December 2011 CFC Commission Meeting

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Evolution of Business in the United States

 I. Introduction

The history of modern American economy traces its roots in the 16th century when migrants from Europe came to settle in the country. At that time, the nation was inhabited by Native Americans -- indigenous peoples who were recognized according to tribes. Prior to the arrival of European settlers, tribes traded among themselves.

When the Europeans came they established economic interaction with the natives through the barter or trading of commodities. Such interaction increased tremendously over time - thus becoming the cornerstones of commerce and the foundation of a nation. From the early trading systems, business in America progressed to more complicated and more comprehensive levels. Tracing these roots, from the early barter practices through the Industrial Revolution up until the Internet Revolution can help us better appreciate why America is the most powerful economy in the world today.

II. Bartering

The beginnings of business in America are closely intertwined with the early practice of barter. In its early history, the United States was a collection of colonies where the absence of a common currency led to the use of all sorts of substitutes, e.g. tobacco and wampum, as money.

Barter took many forms then. Among these were the potlatch ceremonies of Native Americans that had economic functions entwined with social and ceremonial significance. A potlatch is usually a ceremony involving music, dance, and spiritual rituals. The host gives away his resources gathered for the event, which in turn the guests give in return when they hold their own potlatches.

Barter also took the form of traditional native currencies such as furs and wampum which were essential for frontier trading with the indigenous population. Wampum, made out of the shells of a type of clam, was best known form of money among Native Americans. Wampum's use as money came as a result of its desirability for ornamentation purposes.

Among the early documented use of wampum points to 1664 when colonist Peter Stuyvesant arranged a loan in wampum for the payment of the wages of workers constructing the New York citadel (page 458). Other commodities that were commonly traded included tobacco, rice, indigo, wheat, maize, etc.

III.  From the Industrial Revolution to the Production Era

As colonies and settlements grew, industries became more developed. The introduction and use of machineries in production ushered in the Industrial Revolution. The Industrial Revolution changed the ways by how American businesses produced their goods. The introduction of much new technological advancement led to greater and faster production of goods. The onset of greater productivity led to unprecedented economic growth to a budding nation. The Industrial Revolution basically changed the country from a mainly agricultural society to one that in which industry and manufacturing was in control.

The biggest advancement in technology was the use of steam power. This revolutionized industries like textiles and manufacturing. Also, the invention of the telegraph made communication much faster. The onset of the production era signaled the end of the industrial revolution. The new era saw many companies looking at ways to reduce the cost of production. Companies thought then that lowering manufacturing costs would lead to lower prices of products. This concept was fueled by such milestones as the invention of the assembly line and more efficient work principles (Haber, 1964).

These two innovations made businesses aware that mass production resulted in lesser costs of production and greater profits. Unfortunately, unstable economic conditions brought about by the Great Depression caused many companies to fail even though they had adopted mass production techniques.

IV. From the Marketing Era to today's business world

Contrary to the fears of the general public, the end of World War II saw pent-up consumer demand fueling strong economic growth in the postwar period. Several industries grew tremendously during this period - the automobile industry, aviation and electronics to name a few. A housing boom added to the expansion.

The postwar economic aid to European countries under the Marshall Plan also helped maintain markets for numerous U.S. goods. In the 1980s, rapid developments in technology impacted the economy. The personal computer, hand-held mobile phones, and new audio and data storage technologies greatly influenced business. But the greatest impact would come with the emergence of the Internet.

            The impact of the Internet on business is as far reaching as its impact on an individual's way of life. Today, the Internet is a fundamental component in determining both strategy and business design. This technology enables businesses to reach across and beyond traditional boundaries and create new sources of profit.

V. Conclusion

The history of business in the United States is a reflection of the country's evolution from a simple economy to being the most powerful country in the world. To say that business had little or no influence in the attainment of that status would be to deny the very history of America. Indeed, the country was founded on democratic principles, but it grew and developed, no doubt, because of business.

