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10 Tips to successfully collect a debt |
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Ten Tips on how to collect debt: Ten Tips on how to collect debt: PREPARE: Review the paperwork on the debtor before making the call. Know the history of the account, credit record, the promises kept/broken. Have all records in front of you, ready for reference. ATTITUDE: Adopt a professional attitude. You have a contract or you delivered goods now money is owed to you and you have a right to expect payment promptly. Never ever let it become personal. Don't yell or raise your voice; and NEVER swear. Don't threaten physical harm; legal action is your recourse. CONTACT: Be sure you are talking to the correct person. Do not let the individual brush you off with "You'll have to talk to the bookkeeper." Identify the person who will pay the bill. If you can not get through after several calls, tell the secretary that you know your calls are being screened. Indicate the purpose of your call and if necessary give deadlines. CONTROL: Always control the conversation. Keep it focused on the debt and on the repayment schedule. Do not let the debtor sidetrack you with personal history, excuses, etc. Remember, the objective of your call is to collect money, or get a commitment to pay not to become friends with the debtor or win arguments. FLEXIBLE: Always be prepared to adapt to any situation. Try to think about the kind of customer you are dealing with and work to overcome the obstacle. Be prepared to accept a reasonable payment plan or settlement, and a willingness to deal with a customers circumstances. NOTES: Always keep detailed, accurate notes of every contact with the account. Probe for further information on the customer. Notes of these contacts will help you in subsequent phone calls, and may be invaluable in litigation. Accurate notes will also help in further credit decisions, or in cases where skip tracing may be needed. PRODUCTIVE: Keep contact brief and to the point. This is a business call, not a social one. View your efforts on a ratio of time expended to results achieved. Long conversations probably mean the customer is stalling you, or trapping you in the buddy syndrome. PRECISE: Never leave a contact open ended, such as "Well talk next week," or "Ill send what I can." Every contact should result in a commitment to payment. A specific amount, by a specific date, even the check number the customer is using to pay the debt. TIME: The longer an account is outstanding, the less likely it is that it will be paid. If payment is not arranged or a payment plan is not established within 90 days, place the claim with a collection agency or start legal proceedings. PLACEMENT: Try to choose an agency that does not have to pay to get your information. Just type in "Collection Agency" to any search engine and pick a firm that ranks organically. About the Author: A Full Service Collection Agency that ranks outside of the sponsored listings on Google is this Collection Company Grab a totally unique version of this article from the Uber Article Directory |
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