As you make collection calls you will be running into many excuses, you have to make sure you are ready for them if you want to get paid! Here is a scenario of how one call could go:
Example: Debtor: I can’t pay, I don’t have any money
Collector: Are you working?
Debtor: Yes, but I just started a job and don’t get paid for two weeks.
Collector: What day will you get paid?
Debtor: Friday
Collector: Okay, then you can mail a money order for $25 on Saturday.
This example can go so many different ways depending on the debtor’s responses. You have to be positive and get them to agree to make a payment. Once you reiterate what is going to happen, send them a confirmation letter with a payment envelope. Then call them on Friday to remind them about mailing the payment. An example of what you could say could be:
“Hi this is Michelle from KTM Auto, calling to confirm you will be mailing a money order for $25 tomorrow, Saturday. “
Remember, as a debt collector you must do the following:
• Manage the emotional side
• Prepare your pre-call plan
• Make the opening statement
• Ask questions with precision
• Make the transition to the payment arrangement
• Handle Objections - You need to become familiar with common debtor objections. The best way to do this is to make collection calls.
• Closing the call - Your last statement should reiterate everything covered in your call. Repeat all actions that will be taken. Example:
“Okay, on Saturday you will mail a money order for $25 in the envelope I send you today. Then you will send $25 a month every Saturday until May 15th.”
You cannot be to clear and follow up is the key to success. If you don’t follow up on any of the above actions, you are wasting your time and money.
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