5 Tips for Successful Debt Collections

Re: 5 Tips for Successful Debt Collections

This is very interesting and helpful to know. I plan on settling an outstanding medical debt. Hopefully the payoff will be in the 60%-80% range. Maybe even lower! Thanks for sharing colin.

Re: 5 Tips for Successful Debt Collections

Hello,

Debt collectors are organized criminals. Your original creditor uses your non-payment as a tax writeoff and sells them your debt certificate for pennies on the dollar.

They have nothing to lose at this cost and agressively call you, using threats, unlawful hours, calling your friends, family and employers, mis-represent themselves as something of an official law professionals and use abusive talk tactics and a lot of 'moral' lecturing about your obligations, automatic dialers etc. - completely ignoring their legal rights. Often, the debt is not even valid: Out of its Statue of Limitations, or has been discharged in bankruptcy, paid off, never existed to begin with (but sounds valid because it’s a small amount related to a creditor you’ve used in the far past) or they don’t even own it and fail to show a paper trail with signed bills of sales that connects them to your original creditor, and the original creditor’s signed agreement with you. In many cases they practice without license in your state too. Often, they turn the debt over to a collection lawyer, which is nothing more than a paper mill that files tens of thousands of lawsuits per year while failing you respond to your debt validation and cease and desist requests (this is illegal). To each such lawsuit they add thousands (or tens of thousands) of dollars which you have never awed anyone as their arbitrary legal fee or interest and other bogus fees.

Thank you
Amy

Re: 5 Tips for Successful Debt Collections

These were really great information given by you, well I think that the major key to successful debt collection is kindness. Consumers are much more likely to respond propitious to a debt collector who proceeds with kindness. The use of forceful, underhanded, and unfair practices will result in little gain.

Re: 5 Tips for Successful Debt Collections

Not so many debt collecting tips like this you can find, thank you for this useful information. I always thought that we should keep the friendliness in dealing with clients no matter what the situation is, the act of giving solution after we know the hardship also a good strategy, the costumer will feel helped rather than intimidated so there's a bigger chance they would pay the debt willingly.

Re: 5 Tips for Successful Debt Collections

Great tips and very useful information. thanks for sharing it with us.

Re: 5 Tips for Successful Debt Collections

Well what i think about Dept Collector: -
As many companies will work with you if you show intent to pay. Their ultimate goal is collection not destroying you. So, I would advise anyone to call the company's receivable/collection department (part of accounting) and explain situation as well as when you desire to pay. Then ask to work out a payment system that's doable for anybody.

Hoping this info will provide some knowledge about dept collector.!!

Re: 5 Tips for Successful Debt Collections

The biggest key to successful debt collection is kindness. Consumers are much more likely to respond favorably to a debt collector who proceeds with kindness. The use of forceful, underhanded, and unfair practices will result in little gain.

Re: 5 Tips for Successful Debt Collections

They have nothing to lose at this cost and agressively call you, using threats, unlawful hours, calling your friends, family and employers, mis-represent themselves as something of an official law professionals and use abusive talk tactics and a lot of 'moral' lecturing about your obligations, automatic dialers etc. - completely ignoring their legal rights. Often, the debt is not even valid: Out of its Statue of Limitations, or has been discharged in bankruptcy, paid off, never existed to begin with (but sounds valid because it’s a small amount related to a creditor you’ve used in the far past) or they don’t even own it and fail to show a paper trail with signed bills of sales that connects them to your original creditor.
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Web Design Glasgow
Web Design Company Glasgow

Re: 5 Tips for Successful Debt Collections

I completely agree with the first point which talks about being humble to the customers or else there come in more chances of not receiving money from the other end.

Re: 5 Tips for Successful Debt Collections

These are the key points that everyone out in the business is to keep in mind. Good manners to deal customer pay very important role in this case! Good luck!

Re: 5 Tips for Successful Debt Collections

Hello Friends.........

1.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.

2.ATTITUDE: Adopt a straight, professional business-like attitude. You have a contract, you delivered the goods, money is owed, and you have a right to expect payment. Never let it become personal. Don't yell or raise your voice; and NEVER swear. Don't threaten; legal action is your recourse.

3.CONTACT: Make sure you're talking to the right person. Don't 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't 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.

4.CONTROL: Control the conversation. Keep it focused on the debt and on the repayment schedule. Don't let the customer sidetrack you with personal history, excuses, etc. Remember, the object of your call is to collect money, or get a commitment, not to become buddies with the customer or win arguments.

Thanks

Re: 5 Tips for Successful Debt Collections

Review the paperwork on the debtor before making the call. Adopt a straight, professional business-like attitude. Make sure you're talking to the right person.Control the conversation. Keep it focused on the debt and on the repayment schedule.Be ready to adjust to the situation.Keep detailed, accurate notes of every contact with the customer. Never leave a contact open ended, such as "We'll talk next week".The longer an account is held, the less likely it is that it will be recovered.
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Limo Hire
Limousine Hire

Re: 5 Tips for Successful Debt Collections

"Keep a customer’s total payment history in mind. If she has paid on time over the years, don’t jump on her with a collection call the first time she’s late"

I liked this point......what a debt collector is required to do is CRM......the more you make your customer your god the better they feel.

Re: 5 Tips for Successful Debt Collections

Great tips you have shared
I like these all tips