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pulled from a collection training site/the steps
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Posted by researching a collection company
(66.90.198.222) on September 19, 2003 at 15:49:57:
Four Steps for Success
Gather Facts – Know exactly how much is owed, for what, and for how long. Stating facts, dates, and exact numbers establishes credibility and intimidates debtors…making them less likely to argue.
Review History – Has the debtor owed you before? What were their objections? Have precedents been set by previous deals? A thorough review helps you uncover potential problems or opportunities for holding debtors to their promises.
Decide in Advance – Are you willing to accept less than full payment? How much less, and under what conditions? Experienced debtors try to make deals. Any hesitation on your part during the negotiations can weaken your position and put the debtor in control.
Put Time on Your Side – The best chance to catch a debtor at home is 4:00 to 8:00 p.m., Sunday through Friday. On Saturdays, try between 8:00 and 10:00 a.m.
Phone Skills: Be Better Than the Debtor!
To make the most of your call, follow these tips:
Confirm that you are speaking to the correct person at the correct address. If anyone else answers, do not share the purpose of the call with them and ask to speak to the proper person.Identify yourself to the debtor by giving your name, title, and the name of your business.Ask for payment in full! Example: “Mr. Debtor, your account with us is seriously overdue. Will you mail your $500 check today, or will you drive by our office with your check today?”
Wait for the debtor’s response. Up to this point, you’ve done all the talking. A timely pause puts the burden on the debtor. The longer the silence lasts, the more pressure builds on the debtor. Do not break the silence!Listen to the debtor and note any clues to help you obtain payment in full. Figure out a way to motivate the debtor.Find the solution by asking questions and using information provided by the debtor. Maintain credibility by using the facts you gathered for your pre-call plan.Close the deal! Be sure that you and the debtor agree on a method and date of payment. Ask the debtor to write down your name, address, phone number, and what he/she has promised to do. Make a note of your conversation and put it with the debtor’s records.If your debtor says he/she won’t pay, don’t despair. Regardless what they say, their actual decision is often made after they hang up the phone. Use this knowledge by adopting a new strategy. For starters, don’t argue with them. Let them think they have won. Rely on your collection agency to effectively represent you in a legal, ethical manner at competitive rates. Your accounts get “first team” service. Collection specialists work on your accounts in a high tech environment. Judicious use of technology, including electronic data bases for skip tracing, state of the art auto dialing equipment and electronic payment systems, keep costs down. Collector training programs, credit reporting and litigation capabilities keep effectiveness up.Ability to pay is just one motivating factor. Those who owe you also owe others. In order to pay you, someone else needs to be put off. If you want to be paid first, if at all, the debtor must feel a greater urgency to pay you than the creditor next door. For example, credit grantors who are able to charge interest on unpaid balances, get paid quicker than do those whose bill does not grow with the passage of time
Ability to pay is just one motivating factor. Those who owe you also owe others. In order to pay you, someone else needs to be put off. If you want to be paid first, if at all, the debtor must feel a greater urgency to pay you than the creditor next door. For example, credit grantors who are able to charge interest on unpaid balances, get paid quicker than do those whose bill does not grow with the passage of time
!!!hey promise possible home visit!!!
I was researching a name left on my answering machine.
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