Collectors-Minute.com » Techniques for Calling http://collectors-minute.com Experience ** Techniques ** Solutions -for Collectors Fri, 26 Aug 2011 06:53:01 +0000 en hourly 1 http://wordpress.org/?v=3.2.1 Attention: This is NOT a Drill, It is the Real Deal! http://collectors-minute.com/2008/10/attention-this-is-not-a-drill-it-is-the-real-deal/ http://collectors-minute.com/2008/10/attention-this-is-not-a-drill-it-is-the-real-deal/#comments Wed, 15 Oct 2008 17:43:52 +0000 John http://collectors-minute.com/?p=536 Yet Another Related Posts Plugin.]]> This is Not a Drill! These economic times are the Real Deal! As mentioned before, I have been in Consumer Collections since 1982. Interest rates were high and times were tough. But, I have seen NOTHING like the times we are in now. Yesterday, I listened to a webinar where the speaker quoted several statistics meant to give you an idea about consumers and the tough times we all face. Here is a only a partial list of the stats.

  • There are 9 MILLION families facing negative equity in their homes.
  • There will be an estimated 1.9 MILLION repos this year- up 15% from last year.
  • 34% of consumers with a scoreable credit report have at least one collection item.
  • Mortgages made after Jan. 2005 to prime consumers already have an 8.5% delinquency rate. That is up 491% from mortgages made previous to that time frame.

So, what must we do in our “collections” world to be ready for what may come next? 2008 has been full of tumult, no one really knows what will come in 2009. I began to look at things I have been doing and realized it has helped. I will list some of these things and a few others that we all should consider.

First: Look at every area of the collection process within your group. Ask these questions; What can we do better and/or with less resources? Can we eliminate a step or two and make the process faster? What are we doing that is really not giving us a return? No payments/money coming back for the effort expended? If you can’t track it and it is not “required” – you may want to modify or stop it.

Second: In order to apply individual pre-planned collection action to each account as needed, consider segmenting your list by assigned risk levels. You may already do this by name and known payment habits. But consider assigning a user field with a service level code that will immediately indicate what step of the collection process is taken when the member/debtor goes past due.

For instance, when Mr. Jones comes past due, we know he has not responded to system generated notices. Key him out of the process and begin calling him at 5 to 10 days past due. Don’t waste time or valuable resources on a known factor. Alternately, if Ms. Smith pays consistently at 15-20 days and self cures before 30 days, you may want a notice for her at 23 days past due. This process may take time to set-up, but even a savings of 10 to15% in postage and printing costs will be worth the effort.

These codes can be developed from payment history for those with history or codes from the underwriting process can be equated to collection service codes. All this in order to better manage the limited resources most every collection department is faced with in these times.

I would also recommend collection review meetings weekly and not just monthly. Review the phone scripts and verbiage that you are using. Consider re-vamping and applying tighter standards to better fit the economy you face. What are the answers to excuses and delays you are getting now? Close the “loop of grace” that is extended after the grace period. Begin shorter follow-up times after a broken promise. Call that afternoon or next day at the latest for someone who did not bring you a payment. I look to call between 3:00PM and 4:00PM for members that are to show up that day by 5:00PM.

We all must consider this the “Real Deal”. People are predictable in numbers and not as individuals. So, if your first efforts don’t produce results on the first member, don’t give up. Collections is applying certain types of pressures to certain individuals to obtain certain results. The results are only certain if the pressures are consistent.

If you have altered or changed some things in your collection process and would like to share them, we would be glad to publish what has worked for others in order for as many to benefit as possible from new techniques. Email us with your hints and helps.

Technorati Tags: Collection Techniques, Review Your Process, Save Time/Money

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]]> http://collectors-minute.com/2008/10/attention-this-is-not-a-drill-it-is-the-real-deal/feed/ 0 How to Overcome the Fear of the Telephone http://collectors-minute.com/2008/08/how-to-overcome-the-fear-of-the-telephone/ http://collectors-minute.com/2008/08/how-to-overcome-the-fear-of-the-telephone/#comments Wed, 20 Aug 2008 10:29:25 +0000 John http://collectors-minute.com/?p=161 Yet Another Related Posts Plugin.]]> Welcome! Thank you, for visiting this new blog. We are excited to make this new format available. If you are like me and are just learning what a “blog” is – see this http://en.wikipedia.org/wiki/Blog Great explanation about a blog.