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Top 25 Undergraduate Schools

With competition rising fiercely for admission into a good undergraduate school and the choice of subjects, school curriculum expanding with it, choosing the best undergraduate school can be confusing. There are large, small, public, private, urban and rural undergraduate schools to select from; while some are appealing because of their inviting locale in a countryside setting or in the midst of a cosmopolitan setting others lure the students with their state-of-the-art facilities and distinguished host of teachers.

The list of top 25 undergraduate schools listed below have many diverse traits and distinct characteristics, however the common thread running through them is that of the promise of the best education ever. The undergraduate school curriculum of these top 25 schools is unparalleled and makes them stand apart as the institutions of great learning.

Best Ivy undergraduate school

Yale University, New Haven, Connecticut Yale president Richard Levin is a leader and a visionary and has been tireless in his efforts to change ED admissions policies, making it a one of the many reasons for it being the vied for the number one position and topping the student's list for admissions. A big attraction of the undergraduate experience for students is the residential-college system. Students live in one of twelve colleges, each with its own distinct personality, under the guidance of a master and a dean.

Best School for Entrepreneurs

Pennsylvania State University, University Park, Pa.

Six of the campus's 10 undergraduate schools offer entrepreneurship courses. The Smeal College of Business and the College of Engineering are the most natural partners, with joint programs to show engineers how to run businesses and to teach business students the latest technology. Hotel-management students operate two on-campus hotels and conference centres where they're involved in everything from food service to staffing the front desk while the College of Communications focuses on entrepreneurship in the Information Age.

Big 10 School - Northwestern University, Evanston, Ill

Comprising of six undergraduate schools, Northwestern University attracts students with diverse aspirations including budding actors, journalists, engineers and teachers as well as a host of liberal-arts students. Each school is world renown and attracts the best minds from across the globe. Set in Evanston at the edge of the bustling Cosmo polis of Chicago, Northwestern offers its students the best of both worlds.

Best Architectural School - Massachusetts Institute of Technology, Cambridge, Massachusetts

President Charles Vest initiated an ambitious $1 billion construction program at MIT which includes the Steven Holl's Simmons Hall, a aluminium-clad dormitory as well as the Fumihiko Maki's expansion of the Media Lab. The more famous building is that of the Stata Center, a computer-science landmark by Frank Gehry containing labs for the "intelligence sciences" and connected corridors and public spaces to encourage spontaneous collaboration. MIT calls it an "intellectual village."

Best school of for Arts - Juilliard School, New York, N.Y.

With a history of more than a hundred years, Julliard is known as one the most famous undergraduate school of arts and can boast of an impressive alumni list the likes of the actor Kevin Kline, violinist Itzhak Perlman and choreographer Lar Lubovitch. To celebrate this glory, the school has introduced new choreography, productions and performances. Only a few select students comprising of musicians, dancers and actors get chosen every year to showcase their talent in the Juilliard Theatre right next to Lincoln Centre. That's the best inspiration for any aspiring star.

Best Library- Harvard University, Cambridge, Massachusetts

Harvard's library system ranks with the best of any kind in the country, even as compared to the Library of Congress. The collection which includes more than 15 million volumes, 5.5 million microforms, 6.5 million manuscripts and 5 million other research materials such as photographs, maps and recordings is the largest in the world. Harvard's digital collection is particularly strong, and is hugely beneficial for students who want access to any existing online journal

Best Riding School - Hollins University, Roanoke, Virginia

Situated in the breathtaking locale of Virginia's horse country, Hollins undergraduate school is known for its exceptional training for equestriennes. The school is a regular winner of the Old Dominion Athletic Conference championship, and the Hollins team has won ten times in the Intercollegiate Horse Show Association. Although many Hollins students work with horses after graduation as trainers, riders or veterinarians, the school also offers a strong liberal-arts program and a highly regarded creative-writing curriculum. It is famous for its celebrity alumni the likes of Margaret Wise Brown, Annie Dillard and Lee Smith.

