** Highlight of the Month **

TOTAL Global Debt Collection

Let’s face it, late payments are an unavoidable fact of business life. In an ideal world, you’d never have to deal with debt collection. In the real world, you almost certainly will, with our help though, you can at least take the pain out of chasing late payments, wherever your customer may be.

If you have sold goods or services and invoiced your customer but have been left waiting for the payment, you are not alone. Unfortunately in the current global economic climate this situation is becoming much more common.

Unpaid invoices can seriously affect your business if it is not handled correctly, it can have a bad effect on cash flow, turnover, credit ratings and even your business' reputation. Debt collection can be incredibly difficult, especially in tough economic times, that is why it is always best to deal with it as soon as possible.

We help you collect your debts through a wide range of global credit and risk solutions for commercial and consumer debt collection.

We will work in any market, in any time zone, conduct negotiations and investigations in various languages, and deal with the intricacies of the local legal and compliance regulations.

Our primary aim is to secure full payment as quickly as possible whilst maintaining your relationship with your customer. Our proven approach to collecting overdue invoices for businesses of every type and size, worldwide, is based on our extensive specialist experience in global debt recovery.

Upon receipt of your instructions to recover the debt, the details will be entered onto our extensive database and a dedicated collector will be assigned to manage your file and you will be kept up-to-date as to how the collection process is progressing.

We make every effort to collect the overdue account pre-legally, but should the debt remain unpaid after amicable efforts are exhausted, it may be necessary to proceed with legal action, if possible and with your agreement. If legal action does become necessary, we can offer competitive legal fees, from a pre-legal review through to enforcement.

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ACA International 2014 Fall Forum & Expo - San Francisco, CA, USA

ACA's 2014 annual fall conference on the most important issues affecting the credit and collection industry has been designed exclusively for collection, defense and in-house attorneys.

Session topics covered Emerging and existing issues with the Telephone Consumer Protection Act, Ethics (TCPA), Defenses to Class Action Litigation, Fair Debt Collection Practices Act (FDCPA) Comprehensive Law Update and Consumer Financial Protection Bureau (CFPB)/Federal Trade Commission (FTC) Investigations.

The Fall Forum and Expo was held at the Hyatt Regency Hotel, San Francisco, between 5-7 November 2014.

Delegates visited the Golden Gate Bridge, Alcatraz, Fisherman's Wharf and more in San Francisco.  They also experienced the culture, history and cuisine of its many unique neighborhoods as well as enjoy hitching a ride on historic cable cars.

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Global Credit Solutions (GCS) 2014 Annual World Conference – Dubai, UAE

GCS held its annual world conference on 20 – 22 October 2014, in Dubai, UAE.

The elegant, luxurious and conveniently located 5-star luxury Sofitel Dubai Jumeirah Beach Hotel was chosen as the conference venue hotel.  Set amid the shops and cafés of Dubai's The Walk, Sofitel Dubai Jumeirah Beach artfully blends Arabic design features with exquisite French elegance.

The conference covered Group business development as well as the launch of the “4TE System” which consists of 4 Tiers: JV Partner, GCRP partner, Accredited Agent and Agent statuses. Other topics included Debt Purchasing, Regional Statistics as well as a focus on increasing ROI for GCS partners.

Delegates were treated to a Dinner Cruise on the elegant Bateaux Dubai, which traveled along the Dubai Creek passing a number of modern landmarks and historical sites including the Twin Towers, Dubai Museum, The Floating Bridge and The Clock Tower.

A beautiful 14km stretch of water running from the Northeast to the Southwest of the city, the Dubai Creek has long played an essential role in the economic development of the emirate. The tremendous growth in trade since the early days when Dubai was a centre for pearl fishing and trade has been much attributed to the Dubai Creek.

Representing Total Credit at this year’s conference was Benedict Wong, our President & CEO, and Peter Wong, our Director - Business Development & Compliance (also currently GCS Regional Director – APAC).

