Archive for the ‘Wealth Management’ Category

Dealing With California Statute Of Limitations Debt

By Sean A. Kelly

Tyler King, my friend’s brother is a hard working man. However his ‘Live Life King Size’ formula to life made sure that he got into debt. The fact that he earns a wonderful salary has kept him afloat. Since he has been in debt most of his life and has always paid his dues, he doesn’t remember ever not paying. One afternoon he got a telephone call from a debt collection agency asking him to pay a debt that he had disputed with the company nearly four years ago. As per California Statute of Limitations four years would be the applicable time period for collection of credit card debt. What Tyler did when contacted was that he accepted that there was an unpaid disputed debt that he owed and did not know that his acceptance would refresh the statute of limitation and he was sued by the collection agency.

According to California Statute of Limitations, the time period during which a creditor can sue the debtor in a court of law for credit card debtor open accounts, written contracts and promissory notes is four years, for oral contracts it is two years and for civil judgment it is 10 years from the date of last payment or last usage. In case one is contacted near the end of the statute of limitations time period, it would be advisable not to accept that debt and not to agree to pay the debt or send the creditor any money as it would reset the statute of limitations giving the creditor the right to sue.

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In case of being contacted near the expiry of the statute of limitations, it might be prudent to get in touch with a debt relief company to aid resolve the problem. In California debt help might be sought by approaching a debt relief network which would be related to many legal debt businesses. This would provide legal options to deal with one’s debt. In case of a long pending debt as in the case of Tyler, it might be better to either send out a certified letter, return receipt requested for not contacting again regarding the debt due to the expiry of the statute of limitations. However, one must remember that even if the statute of limitations has run on the account and would not be payable after the expiry, the debt would be reported in the credit report.

To get rid of a debt being reported in one’s credit report, the debt would need to be paid. In California debt relief may be sought by approaching certified debt relief companies. Usually it would be advisable for one to look at one’s finances closely and to budget one’s expenditure breaking down one’s income into packets like essential living expenditure like bills, grocery, children’s school fees, compulsory payments towards debt like credit card bills, car loan, mortgage etc. and miscellaneous expenditure like movies, outings, holidays etc. This exercise would help one to understand one’s finances and also be helpful while seeking debt relief help from a professional and reliable debt relief company. It might stand one in good stead to check if the company one approaches for help is a part of a credit resolution network and is a member of the Bureau of Better Business. It would be advisable to check the credentials of the company and research its client base and their experiences so that one may make a prudent decision. One would benefit to beware of fraudsters who might not help one to debt freedom or debt reduction but might lead one to bankruptcy.

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The Apprentice Leader: Making The Transition To Leadership

By Wally Bock

Every year, thousands of men and women are “promoted” from individual contributor to a position where they’re responsible for the performance of a group. It’s one of the hardest transitions there is.

Even when the choice is a good one, consciously made by the individual, it’s a tough transition. Job, role, and support group change in the instant of promotion. Habits developed over years to make a person productive now may have the opposite affect.

Most of the time, the new boss is give little to no effective training in how to handle all the newness. Most of the time, he or she is expected to be productive right away. Most of the time there is no built-in support system to help with the transition.

We would do things differently using an apprenticeship model. Here’s how thing might work.

The transition period isn’t measured in days or even weeks. It’s measured in months. Specifically it usually has three phases. Each phase lasts three to six months, for a total time of nine to eighteen months.

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In the first two phases, the new boss tries out different ways of being a boss. He or she will have a period where they act very “boss-like,” ordering people around. He or she will have a period where the goal is to be everyone’s buddy. Without guidance or help a leader may get stuck in one of those ways and stay there for the rest of his or her career.

When the new boss makes a successful transition, he or she will have a phase where, knowing what doesn’t work, the emphasis is on balance. Effective training and support can help shorten the boss and buddy phases and help assure that the new boss moves into balance and a successful transition.

New bosses should receive some basic training and role orientation as soon after promotion as possible. There should be exercises that help the new boss understand his or her new role, and tht helps the new leader understand the transition process.

There should also be some basic training in the skills the new boss will need on the job. In every organization that will include setting clear and reasonable expectations, checking for understanding, following up to assure that understanding turns into performance, analyzing supervisory issues, coaching and counseling, and delivering consequences.

There should also be organization-specific training dealing with senior management expectations, recurring activities and administrative duties. New bosses should be able to hear from more senior and successful bosses about how to do a good job. The new bosses should be able to question the seniors.

After the initial training session, there should be short sessions every few weeks for the duration of transition period to deal with specific transition issues. Before they leave initial training, new leaders should have identified role models and learned how to assess and improve their own performance.

There should also be help waiting when they get back to the job. Second level bosses should receive special training in their mentoring role during the transition process.

There should also be a senior manager with responsibility to help the new leader learn to handle his or her new responsibilities, role and duties. The new leader should be part of a peer support group for all managers.

The transition from individual contributor to leader is one of the hardest in business. Part of the reason we have so many awful managers is that we don’t select well and then don’t help new leaders learn their role. Putting the effort into managing an effective transition process for new leaders will help assure that more of the people we promote will succeed in their new jobs and in all the jobs they move up to.

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Wally Bock coaches individual managers, and is a popular speaker at meetings and conferences in the US and elsewhere. Check out Wally’s Working Supervisor Support Kit (



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