Best undergraduate school for diversity-Wesleyan University, Middletown, Connecticut

Dean of Admissions Nancy Meislahn believes that only a large cross section of society from across the globe can contribute to the intellectual diversity of an educational system. Wesleyan's student population comprises of one third coloured people and 7% international students. An additional 15% are the first in their family to attend a four-year college. It offers a huge diversity of shared learning and wide range of perspective to the classroom.

Best Tech Savvy School - Dartmouth College, Hanover, N.H

This undergraduate school has been in the forefront of technological revolution ever since professors John Kemeny and Thomas Kurtz, forty years ago, not only realized the importance of computers but were responsible for creating the computer language BASIC. It is known to have the first e-mail programs and an early campus computer network. Dartmouth was also the first Ivy to install WiFi on campus. The school offers free software to students so they can turn their laptops into telephones using the school's WiFi.

Best Fitness School - University of Virginia, Charlottesville, Virginia

Following the adage of Thomas Jefferson, the founder of UVA, who advocated that a strong body makes the mind strong, UVA offers both varsity competitors and weekend warriors some of the best fitness facilities in the country. Students benefit hugely from the four indoor recreation centres, which together make up 300,000 square feet of pools, running tracks, weight rooms and classrooms for yoga and kickboxing. The school also maintains a 23-acre park for outdoor field sports and jogging.

Best Honor Code - Haverford College, Haverford, Pa.

The honor code is central to the college's values and includes every aspect of academic and social life. Rob Killion, Director of Admissions says that the founder, Haverford expects people to learn from one another, debate and argue with one another--but to do so respectfully. It is an academically rigorous liberal-arts college that advocates take-home and non-supervised exams as well as students living in dorms, without resident advisers

Best school for studying abroad - Tufts University, Medford, Massachusetts

The mission at Tufts is simple - to teach students to be world citizens. Tufts likes students who want to study abroad which translates into a strong language requirement, and a chance to learn a new culture in one of Tufts's own centres in countries like Germany, Chile, China or Ghana. About 40% of Tufts juniors are travelling across the world during the academic year.

Best School for Politics - George Washington University, Washington, D.C

With a campus close to the World Bank and a stone's throw away from the White House, GWU is a dream college for every Political Science major. Many of the professors are consultants to top government officials thus bringing a real, practical and intelligent perspective to the classroom. The school also encourages internships at government agencies, think tanks and advocacy organizations.

Best school for Double Majors - Rice University, Houston, Texas

Rice allows its students to explore their passions and requires them to commit to their majors only in the Junior Year unlike most schools who ask for it in the Sophomore Year. With an ambitious student body, many of them go for double majors. The most common combination is science and humanities. The school is best known for its engineering and science curriculum, but the social sciences are also becoming strong.

Best school for Greeks with brains- University of Michigan, Ann Arbor, Mich

Michigan is known for its multi-disciplinary approach including everything from music to medicine. A good eclectic mix of academics and a lively social life, it offers its students everything. About 15% of undergrads go Greek, which students say helps them find a friendlier community within the vast student population. Fraternities and sororities are especially popular with the many out-of-state students.

Best school for Hot and Dry - Pomona College, Claremont, Calif.

Pomona is one of five colleges of the Claremont University where students experience the best of both worlds - the academically challenging environment of a small New England liberal-arts college with year-round California sunshine. A combination that is attractive and motivating, the applications are up by almost 30% in the last few years. Students also can explore the academic and social resources of the other Claremont colleges, including Pitzer, Harvey Mudd and Scripps. But none of the colleges will be tapping a keg during "dry week," a tradition at the start of the year during wherein no alcohol is allowed on campus.

Best State University - University of Texas at Austin

Although University of Texas Austin has attained the distinction of a laid-back campus, it is no place for slackers. With 50,000 students (more than any other school in the country), UT boasts some of the nation's best business, law and engineering schools. Besides football, it has 900 student organizations that should keep you going.

Best school for landing a job - Carnegie Mellon University, Pittsburgh, Pa

Practical approach and hands-on experience is the most important part of life at Carnegie Mellon. The school has 12 programs including computer science, engineering and drama which are very famous. The school takes pride in being on the cutting edge in every field and encourages students to think about applying what they learn to the real world. About 70 percent of Carnegie Mellon students have a job offer when they graduate.