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The World Association of Detectives, Inc. (WAD) 89th Annual Conference – Auckland, New Zealand

The World Association of Detectives celebrated its 89th Annual Conference in Auckland, New Zealand on 21 – 26 October 2014.  For many, this was a once in a lifetime opportunity to visit the mysterious and beautiful country of New Zealand, while learning and networking with some of the best Private Investigators and Security Professionals from around the globe!

This conference is one of two events hosted by the WAD annually - the other event is a mid-term meeting.  This conference continued its international platform with representation of WAD members from around the world, sharing thoughts, developments, knowledge and successes, while strengthening relationships with industry players to promote international business

The Skycity Auckland Convention Centre which is conveniently located in the heart of New Zealand’s premier entertainment destination and has been recognized as one of the premier event destinations for both international and local multi-day events, was chosen as the conference venue.

Total Credit & Risk Management Group (GCS Hong Kong)
Since our incorporation in 1987, Total Credit & Risk Management Group is the leading provider of global credit & risk management services with a focus on Greater China (Hong Kong, China, Taiwan, Macau) and the Asia-Pacific region.

Total Credit & Risk Management Group provides the full range of services, from global real-time business & credit information, receivable management services to background investigations, due diligence and pre-employment screening.

Our clients include government departments, banking and finance institutions, export credit agencies, accountancy and legal firms, utilities, distributors, freight forwarding and logistical firms, hotels, importers and exporters, business associations, construction firms, foreign trade commissions and companies operating in the gaming, leisure and entertainment industry.

In the industry, we are founding members of:
 
Global Credit Solutions (GCS) Group
Total Credit & Risk Management Group
Asiagate
Hong Kong Credit And Collection Management Association (HKCCMA)

And members of:
 
ACA International, USA
Institute of Mercantile Agents (IMA), Australia
National Association of Legal Investigators (NALI)
World Association of Professional Investigators (WAPI)
World Investigators Network (WIN)
World Association of Detectives, Inc. (WAD)

Our expertise, know-how, network, advanced technology support and 25 years + comprehensive databases distinguish us in the market.

ACA International Profile
ACA International, the Association of Credit and Collection Professionals, is the comprehensive, knowledge-based resource in the credit and collection industry.

Founded in 1939, ACA brings together more than 5,000 members worldwide, including third-party collection agencies, asset-buyers, attorneys, creditors and vendor affiliates.  The association establishes ethical standards; produces a wide variety of products, services and publications; and articulates the value of the credit and collection industry to businesses, policymakers and consumers.

NALI Profile
NALI was formed in 1967 for legal investigators actively engaged in negligence investigations for the plaintiff and / or criminal defense.

NALI’s primary focus is to educate and advance the art and science of legal investigation, and to ensure the highest standard of professional ethics.  This common bond establishes mutual trust, goodwill and friendship among their members, which currently exceeds 500 professional legal investigators located throughout the USA and other countries.

IMA Profile
Established in 1961, the Institute of Mercantile Agents Limited (IMA) represents collectors, investigators, process servers and repossession agents throughout Australia.  Elected members networked across Australia work on matters of licensing, privacy, training and ethics affecting members.

WAD Profile
With origins dating back to 1921, W.A.D. is the longest established and largest association of its kind in the world.
 
The World Association of Detectives was formed as a joint venture by the combined membership of the World Association of Detectives and the International Secret Service Association and remains the foremost International Association of Professional Investigators and Security Service organizations.

GCS Profile
GCS has a commitment to being at the forefront of technology ensuring that we utilize that advantage to enhance the efforts of our qualified staff.  Global Credit Solutions Limited originated in Australia, with the foundation company Total Credit Management Services Pty Ltd, and expanded offshore to Asia, Europe, Middle East, Gulf & Americas. The company was incorporated, to provide the infrastructure for a planned and sustained growth, in the vital area of Global Credit Management services. The company now operates around the world, providing premium services to its ever-increasing list of high profile clients.

