Collect Debt by using Great Communication

“When we change the way we communicate, we change society” ― Clay Shirky

Video courtesy of Repute Agency

Communication is a very powerful tool that can either make or break your goal for debt recovery.  Continue reading

Persistence: A Path to Success in Life and Business

“It is better to take many small steps in the right direction than to make a great leap forward only to stumble backward.” – Louis Sachar

Everyone wants to be successful but not everyone can step on the pedestal of success.   This is true when it comes to debt collecting.  Any individual or small business owner can attest to the fact that there is no shortcut to debt recovery.  You can’t expect to do something magical overnight and have all debts erased the next day.   You have to work hard and have to go through several rejections and disappointments just to see that glimmer of achievement you are aiming for.  It is important to never give up because when you do, no matter what your goal is, may it be a quick cash flow increase, proper recovery from debt or making your business prosper, you will never see the fruits of your labor.

May this beautiful story of the Bamboo Tree inspire you to never let go, especially during times of disappointments.  Hang in there! Remember that your success can only happen when you put a lot of effort and determination every step of the way for a continuous period.

Using Psychology in Debt Collection Letters

“It takes two to write a letter as much as it takes two to make a quarrel”. – Elizabeth Drew 

Continuation of “How to Write a Perfect Debt Collecting Letter or Email?” (Part 2)

Putting the writing style on the side, debt collecting letters and emails have to be written in accordance to the debt collecting guidelines prescribed by the government.   In Australia the debt collectors are limited in what they can do and say by the Fair Debt Collection Practices Act.  Make sure you know them and have a solid grasp of the basic guidelines.  Make sure you follow them in all your correspondence or conversations with your customers. Continue reading

How to Write a Perfect Debt Collecting Letter or Email?

“The secret of many a man’s success in the world resides in his insight into the moods of men and his tact in dealing with them.” – JG Holland 

If you have ever received a debt collecting reminder letter or email, I am sure you have absolutely hated it and couldn’t even finish reading it in its entirety.  They are annoying, frustrating and a reminder that we have not done the right thing.  Not many people would have a desire to look at it again or remember it.

On another hand, if you have ever attempted  to write a debt collecting letter to send it to your customers, you would have had another kind of challenge and would have asked yourself many of these questions: Continue reading

Essential Debt Collecting Skills – Negotiating (Part 3)

“Quality in a service or product is not what you put into it.  It is what the client or customer gets out of it.” – Peter Drucker 

Continuation of “Essential Debt Collecting Skills – Negotiating” (Part 2)

‘Since negotiation is the process we use from infancy until just before we die, the issue is not a matter of recognizing that negotiation is a fundamental life skill. The real goal should be to understand how to negotiate effectively to reach wise solutions to all kinds of issues. Continue reading

Essential Debt Collecting Skills – Negotiating (Part 2)

“I’d like to add that negotiating is not something to be avoided or feared – it’s an everyday part of life.” – Leigh Steinberg

Continuation of “Essential Debt Collecting Skills – Negotiating” (Part 1) 

Negotiation is a rather complex interaction. Capturing and controlling all its complexity is a very difficult task that requires knowledge, understanding and lots of practice.  Below are some of the essentials of negotiating:

  • Know what you are trying to achieve

Having a clearly defined goal before you start the process of negotiation is a must.  At first, it really helps if you write it down and keep it somehow visible for yourself.  Later, when you get more practice and experience this would come naturally as the first step. Continue reading

Essential Debt Collecting Skills – Negotiating

Observing a Master Negotiator at work … is an ‘Art Form’.   But, did you realise YOU could EASILY become one yourself? 

NEGOTIATION is an essential skill in our everyday interactions. We daily use it in all areas of our life without even realising it.  Some people are naturally better negotiators than most.  But negotiation is a skill that all of us can learn to master if we put an effort into it.

Becoming a master negotiator will help everyone generally in life, but especially in business.

The role of effective negotiation cannot be underestimated in the debt collection. Debt collecting requires you to become a master negotiator and master the skill of finding a win-win situation that would make your client happy to pay you, and to pay you as soon as possible. Continue reading

Debt – Fastest Way To Get Out Of Debt – Attitude!

“Don’t be afraid to give your best to what seemingly are small jobs. Every time you conquer one it makes you that much stronger. If you do the little jobs well, the big ones will tend to take care of themselves.” – Dale Carnegie 

Are you searching how to solve your debt problems?  By now I guess, you are startin to realise that your debt problems are connected to your other problems?  … The common thing in all that is … YOU!

The secret in overcoming any obstacle is in the right mindset and attitude.  I would like to share below some of the beautiful and empowering quotes that I find inspirational when I am facing big challenges.  I hope they inspire and empower you too! Continue reading

Debt Collections – How To Get Customers To Pay up (Part 2)

“Customer service is not a department, it’s an attitude!” – Unknown

This is the 2nd part of the article, read our first blog post as an introduction…

A good debt collector knows that the “Carrot and Stick” approach also works with customers.  So, how does this technique work in debt collecting?

The previous post was about the “Carrot”.

Now, the “Stick”: Continue reading

How To Not Collect a Debt (Part 1)

“Don’t use words too big for the subject. Don’t say “infinitely” when you mean “very”; otherwise you’ll have no word left when you want to talk about something really infinite.’ – CS Lewis

Many professional debt collectors know that most people they deal with do not want to default on their debt.  Most of them do intend to pay their bills, and keeping a respectful relationship with them is extremely important.

Here is a reversed example of “real life” debt collecting call and  How Not To Make a Debt Collection Call. It is really funny! Continue reading