Best school for Health Careers - University of North Carolina, Chapel Hill, N.C.

One of the top public universities in the US, UNC-Chapel Hill offers students a choice of more than 50 majors. But the main attraction for future doctors, nurses and other health professionals is the opportunity to study at a campus with all health disciplines in one place. The School of Nursing and the School of Public Health both have undergraduate programs. At the School of Medicine, undergrads can earn degrees in radiology science or clinical laboratory practice.

Best school for Individualists - Oberlin College, Oberlin, Ohio

Oberlin comprises of the College of Arts and Sciences and the Conservatory of Music. It has a unique approach to life and learning and the undergraduate school curriculum offers innovative subject matter like - Death and the Art of Dying, American Mixed Blood, and Destination: L.A. The student-run Experimental College lets undergraduates teach courses of their own creation, like Making Your Own Mobile or Mythology and Epic Storytelling in "Lord of the Rings." This eccentricity is very rewarding and Oberlin graduates have more Ph.D.s than alumni of any other liberal-arts college.

Best school for city haters - Cornell University, Ithaca, N.Y.

Cornell's rural, upstate New York campus is bounded by deep gorges, spectacular scenery and a beautiful rural setting. However, it has one of the most rigorous and challenging curriculum that draws only the best minds. The school's greatest attraction is its academic diversity, with top-ranked undergraduate schools of engineering, arts and sciences, architecture, hotel administration, industrial and labour relations, agriculture and human ecology.

Best school for city lovers - New York University, New York, N.Y.

With the Olsen twins Mary-Kate and Ashley lending NYU some of its fame, it is a school loved by the urban and the hip. Despite the 9/11 catastrophe, it continues to draw crowds of talented students. One of the top attractions is the Tisch School of the Arts, which nurtures future actors, dancers and screenwriters. The business school is also highly rated, and students can take advantage of internships on Wall Street. The campus of NYU is not structured in the strictest sense; in fact buildings scattered throughout the Greenwich Village, most students like to believe that they have the whole city as the campus to explore.

Best Military School - U.S. Naval Academy, Annapolis, Md.

The four-year undergraduate curriculum at Annapolis is tough and technically oriented, with core requirements in engineering, natural sciences, humanities and social sciences. Traditions play a huge part in campus life. "When you first show up for classes in the fall, students begin counting down the number of days until the Army-Navy game," says Cmdr. Tim Disher, admissions officer. Graduates become commissioned officers in the Navy or the Marine Corps.

Best undergraduate school for scholarships - Berea College, Berea, Ky.
The 1,500 students at Berea come from families with average household incomes of only $30,000, and 80% have grown up in southern Appalachia, a region that spans nine states with some of the most remote and poor rural communities in the country. Berea's mission is unique in that it believes in promoting education by giving scholarships to the poor but deserving. All students get full-tuition scholarships, although they do have to pay for their room, board and books. However, scholarships are available for those as well. Students are required to work--many of them at jobs on campus that help to keep Berea's costs down.

Best Surf and Ski School - University of California, Santa Barbara

It is known to be the most beautiful campus located at the edge of the Pacific. UCSB also boasts Nobel Prize winners on its faculty, top research centres in science and technology and an extensive study-abroad program. Aside from the top academics, the various recreation programs offered attract many of the students. The campus has its own beaches where students can surf, and the Big Bear ski resort is just a few hours' drive away.

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FASB Proposed Lease Accounting Changes - Impacts on Commercial Real Estate

Introduction:

The Financial Accounting Standards Board (FASB) on August, 17, 2010 released their "exposure draft" requiring companies to record nearly all leases on their balance sheets as a "right to use" asset, and a corresponding "future lease payment - liability".  What does this mean to your business in layman terms?  This proposal in essence does away with operating leases; all leases (unless immaterial) would be capitalized using the present value of the minimum lease payments.  Therefore, businesses who in the past had off-balance sheet lease obligations, must now record these obligations on their balance sheet.