GCS provides offices on the ground - Collecting and litigating overseas can present many problems. A multiplicity of regulations in each of the hundred or more jurisdictions around the world mean it is impossible to manage risk efficiently and expertly from a single location - there is no substitute for local knowledge. GCS provides expertise in the legal system, rules of enforcement, customs and practices which eliminate risk and create a level playing field upon which to trade.

Today, GCS is recognized by the International business community as experts in the fields of credit management, debt collection, credit reporting and risk management services.

Asiagate Profile
Asiagate was formed by a group of well-established and prominent credit reporting agencies in Asia knowing the importance of the growing economy in Asia and the need to protect investors and businessmen. Asiagate provides the widest coverage of corporate credit information in Asia and its country members are specifically selected based on their size, establishment, integrity and reputation from each country. Currently, its members covers China, Hong Kong, India, Indonesia, Korea, Malaysia, Singapore, New Zealand, Australia, Taiwan, Thailand, Vietnam, Philippines and Kenya. 
 
Asiagate is also working on the integration with the renowned international credit information networks such as Eurogate and BigNet in order to create the largest credit information network in the world.

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Economic situation in third quarter of 2014 and latest GDP and price forecasts for 2014

     The Government released today (November 14) the Third Quarter Economic Report 2014, together with the preliminary figures on Gross Domestic Product (GDP) for the third quarter of 2014.

     The Government Economist, Mrs Helen Chan, des >>>>>[Read more]


Volume and price statistics of external merchandise trade in September 2014

     Further to the external merchandise trade statistics in value terms for September 2014 released earlier on, the Census and Statistics Department (C&SD) released today (November 13) the volume and price statistics of external merchandise trade for that month.
< >>>>>[Read more]


Provisional statistics of restaurant receipts and purchases for the third quarter of 2014

     The Census and Statistics Department (C&SD) released the latest figures on restaurant receipts and purchases today (November 3).

     The value of total receipts of the restaurants sector in the third quarter of 2014, provisionally >>>>>[Read more]


Residential mortgage loans in negative equity September quarter 2014

The following is issued on behalf of the Hong Kong Monetary Authority:

     The Hong Kong Monetary Authority announced today the results of its latest survey on residential mortgage loans (RMLs) in negative equity*.

     The estimate >>>>>[Read more]


Residential Mortgage Survey Results for September 2014

The following is issued on behalf of the Hong Kong Monetary Authority:

     The Hong Kong Monetary Authority (HKMA) announced the results of the residential mortgage survey for September 2014.

     The number of mortgage applications >>>>>[Read more]


Salary indices for managerial and professional employees for June 2014

     According to the figures released today (October 27) by the Census and Statistics Department (C&SD), the average monthly salaries for middle-level managerial and professional employees for all the selected industry sections surveyed, as measured by the Nominal Sa >>>>>[Read more]


External merchandise trade statistics for September 2014

     The Census and Statistics Department (C&SD) released today (October 27) the external merchandise trade statistics for September 2014. In September 2014, the values of Hong Kong's total exports and imports of goods both showed year-on-year increases, at 4.5% and 6 >>>>>[Read more]


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August 10, 2014 by GCS Bahrain

In this article, we will take a look at the experience of the pre-legal debt recovery sector and the obstacles of establishing a 'debt collection culture' in Turkey with one of our prestigious partners in Turkey who we have been working with for the last 3 years - GCS Turkey.

In Turkey, just like many other countries, the legal bodies and lawyers have always been engaged with the local and international collection cases which were considered to be the only solution of debt recovery for many years. This makes it clear why the introduction of the pre-legal debt collection sector has been a relatively new business area in Turkey.

Although the common notion of debt collection agencies being specialized in pre-legal debt recovery has been established in many countries of Europe and America for many decades, the establishment of pre-legal debt collection via collection agents in Turkey has a very short history. The lack of defining and governing laws of pre-legal services for the past many years, postponed the implementation and availability of various modern services supplied under the term, "Pre-Legal Collection Services."

