Wednesday, January 14, 2009


A group of friends decides to rent a vacation house together. One friend steps up, charges it on their credit card, and then has to collect money from ever other person going... three or four months later, they are still missing a few payments. Whether it's rounding up money for a vacation, paying for spots in fantasy football, or even splitting rent and utilities among roommates - payments between friends and acquaintances often become sticky situations.

The Idea: a small debt collection agency.

A small debt collection agency would be a company for which one would pay either a flat fee or a percentage of the debt being collected in order to avoid the responsibility of collecting payments from everyone in the group. By using such an agency, the problems and complications which usually arise when dealing with money and friends will be eliminated. Essentially, the debt collection agency would be a much-needed third party which would manage collection. Once an event was scheduled, all group members would agree to employ the agency at a reasonable rate relative to the benefits.

Some group members may balk at the idea of paying someone a fee for a seemingly simple transaction among friends, but then again, they are not in a position to ensure that anyone will pay on time besides themselves. Further, those who support the service would most certainly agree that a small fee is a welcome tradeoff for the hurt feelings and potentially long term effects (not to mention debts) that group pools often elicit.

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