The Collection Advisor

6 Things Businesses Need to Know for the Looming Debt Apocalypse

Posted by Brian Summerfelt on Jan 27, 2020 10:14:18 AM

The news story that broke last week is unequivocal: Canada is on the brink of a debt crisis, and no one seems quite sure what to do about it.

As a people person, statistics don’t often raise my pulse. This one was impossible to ignore because of the breadth of scope. According to a national survey by MNP, Canada's largest insolvency firm, fully half of all Canadian households are now within $200 a month from insolvency. Nearly as many respondents (49%) say they aren't confident in their ability to cover expenses without going deeper into debt.
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Topics: Debt Collection, Business Strategy, Consumer Debt Collection

New Brunswick Gets it Right on How to Deal With a Collection Agency

Posted by Brian Summerfelt on Jul 25, 2018 12:45:15 PM

When it comes to knowing how to deal with a collection agency, many people are unsure.

Sadly, the same applies to some governments. The rules governing debt collection agencies differ by Canadian province, most of which don’t do a fantastic job articulating what a consumer ought to do when a collection agency calls.

This is where New Brunswick is a standout. The province’s Financial and Consumer Services Commission (FCNB) posts some helpful information on its website, including this advice (posted here verbatim):

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Topics: Collection agencies, Consumer Debt Collection

Financial Debt Recovery: 3 Reasons Top Banks Use a Collection Agency

Posted by Brian Summerfelt on Jun 21, 2018 7:35:28 AM

Most Canadian banks, credit unions and other financial institutions have in-house collections departments as part of their risk management and loss reduction infrastructures. For the most part, these offices are staffed with highly competent financial services debt recovery teams and perform very well at collecting defaults on credit card debt, mortgages, lines of credit, leases, and other banking and financial services lending products.

So then why would these financial institutions need a collection agency, you may wonder. At MetCredit, some of our best, longest-standing client relationships are with banks, credit unions and other financial services providers. 



In fact, we have provided uninterrupted financial debt recovery services to one of Canada’s biggest banks since 1974—our second year in business! 

Here are three great reasons why top banks and other lenders use a collection agency:

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Topics: Insider Tips, Consumer Debt Collection, credit score

Turning an Account Over to Collections Just Got Super Easy

Posted by Brian Summerfelt on Apr 18, 2017 2:15:58 PM

Paperwork is a pain.

It’s time-consuming, mundane, and a distraction from other things that need to get done.

So it fuels the procrastination that stops you from sending accounts to collections, and thereby increases the amount of bad debt you take on.

Until now.

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Topics: Commercial Collection Agency, Consumer Debt Collection, Collections

The 7 Deadly Sins in Debt Collection

Posted by Brian Summerfelt on Feb 16, 2016 6:51:59 AM

One of the toughest parts of running a business is collecting overdue accounts. 

For most entrepreneurs, it’s completely at odds with the reasons they got into business. It can be uncomfortable, distracting, and fraught with potential for mistakes. 

Despite that you’re highly motivated and invested in the money owed to you, it’s easy to become your own worst enemy when it comes to collecting debt by giving in to temptation and doing simple things wrong.

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Topics: Consumer Debt Collection

Why Collecting Debt in Alberta Just Became Your Top Business Priority

Posted by Brian Summerfelt on Nov 23, 2015 12:39:16 PM

For years, Alberta was the envy of other Canadian provinces, enjoying one government surplus after another, with its vibrant resource sector generating a wealth of opportunity for businesses.

Those prosperous days are gone, at least for the forseeable future.

Low oil and gas prices and a dark prognosis for energy businesses in general have triggered waves of layoffs and a surge in consumer bankruptcies. It's created a ripple effect that is impacting almost every company and individual's ability to repay debt. 

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Topics: Consumer Debt Collection

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