"Being president is like being a jackass in a hailstorm. There's nothing to do but to stand there and take it."Lyndon B. Johnson
|
| |
Debt Consolidation And Debt Management For Maximum Relief: Part 1
Bankruptcy and financial stress are at an all time high. In increasing numbers, people are turning to bill consolidation loans and debt management counseling for relief. Both debt consolidation and management provide valuable assistance. However, you need ...
Debt: Self-Help or a Credit Lawyer?
"Annual income twenty pounds, annual expenditure nineteen pounds nineteen shillings and sixpence, result happiness. Annual income twenty pounds, annual expenditure twenty pounds and sixpence, result misery". Mr. Micawber's remarks on debt remain just ...
Leverage - Margin Debt
What is leverage? Here is a definition of leverage from an online dictionary "leverage - The use of credit or borrowed funds to improve one's speculative capacity and increase the rate of return from an investment, as in buying securities on ...
|
|
|
| |
Believe it or not, the success 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 are going to say – and handling the call in an organized, professional manner is the foundation upon which collections are made or lost. A professionally executed collections call has four parts:
Part One is 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 is putting you off. If you do 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 a way in which he or she can pay the debt. You now 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 the debtor has agreed to pay or not, there is also a specific way you should close 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 the issue remind him of how serious the situation is. Make it clear that the problem must 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 could be accused of harassment.
Collection calls are sometimes a necessary part of the billing process. Making the effort to learn and use as many collection techniques as possible will bring you better results and greatly improve the health of your bottom line.
(End)
Editor: This article is offered for free use in your ezine, print publication or on your web site, so long as the author resource box at the end is included. Notification of publication would be appreciated.
About The Author
Jim Finucan has put 12 years of experience as a “top gun” collections pro into his book “Past Due – A Debt Collections Manual.” For more information about the book please visit: http://www.tiare.com/pastdue.htm.
|
|
|
|
|
|
 |
European Stocks Fall With Euro on Spain, Bank-Debt ConcernsSan Francisco ChronicleMay 25 (Bloomberg) -- European stocks fell, trimming a weekly rally, amid concern about regional government finances in Spain and plans that would force some investors to take losses on debt holdings at failing European banks. Spanish and Italian bond ...and more » |
|
Some Investors Avoiding Low-Yield German DebtWall Street JournalThe appeal of German debt in times of crisis was underlined Wednesday, with an auction of two-year paper—known as Schatz—attracting solid demand. The issue carried a zero coupon for the first time, meaning the bond offers no regular interest payments ...and more » |
|
