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Further
Reading ...
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Get More Done! - Adrian Coppola
Have you ever heard the old saying If you want something done, ask a busy person? Ever wondered why? Ever felt stressed out because you never seem to get through all the chores so you can get to the fun stuff? Or maybe you just do the fun stuff,...
Are Fractional Shares For You? - Leon Altman
Fractional shares (“fractionals”) are sometimes confused with other vacation property options, such as time shares and condo hotels. While there are similarities, there are a number of things that make fractional shares unique, and thus suited for a...
Monitoring Your Credit Is Easy As 1-2-3! - James Dimmitt
Thanks to the FACT(Fair and Accurate Credit Transactions) Act, all U.S. residents will be allowed one free credit report annually from each of the three major credit reporting agencies - Equifax, TransUnion, and Experian. This legislation makes it...
How Drop Shipping Works - John Lynch
One of the most frequently asked questions on the Net is: "What should I sell online?" Many people know what products they want to sell. However, they don't know how to do this. Should they physically stock the products themselves or promote other...
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HOW TO DOUBLE YOUR DEBT COLLECTIONS
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Written By:
Jim Finucan
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Believe it or not the success or failure of your attempt to collect a
debt is usually decided right at the beginning of your phone call -
with the very first thing you say after the other party says hello.
Knowing exactly what you’re going to say, and handling the call
in an organized, professional manner is the foundation upon
which collections are made or lost. There are four parts to a
professionally executed collections call:
Part One: The Open How you identify yourself, your company and
the problem. And how you place that problem before the debtor.
Don’t ask him when he’s going to get around to paying you or why
he’s putting you off. Otherwise you’ve made your move too soon
and you’ll be at a disadvantage right off the bat. Instead, put the
debtor in the position of having to explain himself. Say something
like “What are your intentions toward this bill?”
Part Two: The Facts - If the debtor doesn’t agree to pay the bill
early on, move into the next part of the call: asking questions about
his situation. It’s important to make a smooth transition here because
you don’t want to alarm the debtor. Say something like “Let me just
fill out an extension form for you.” Then you can start asking about
his job, whether his wife is employed, any outstanding loans he may
have, credit cards, etc.
Part Three: The Dun - Once your questioning has given you the
information you need you can show the debtor - continued below ...
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continued ...
a way in which he
or she can pay the debt. You know, for instance, that he can afford
to put it on his MasterCard, or that she could qualify for a bank loan.
Now you’re in position to make your demand for payment (the dun).
Part Four: The Close - Whether or not the debtor has agreed to pay
there is also a specific way you should end the call. And I don’t mean,
“Gee, thanks, have a nice day!” or “You’ve got your nerve!” Use an
open-ended question designed to put the debtor on the spot; something
like “Do I have your word on that?” If he has refused to pay or continues
to dodge and delay remind him of how serious the situation is; make it
clear that the problem must still be resolved. Be professional; don’t
insult him. Save any threats of legal action until you’ve contacted the
debtor several times without success and see no other option. Never
threaten legal action unless you fully intend to follow through, otherwise
you can be accused of harassment.
Collection calls are a necessity in bill collecting. Making the effort to
learn and use as many techniques as you can will bring results and increase t
he bank balance of your business.
About the Author
Jim Finucan has more than 12 years as a “top gun” in the collections business.
Visit http://www.tiare.com/pastdue.htm for more information on
bill collecting and his debt collections manual - Past Due!
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| _Additional Resources ... |
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Does Your Business Need An Attitude Adjustment - Sue and Chuck DeFiore
First you need to: Change your attitude. I know you feel you have a good reason for feeling bad. However, instead of moaning and groaning about why me, ask yourself how you can turn the situation around. It’s better than feeling sorry for...
Introducing the Virtual Time Machine that Gives Back Your Valuable Time - Melissa Carey
Minneapolis, MN - October 23, 2003- Finally, a fairly new creation is giving people back their time– The errands and concierge service industry. These services are popping up more and more all over the country. The newest errands and concierge...
Looking to Start a New Business? Consider the Personalized Products Industry - Nancy Wurtzel
Looking to launch a new consumer products business that makes and markets gifts? Why not consider a niche that has grown dramatically over the past few decades and still shows signs of continued expansion? The market has your name written all over...
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