How to Collect Debts
Collect and Review the paper work on the debtor before making any
Step. Know the history of the account, credit record, the promises
that are kept or broken. Have all records in front of you, ready for
reference. Adopt a straight, professional 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
threaten; legal action is your recourse. 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 book keeper. 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. Control the
conversation. Keep it focused on the debt and on the repayment
schedule. Don't let the customer sidetrack you with personal
history. Remember the object of your call is to collect money not to
become buddies with the customer or win arguments. Be ready to
adjust to the situation. Think about the kind of customer you're
dealing with and adapt to meet the circumstances. Be prepared to
accept a reasonable payment schedule, and a willingness to deal with
a customer's circumstances. Keep detailed, accurate notes of every
contact with the customer. Probe for further information on the
customer. Notes of these contacts will help you in subsequent phone
calls, and may be invaluable in litigation. Good notes will also
help in further credit decisions, or in cases where skip tracing may
be needed. 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.
Every contact should result in a commitment to payment, of a
specific amount, by a specific date, even the check number the
customer is using to pay the pledge. The longer an account is held,
the less likely it is that it will be recovered. If payment or a
payout is not arranged within 90 days, place the claim with a
collection agency or start legal proceedings.
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