A key point to consider with regards to the proposed lease accounting changes is that, in all likelihood, existing operating leases, signed prior to the implementation of the new rules, will require reclassification as capital leases that must be accounted for on the balance sheet. This means that real estate professionals must immediately consider the effect that existing and planned leases will have on financial statements once the proposed rules are implemented. Since operating lease obligations can represent a larger liability than all balance sheet assets combined, lease reclassification can significantly alter the businesses balance sheet.

The impact of recording these lease obligations on the balance sheet can have multiple impacts, such as: businesses needing to alert their lenders as they will now be non-compliant with their loan covenants, negotiating new loan covenants with the lenders due to the restated financial statements, ratios used to evaluate a businesses potential of credit will be adversely impacted and the restatement of a lessee's financial statement once the change takes effect may result in a lower equity balance, and changes to various accounting ratios

The conceptual basis for lease accounting would change from determining when "substantially all the benefits and risks of ownership" have been transferred, to recognizing "right to use" as an asset and apportioning assets (and obligations) between the lessee and the lessor.

As part of FASB's announcement, the Board stated that in their view "the current accounting in this area does not clearly portray the resources and obligations arising from lease transactions." This suggests that the final result will likely require more leasing activity to be reflected on the balance sheet than is currently the case. In other words, many, perhaps virtually all, leases now considered operating are likely to be considered capital under the new standards. Thus, many companies with large operating lease portfolios are likely to see a material change on their corporate financial statements.

Part of the purpose for this is to coordinate lease accounting standards with the International Accounting Standards Board (IASB), which sets accounting standards for Europe and many other countries. The IASB and FASB currently have substantial differences in their treatment of leases; particularly notable is that the "bright line" tests of FAS 13 (whether the lease term is 75% or more of the economic life, and whether the present value of the rents is 90% or more of the fair value) are not used by the IASB, which prefers a "facts and circumstances" approach that entails more judgment calls. Both, however, have the concept of capital (or finance) and operating leases, however the dividing line is drawn between such leases.

The FASB will accept public comments on this proposed change through December 15, 2010.  If FASB makes a final decision in 2011 regarding this proposed change to lease accounting, the new rules will go into effect in 2013.

Additionally, the staff of the Securities and Exchange Commission reported in a report mandated under Sarbanes-Oxley, that the amount of operating leases which are kept off the balance sheet is estimated at $1.25 trillion that would be transferred to corporate balance sheets if this proposed accounting change is adopted.

Commercial Real Estate:

The impact on the Commercial Real Estate market would be substantial and will have a significant impact on commercial tenants and landlords.  David Nebiker, Managing Partner of ProTenant (a commercial real estate firm that focuses on assisting Denver and regional companies to strategize, develop, and implement long-term, comprehensive facility solutions) added "this proposed change not only effects the tenants and landlords, but brokers as it increases the complexity of lease agreements and provides a strong impetus for tenants to execute shorter term leases".  

The shorter term leases create financing issues for property owners as lenders and investors prefer longer term leases to secure their investment.  Therefore, landlords should secure financing for purchase or refinance prior to the implementation of this regulation, as financing will be considerably more difficult the future. 

This accounting change will increase the administrative burden on companies and the leasing premium for single tenant buildings will effectively be eliminated.  John McAslan an Associate at ProTenant added "the impact of this proposed change will have a significant impact on leasing behavior. Lessors of single tenant buildings will ask themselves why not just own the building, if I have to record it on my financial statements anyway?" 

Under the proposed rules, tenants would have to capitalize the present value of virtually all "likely" lease obligations on the corporate balance sheets.  FASB views leasing essentially as a form of financing in which the landlord is letting a tenant use a capital asset, in exchange for a lease payment that includes the principal and interest, similar to a mortgage.

David Nebiker said "the regulators have missed the point of why most businesses lease and that is for flexibility as their workforce expands and contracts, as location needs change, and businesses would rather invest their cash in producing revenue growth, rather than owning real estate."