John Huddle

John Huddle

I want to thank Paul Sluder for encouraging me to take this step. Also, I want to thank Captain Sage of The Pirates Realm .com for his help and guidance.

Our hopes are that this blog site will become a resource for Collectors that will bring them training, solutions and answers to many questions. We also want feedback. Tell us your thoughts and leave comments. Comments will be moderated, but very much encouraged and appreciated. We are hoping to post more than once a week in order to share the on hands experience of working a loan portfolio as well as other points of interest.

This Collector’s Minute deals with overcoming the fear of the telephone. There are steps to take to make the calls easier and more productive. Learn what has worked for me over these many years!

Collectors Minute #11 How to Overcome Fear of Telephone text

Collectors Minute #11 How to Overcome Fear of Telephone audio

Technorati Tags: plan, Techniques for Calling, welcome

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]]> http://collectors-minute.com/2008/08/how-to-overcome-the-fear-of-the-telephone/feed/ 1 Collector’s Minute #9 http://collectors-minute.com/2008/08/collectors-minute-9/ http://collectors-minute.com/2008/08/collectors-minute-9/#comments Wed, 20 Aug 2008 03:34:51 +0000 John http://collectors-minute.com/?p=126 Yet Another Related Posts Plugin.]]> Today, we bring you another Collector’s Minute. This time, we take up the topic: “How to Avoid Repossessions…
View text version here. | Listen to audio version here.

Technorati Tags: debt collector repossession, debt collector repossessions

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]]> http://collectors-minute.com/2008/08/collectors-minute-9/feed/ 0 Collector’s Minute #6 http://collectors-minute.com/2008/08/collectors-minute-6/ http://collectors-minute.com/2008/08/collectors-minute-6/#comments Wed, 20 Aug 2008 03:18:40 +0000 John http://collectors-minute.com/?p=120 Yet Another Related Posts Plugin.]]> Today, we bring you another Collector’s Minute. This time, we take up the question – Answering machines and Voice mail- how do we use them to our advantage?
View text version here. | Listen to audio version here.

Technorati Tags: debt collctor voice mail, debt collector answering machine

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]]> http://collectors-minute.com/2008/08/collectors-minute-6/feed/ 0 Collector’s Minute #4 http://collectors-minute.com/2008/08/collectors-minute-4/ http://collectors-minute.com/2008/08/collectors-minute-4/#comments Wed, 20 Aug 2008 03:12:33 +0000 John http://collectors-minute.com/?p=114 Yet Another Related Posts Plugin.]]> Today, we bring you another Collector’s Minute. This time, we take up the question of how to set-up a work-out arrangement and keep the sense of urgency?
View text version here. | Listen to audio version here.

Technorati Tags: debt collector arrangements, debt collector promises

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]]> http://collectors-minute.com/2008/08/collectors-minute-4/feed/ 0 Collector’s Minute #2 http://collectors-minute.com/2008/08/post-2/ http://collectors-minute.com/2008/08/post-2/#comments Tue, 19 Aug 2008 22:25:03 +0000 John http://collectors-minute.com/?p=89 Yet Another Related Posts Plugin.]]> Today, we take up the question- what to do when the debtor does not get paid for another week and a half to two weeks. Their objections or delays are your opportunity….
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]]> http://collectors-minute.com/2008/08/post-2/feed/ 0 Collector’s Minute #1 http://collectors-minute.com/2008/08/post-1/ http://collectors-minute.com/2008/08/post-1/#comments Tue, 19 Aug 2008 22:24:40 +0000 John http://collectors-minute.com/?p=87 Yet Another Related Posts Plugin.]]> Today, we discuss the topic: What is your opening statement or question? The opening statement or question is so important especially when dealing with people over the phone…

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Technorati Tags: debt collection introduction, debt collection phone call

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