to collect on a debt at the same time as another collection agency? While consumers are
    expected to pay their debts, it is a totally new and different game once it gets to the point that debt
    collectors get involved. Even with computers, there’s such a thing as delays and human errors so your
    company could unknowingly be operating on outdated information. Meet with an attorney who knows
    the debt collection industry backwards and forwards before getting involved yourself.

    The debt collection industry has room for new talent, so make sure that you are following the rules by
    going over your plan with an attorney. Debtors respond more favorably to collectors who are
    knowledgeable and confident anyways. Make sure that you can maintain your debt collectors license by
    playing fair and knowing the law.

  • Why should you study for a Master’s Degree

    Jeffrey Scott . . #Education 

    With ever decreasing employment opportunities, many people are beginning to question the value of a master’s degree. However, no matter how the labor market is at the moment, pursuing a master’s degree is still one the best decisions you can make if you want to increase your chances of advancing your career. In case you don’t believe this, let’s look at 8 reasons why you should consider studying for a master’s degree.

    1. You increase your chances of earning a higher salary

    There is sufficient research data showing that the salaries of master’s degree holders are way higher than those without one. That’s because most employers associate a master’s degree with stronger managerial skills than those of individuals with an undergraduate degree. As such, master’s graduates are assigned oversight roles that pay more. On top of that, employers value the networks that master’s graduates develop at grad school and would like to tap into them for their corporate benefits. As such, they are more inclined to pay master’s degree holders more than undergraduates, who are unlikely to have developed any meaningful networks at the university.

    1. You have better chances of becoming a successful entrepreneur

    The most common fallacy spread through the internet is that you don’t have to get higher education for you to succeed in business. Examples of people like Bill Gates and Mark Zuckerberg are used to validate this misconception. What you are never told is that such people are actually a minority. The reality is that you are more likely to succeed in business with a master’s degree than someone without one. That’s because at grad school, you are taught vital skills such as how scientifically analyze markets, as well as research skills that you can use to identify and exploit new market opportunities.

    1. It gives you access to more employment opportunities

    When pursuing a master’s degree you learn a lot of things that can lead you to a career in many different fields. For instance, you can pursue a career in human resources, statistics, insurance and risk management among many others. These are career opportunities you may never have access to, with just an ordinary degree. Besides, with such diverse knowledge and skills, you are in a position to negotiate better with employers, which in turn translates to a higher pay, as compared to a person with an undergraduate degree.

    1. It offers you excellent networking opportunities

    Education alone is not enough to secure you high paying jobs. You need to know people within the industry that you are targeting. On this front, there is nowhere better to network than at grad school studying for a master’s degree. That’s because you get to interact with CEOs and other C-level managers who are also pursuing the same. The relationships you develop in the course of your interactions, can play a crucial role in advancing your career. These are relationships that someone not pursing a master’s degree might not be in a position to exploit.

    1. Master’s classes are very flexible 

    With all the advantages that come with a master’s degree, you will be delighted to learn that the classes are very flexible. The classes are usually scheduled for the evenings and weekends. That’s because a master’s degree is designed for high level managers looking to expand their managerial skills.  As such, the universities structure them in a way that allows you attend classes at a time that is most convenient to you. You literally have no reason not to take advantage of your free time, and enroll for a master’s degree and significantly increase your earnings potential.

    1. You increase your credibility in your career

    Ever thought of pursuing a career in consultancy, well, nothing gives you credibility like a master’s degree. It makes people feel like you actually know what you are doing, and have a good mastery of your trade. The same applies to the workplace, where due to changes in industry dynamics, layoffs are now common practice. With a master’s degree, you have some level of credibility that might make organization retain you amidst a layoffs spree. That’s because there is a perception that a person with a master’s degree is versatile, and easily adaptable to changing market dynamics.

    1. You gain better communication skills

    Unlike undergraduate classes, a master’s class is very interactive. Students are expected to share their ideas with their lecturers. On top of that, students are actively trained on the art of public speaking in an environment that mimics the real life business environment. This gives a master’s graduate the capability to effectively communicate in front of people, which is one of the most important skills to getting ahead in life. Anyone who cannot effectively communicate in a group setting may not get very far in life, especially in the field of business.

    1. It increases your knowledge of the world

    At grad school, students are not just taught about management, but also about geopolitics, and psychosocial issues and how they interact with the business world. This gives you in-depth into how the world works and can be extremely valuable in helping you identify trends way before they form. This makes a master’s graduate a valuable asset to most organizations, especially in the highly lucrative money management industry. It is clearly worth it to work in a hedge fund and make millions of dollars a year! A master’s degree is thus quite indispensable for someone looking to make it big in life.

    Clearly, you have everything to gain by choosing to pursue a master’s degree. The insights you will gain from a master’s degree will open doors you never thought were there. It’s one of the easiest ways for you to grow your earnings potential exponentially. Besides, it’s not that costly when compared to what you stand to gain, and you can always take it at your convenience, when you have the money. It’s one of those decisions that will transform you into a completely new individual, a better one at that!