The proposed accounting changes will also impact landlords, especially business that are publically traded or have public debt with audited financial statements.  Mall owners and trusts will required to perform analysis for each tenant located in their buildings or malls, analyzing the terms of occupancy and contingent lease rates.

Proactive landlords, tenants and brokers need to familiarize themselves with the proposed standards that could take effect in 2013 and begin to negotiate leases accordingly.

Conclusion:

The end result of this proposed lease accounting change is a greater compliance burden for the lessee as all leases will have a deferred tax component, will be carried on the balance sheet, will require periodic reassessment and may require more detailed financial statement disclosure.

Therefore, lessors need to know how to structure and sell transactions that will be desirable to lessees in the future. Many lessees will realize that the new rules take away the off balance sheet benefits FASB 13 afforded them in the past, and will determine leasing to be a less beneficial option. They may also see the new standards as being more cumbersome and complicated to account for and disclose. Finally, it will become a challenge for every lessor and commercial real estate broker to find a new approach for marketing commercial real estate leases that make them more attractive than owning.

However, this proposed accounting change to FAS 13 could potentially stimulate a lack luster commercial real estate market in 2011 and 2012 as businesses decided to purchase property rather than deal with the administrative issues of leasing in 2013 and beyond.

In conclusion, it is recommended that landlords and tenants begin preparing for this change by reviewing their leases with their commercial real estate broker and discussing the financial ramifications with their CFO, outside accountant and tax accountant to avoid potential financial surprises if/when the accounting changes are adopted. 

Both David Nebiker and John McAslan of ProTenant indicated their entire corporate team are continually educating themselves and advising their clients about these potential changes on a pro-active basis.  

Addendum - Definition of Capital and Operating Leases:

The basic concept of lease accounting is that some leases are merely rentals, whereas others are effectively purchases. As an example, if a company rents office space for a year, the space is worth nearly as much at the end of the year as when the lease started; the company is simply using it for a short period of time, and this is an example of an operating lease. 

However, if a company leases a computer for five years, and at the end of the lease the computer is nearly worthless. The lessor (the company who receives the lease payments) anticipates this, and charges the lessee (the company who uses the asset) a lease payment that will recover all of the lease's costs, including a profit.  This transaction is called a capital lease, however it is essentially a purchase with a loan, as such an asset and liability must be recorded on the lessee's financial statements. Essentially, the capital lease payments are considered repayments of a loan; depreciation and interest expense, rather than lease expense, are then recorded on the income statement.

Operating leases do not normally affect a company's balance sheet. There is, however, one exception. If a lease has scheduled changes in the lease payment (for instance, a planned increase for inflation, or a lease holiday for the first six months), the rent expense is to be recognized on an equal basis over the life of the lease. The difference between the lease expense recognized and the lease actually paid is considered a deferred liability (for the lessee, if the leases are increasing) or asset (if decreasing).

Whether capital or operating, the future minimum lease commitments must also be disclosed as a footnote in the financial statements. The lease commitment must be broken out by year for the first five years, and then all remaining rents are combined.

 A lease is capital if any one of the following four tests is met:

 1) The lease conveys ownership to the lessee at the end of the lease term;

 2) The lessee has an option to purchase the asset at a bargain price at the end of the lease term

 3) The term of the lease is 75% or more of the economic life of the asset.

 4) The present value of the rents, using the lessee's incremental borrowing rate, is 90% or more of the fair market value of the asset.

Each of these criteria, and their components, are described in more detail in FAS 13 (codified as section L10 of the FASB Current Text or ASC 840 of the Codification).

