Once a collector overcomes customer objections and has talked about a payment amount that will keep the consumer on track, how does he/she close the call with the confidence that the payment will arrive on time?
Once you have worked out how the debt will be paid, you want to reiterate what your agreement is. For example, if you decided on $100 a month beginning next week you would say: "Great! So you will mail $100 tomorrow (date) and then $100 a month every 3rd of each month until your balance is paid in full."
The next step is as important if not more, and that is to send a letter IMMEDIATELY which states exactly what the payment plan is, how much is due and if you can include a stamped addressed envelope for the next payment. Be sure to start your letter with "As per our conversation today"
The next step will be to call them on the day the payment was to be mailed and if you get a machine or the person, tell them you are calling to verify that the payment was mailed today. Follow up is very important, especially in the beginning of the payment plan. It is during this time that you are setting the precedence for all future payments. If you don't follow up on the first few payments, the debtor will slack in paying you because they can. If you follow up they will pay you before someone else because they don't want to keep hearing from you.
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