Do It Yourself Debt Collection

Tips And Advice

Be Successful Collecting Your Own Debt

Initial telephone contact techniques.
The most important information you want is whether or not the company owns any assets, property, cars, vans, computers etc they are more likely to pay if they if they have something to lose. Credit reports are a pretty good tool for assessing a company or someone`s ability to pay, it will tell how indebted they are, and you might see enough solid credit history where they can borrow funds to pay you. When telephoning, you must assume a persona that is serious and professional, you must grab their attention immediately to do this you must be very authoritative (and sound authoritative).

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Stage One

The first contact impression counts, so make it a good one.

Always advise the debtor that he/she really need to think about his or her decision and that creditors have certain rights to collect their money, with or without their co-operation. This is an extremely effective psychological statement designed to get them wondering what`s going to happen next.

Stage Two

The second most important thing you need to do when speaking with the debtor is to be extremely professional.

Make sure the tone of your voice is serious and the words you use all match, building a credible persona.

Stage Three

Always instill urgency and demand that any payment is to be done immediately, card payment, payment over the phone, immediate bank transfer etc.

To ensure payment quickly you must show strong resolve from the outset, your letters must be direct and to the point. Most debtors believe if they frustrate you long enough, your resolve will weaken. It is therefore imperative to keep the pressure on at all times until you receive payment. Our exclusive and expertly written letters are a part of the escalation process, and are expertly written and laid out so as to have an immediate physcological impact on the receiver.

Stage Four

Always insist that the balance must be paid in full

Don`t let debts get old, the quicker you take action the more likely you are to recover your money. Perform credits checks on people and companies before granting credits terms. (We can assist you with that). Include in your terms and conditions a clause that entitles you, in case of late payment, to recover from the debtor any cost incurred in collecting the debt. Our exclusive and expertly written letters are a part of the escalation process, and are expertly written and laid out so as to have an immediate physcological impact on the receiver.

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