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ECI can advise you on all aspects of debt collection. www.debt-collections.co.uk

Capital One's ambush of PARKING answerable off acclaim agenda annual to a law firm

Brachfeld and Associates, a collection law firm filed lawsuit against me representing TSYS/Natonal Attorney Network. TSYS (Total System solutions) is the debt collection servicing company for Capital One, who assigns attorney through their National Attorney Network to file Lawsuit against debtor. But Brachfeld and Associates named Capital One as plaintiff, which is a fraud. TSYS recently bought by NCO Group Inc. Case was dismissed in April 2009. Since then Capital One is deliberately PARKING my charged off credit card account to "National Attorney Network" aka Brachfeld and Associates. Capital One is creating false representation or implication that any individual is an attorney or that any communication is from an attorney. By doing so Capital One is violating Fair Debt Collection Practices Act Section 807 (3). Please visit facebook page on this topic: www.facebook.com

Collection Protection - Fight Back adjoin Collection Harassment

Collection Protection Inc is a company that helps educate consumers on their rights and the laws regarding debt collections. Collection Companies must follow a specific set of rules when trying to collect debt. They cannot harass you, they cannot abuse you, and they must follow the laws set in place for them by the FTC. We will teach you how to recognize violations of your rights and what to do about it. If you do experience harassment we will fight for your rights and sue the collector. If your collector has violated your rights, you could win a substantial settlement. Visit us at www.CollectProtect.com or call us now at 855.88FDCPA

Straight Talk about Debt Collection (1/3)

(Recorded November 2005) Host Claudia Wilner talks with Attorney Brian L. Bromberg on what your rights are in debt collection cases.

Collection bureau conversations with annoyed customers

More and more companies in the green industry partner with collection agency American Profit Recovery. Find out why they are different than traditional collection agencies: www.americanprofit.net

Final Demand Debt Collection Letter

www.nzdebtcollection.co.nz To get free debt collection letters visit www.nzdebtcollection.co.nz

UK Debt Collection Agencies - Oh dear! A CCA Request - what now?

Again, as pointed out in previous messages, one of the greatest weapons you can have, is a Consumer Credit Act 1974 request. Such a request stops a dishonest collection agency in its tracks, and before they can resume having any dealings with you, they HAVE to fulfil that request (if they can!). However, this is not always the case some agencies may try to continue their illegal pursuit even after they receive your request. Included are examples of such replies you may receive after the company gets your request and cashes your £1 statutory payment included with the request. Obviously, the kind of reply assuming you get one at all will vary from agency to agency, but I have included some of the wider examples here. If the agency youre forced to deal with is named here, then this clip is intended for you to pre-empt their next move. Apologies in advance for the low voice, but I had a bit of a cold when I did this one. Finally, remember they've got an old 'carrot-on-a-stick' trick. Don't be tempted to fall for the 'short settlement' offer that suddenly arises just as they've received your CCA request (what a coincidence!). If you get such an offer, do NOT take it - they're literally trying to get what they can from you. When it happens, smile and feel good about yourself, because it's a very good sign that they can't fulfil your request, and thus, can't inconvenience your life any further...

Fair Debt Collection Practices Act v FSA, LLC. Could they BUY college than a C- BBB rating?

First Source Advantage BBB rating C- Based on 267 complaints, mostly unresolved or slowly resolved! www.bbb.org All of the complaints included in this video, along with MANY, MANY MORE can be found here: www.debtconsolidationcare.com ...as well as on similar sites that I discovered by Googling the number from which they called me Example: www.debtconsolidationcare.com Here are the Civil Remedies available by statute to persons who are offended by the practices of this or any other qualified Debt Collection Agency. THE FAIR DEBT COLLECTION PRACTICES ACT As amended by Pub. L. 109-351, §§ 801-02, 120 Stat. 1966 (2006) § 813. Civil liability (a) Except as otherwise provided by this section, any debt collector who fails to comply with any provision of this title with respect to any person is liable to such person in an amount equal to the sum of— 15 USC 1692k (1) any actual damage sustained by such person as a result of such failure; (2) (A) in the case of any action by an individual, such additional damages as the court may allow, but not exceeding $1000; or (B) in the case of a class action, (i) such amount for each named plaintiff as could be recovered under subparagraph (A), and (ii) such amount as the court may allow for all other class members, without regard to a mini- mum individual recovery, not to exceed the lesser of $500000 or 1 per centum of the net worth of the debt collector; and (3) in the case of any successful action to enforce the foregoing liability, the ...