Debt Recovery Associates

 

The more questions you ask, the quicker you will get to the truth of the matter. When debtors lie about why they are not paying, they are hoping that you will accept what they are saying and drop the subject. The more questions you ask, the more uncomfortable debtors become. Eventually, sending the creditor a check becomes much more appealing than answering all of your questions and having to come up with one excuse after another. The advantage you have is that most people in debt collecting will accept excuses at face value and will call back at anther time. Here are some of the most common excuses you are apt to hear. Think about how you will respond to these excuses before making those necessary phone calls with your consumers.

1) The computers are down and we are unable to print checks right now.
2) I never received a bill for the product or service. I lost the bill.
3) The check is in the mail.
4) I don’t have any money.
5) Hardship (lost my job, illness) and can’t afford to pay you right now.
6) Our computer prints all checks at the end of the month.
7) We are having serious cash flow problems.
8) We are expecting a big check in a month, and then we can pay you in full.
9) When I get paid, you’ll get paid.
10) The boss is out of town and will not be able to sign the check for two weeks.
11) I’m the controller and I handle the payables.
12) I have a dispute with the invoice.
13) I have a dispute with the product or service.
14) We need proof of delivery before we can pay.
15) We can only pay from original invoices, not faxed copies.
16) Our accounts payable person quit.
17) Our company pays net 90.
18) We’re still waiting for approval.
19) My spouse pays the bills.
20) I don’t owe anything.

Good Luck…

Debt Recovery Associates. Persuasive, Persistence, Professionalism

Town Office-View Park Towers ,10th Fl ,Utalii Lane /
L584-off UN Avenue, Gigiri.

P O Box 27859 00100 Nairobi, Kenya

Tel +254-20-221 1382/362

Cell: +254 721 636 404

Fax +254-20-2211386

Email; debtrecovery@dolphinsgroup.co.ke

http://www.dolphinsgroup.co.ke/debtrecovery/index.php

 

Dolphins Group

 

 

Tips on how to collect debt:

PREPARE: Review the paperwork on the debtor before making the call. Know the history of the account, credit record, the promises kept/broken. Have all records in front of you, ready for reference.

ATTITUDE: Adopt a straight, professional business-like attitude. You have a contract, you delivered the goods, money is owed, and you have a right to expect payment. Never let it become personal. Don’t yell or raise your voice; and NEVER swear. Don’t threaten; legal action is your recourse.

CONTACT: Make sure you’re talking to the right person. Don’t let the individual brush you off with “You’ll have to talk to the bookkeeper.” Identify the person who will pay the bill. If you can’t get through after several calls, tell the secretary that you know your calls are being screened. Indicate the purpose of your call and if necessary give deadlines.

CONTROL: Control the conversation. Keep it focused on the debt and on the repayment schedule. Don’t let the customer sidetrack you with personal history, excuses, etc. Remember, the object of your call is to collect money, or get a commitment, not to become buddies with the customer or win arguments.

FLEXIBLE: Be ready to adjust to the situation. Think about the kind of customer you’re dealing with and adapt to meet the circumstances. Be prepared to accept a reasonable payment schedule, and a willingness to deal with a customer’s circumstances.

NOTES: Keep detailed, accurate notes of every contact with the customer. Probe for further information on the customer. Notes of these contacts will help you in subsequent phone calls, and may be invaluable in litigation. Good notes will also help in further credit decisions, or in cases where skip tracing may be needed.

PRODUCTIVE: Keep contact brief and to the point. This is a business call, not a social one. View your efforts on a ratio of time expended to results achieved. Long conversations probably mean the customer is stalling you, or trapping you in the buddy syndrome.

PRECISE: Never leave a contact open ended, such as “We’ll talk next week,” or “I’ll send what I can.” Every contact should result in a commitment to payment, of a specific amount, by a specific date, even the check number the customer is using to pay the pledge.

TIME: The longer an account is held, the less likely it is that it will be recovered. If payment or a payout is not arranged within 90 days, place the claim with a collection agency or start legal proceedings.

PLACEMENT: Use only an agency who are ethical and professionals are fully bonded to guarantee your remittance.

 

Debt Recovery Associates. Persuasive, Persistence, Professionalism

Town Office-View Park Towers ,10th Fl ,Utalii Lane /
L584-off UN Avenue, Gigiri.

P O Box 27859 00100 Nairobi, Kenya

Tel +254-20-221 1382/362

Cell: +254 721 636 404

Fax +254-20-2211386

Email; debtrecovery@dolphinsgroup.co.ke

http://www.dolphinsgroup.co.ke/debtrecovery/index.php

 

Dolphins Group