Ms. Ayse Burcu Arslan, the founder and director of GCS Turkey, highlights the necessity of the 'pre-legal debt collection culture' in Turkey. Historically speaking, people have a tendency to assign a lawyer if there is a debt to trace and this hindrance constitutes the main pillar of the 'debt collection culture". "A lot of patience and attention is required to shape this culture by educating both the creditors and debtors about who we (collection agents) are, what we do and why we are here", adds Ms Arslan.

Though not many, in recent years some new enterprises were established in Turkey with the aim of providing solutions to international receivable problems both in Turkey and in other countries around the World. These young establishments, similar to GCS Turkey, have the privilege of both; being part of the various dynamics of this sector in Turkey and also taking the responsibility of creation and development of the 'pre-legal debt collection culture'.

With adaptation to the international standards of pre-legal debt collection (Fair Debt Collection Practices Act and Association of Credit and Collection Professionals), the business world and financial circles have recognized that by professional collection agencies, not only the overdue cases managed but also their customer relation and reputation is protected.

The concept of soft collection methods with the aim of reaching an amicable settlement before court has been another barrier in the establishment of the debt collection culture in Turkey, especially in terms of 'trust' and 'transparency'. The negative connotations have mostly been identified with pre-legal debt collection in Turkey, like in many other countries. It necessitates special attention to use ‘transparent’ means of collection by focusing and prioritizing the importance of communication, mediation, conflict resolution, careful analysis of documents/evidences and of course providing alternative solutions, debt reconstruction and so on. This starts with a qualified team united with ‘solution’ oriented training programs aiming at a professional and smooth process management of pre-legal debt collection. Ms Arslan, underlines the importance of such trainings and a qualified team by referring to the high rate of success (on average 78%) in the pre-legal debt recovery sector in Turkey during 2011 and 2012.

Generally, collection of receivables may be very troublesome and costly, especially in cases where debtors and creditors are located in different countries. Sometimes, that may keep many companies away from following up the debts and invoices due, because of the complicated and prolonged process and also due to the costs that may occur for the services taken.

However, recently this scenario has changed and collection cases do not necessarily have to end up with financial losses for the creditors. The services supplied by Debt Collection agencies facilitate the follow-up process and reduce the costs to a great extent. To summarize this in a concrete way, below are the advantages that debt collection agents contribute:

• Debt collection agencies are proficient in extracting the unpaid debts, and debt collection consultants who are specialized in pre-legal methods are of high importance.
• The success rates of debt collection agencies are much higher than other companies since they have specific technical knowledge and tools to follow the collections globally through their partners.

• The complicated and time consuming debt collection process, legal action and proceedings are handled by agencies without any action on the part of the company itself; in this way companies save a lot of time for their core business activities.

• Debt collection agencies are specialized partner for companies which have the ability to act on behalf of the creditors with their required technical skills and sources.

• Collaborating with the debt collection agencies is also advantageous for the indebted companies, since their prestige is restored as they repay their bad debts.

• The involvement of the debt collection agencies, as third parties, prevents the relations of the companies and their customers from being damaged.

• Recovery of the bad debts is for the benefit of national economies since recovery of the debts decrease the costs of the companies and keeps the consumer prices from increasing.

• The recovery of the debts also means that there will be more taxable income which will in turn benefit the country in general.

All those gains and advantages refer to and underline once more, why pre-legal services are crucial for any creditors or invoicing parties. This gains more importance, especially when the parties are located in different countries. Inspired from this perspective, Ms Arslan has aimed its company, GCS Turkey to focus on international claims only; meaning that either their clients are from outside Turkey and they provide pre-legal collections in Turkey, or the vice versa.

No win- no fee approach for charges, custom tailored services that are very specific to any particular client and case, professionalism, transparency, well cared and happy debtors, sustained business relations between debtors and creditors are some very concrete gains of modern pre-legal collection services; they have been attracting many creditors and they will be still adding great value to local and global trade and business chain. Meanwhile, the debt recovery sector itself will be at more solid grounds with growing portfolio of customers and also with the regulations that are expected to be enacted very soon for both local and global markets.

By Ayse Burcu Arslan (Managing Director of GCS Turkey)