Debt Collection & Prevention of Overdue Outstanding

 ReDebt collection Course -Princeton Academy resources https://princetonacademy.in/resources/

Govt. of India- Negotiable instruments act https://www.incometaxindia.gov.in/pages/acts/negotiable-instruments-act.aspx

• • • • The ‘new normal’ for collections – how are lenders responding?

The key challenges facing collections teams

• • Exactly what needs to be added to a collection letter … and just as important … what should NOT be included.

• • How to deal with Lack of current contact information of debtors

• • Challenge in Oral Contracts and not having any written communication

• • How to use technology to your advantage

• • Connecting to the right decision maker

Managing and Controlling Your Receivables/Outstandings:

• • When is it time to collect? Understand when it’s time for action — and what action to take

• • How to steer clear of the collection mistakes made most often

• • Tools of the trade: Staying organized

• • What you can do to prevent many accounts from becoming past due

Invoicing Issues- Secrets of Successful Collectors 

• • Keys to establishing a rapport with debtors that help you collect more money fast!

• • Maintaining goodwill so you don’t lose potentially good long-term customers

• • Tactics to use when a debtor blatantly lies

• • Getting past the gatekeepers who prevent you from speaking with your debtor

• • How to handle “special” collections situations — including when a debtor writes a bad check, how to get full payment from someone who thinks a partial payment is enough, and more

• • When — if ever — should you agree to settle a balance for less than the total amount owed

Billing Process – Getting it the right first time 

• • Billing Frequency and Reconciliations

• • Using Technology to Leverage the Billing Process

• • Integrated Billing / Accounts Receivable Solution

Key Collection Tools and Techniques

• • Eliminating Barriers to Payment

• • Recognizing Excuses and Delaying Tactics

• • Telephone Collection Techniques

• • Developing Personal Assertiveness

• • Negotiation Skills for Successful Collections

• • Develop customer-sensitive collection strategies

• • Identifying Effective “Pre-delinquency” Collection Campaigns

• • Defining “Post-delinquency” Activities

• • Customer Sensitive Collection Strategies

• • Collection Techniques and Correspondence Cycles

Managing and Controlling Your Receivables/Outstandings:

• • When is it time to collect? Understand when it’s time for action — and what action to take

• • Managing Cash flows when Customers delay payments

• • How to steer clear of the collection mistakes made most often

• • Does your company’s credit policy ease or impede collections?

• • Tools of the trade: Staying organized and in control of your massive workload

• • Why no business can afford to ignore collections

• • Power techniques for keeping track of what you’re owed

• • What you can do to prevent many accounts from becoming past due

• • The importance of using up-to-date and accurate information

Secrets of Successful Collectors:

• • Putting yourself in the debtor’s shoes: why people don’t pay

• • Why you’ll be more effective in collecting if you make it as painless as possible for the debtor

• • How to stay positive when you’re surrounded by so much negative energy

• • Keys to establishing a rapport with debtors that help you collect more money fast!

• • Smart tactics that help you ease the debtor’s defensiveness

• • Maintaining goodwill so you don’t lose potentially good long-term customers

• • When to turn up the heat — and when finesse will get you further, faster

• • Be consistent — always follow up when you say you will

• • Tactics to use when a debtor blatantly lies

• • How to handle “special” collections situations — including when a debtor writes a bad check, how to get full payment from someone who thinks a partial payment is enough, and more

• • When — if ever — should you agree to settle a balance for less than the total amount owed

Powerful Collection Tools:

• • The importance of adopting a positive frame of mind

• • Maintaining a client status report — important info you need to keep tabs on

• • Getting past the gatekeepers who prevent you from speaking with your debtor

• • When’s the best time to make collections calls?

• • Should you ever put a debtor on hold?

• • Listening and questioning skills that’ll prove invaluable in getting customers to pay up

• • What days are “prime” collection days?

• • Essential follow-up documentation to phone conversations

• • One thing you should never do with a client — argue!

• • Soothing the irate customer

• • Reenergizing after you’ve had an emotionally upsetting call

• • Establishing a rapport with clients — especially those you know you’ll be working with in the future

• • How to handle abusive insults and yelling

Excuses – Handle Them With Confidence and Finesse

• • I never received a bill for the product or service …

    • • you probably never sent it!
    • • you sent it to the wrong place.
    • • you sent it to the wrong person.

• • I misplaced the bill — when you send another, then I’ll pay.

• • The Cheques in the mail.

• • I just don’t have the money right now.

• • Our computer prints all Cheques at the end of the month.

• • We’re having serious cash flow problems — but we’re good for it.

• • The boss is out of town and no one else has the authority to approve Cheques.

• • I have moved to other company, somebody else is in charge.

• • We’re expecting big Cheques in a month and then we can pay the balance IN FULL.

• • The computer is down so we can’t print any Cheques right no w.

• • I don’t owe what you say I owe you.

• • Those weren’t the payment terms I agreed to!

• • I’m sure we’ve already paid that bill — your records must be wrong.

• • This bill is way too high — I’m not about to be overcharged!

Collection Letters & Written Documentation of Conversations

• • How to make sure your collection letter is opened — and read!

• • How many collection letters are too many?

• • What you should always include along with your collection letter

• • When should you threaten leg al act ion? And, just as important, when is it a BIG mistake?

• • Phrases and words that do NOT belong in a collection letter

• • Standard reminder letters — when to send and what to say

• • Follow ups: The importance of doing what you said you were going to do

• • Documenting a debtor’s payment plan agreement — get it in writing!

• • Using certified mail — when and why

• • Final notice: What to say and how to make sure the debtor understands you mean business

• • Gentle reminders for people who usually pay on time

Legal Issues:

• • Can a debtor sue you for harassment? Yes — learn when and how

• • Promissory notes

• • What are your options when you know — without a doubt — that the debtor has no intention of paying

• • Working with outside collection agencies

• • What you need to know about laws that apply to collections.

• • Don’t put yourself or your company at risk: Learn which laws collectors violate most often

• • Tips for tracking down customers who’ve skipped out on their debts