Collections Training.docx

ACTIVE LISTENING  IF A CUST OFFERS LESS THAN PIF  Paying attention (verbal/non  PROFILE CUST and SUGGEST verbal) –such ‘ah has’ MONEY SOURCE  Paraphrasing (Feed forward)  Summarising TYPES OF COMMITMENT /  Interpreting (So it sounds from ARRANGEMENTS what you are saying…) 4 TYPES OF ARRANGEMENTS  Reflecting Feelings
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  ACTIVE LISTENING    Paying attention (verbal/non verbal)  –such ‘ah has’      Paraphrasing (Feed forward)      Summarising      Interpreting (So it sounds from what you are saying…)      Reflecting Feelings  LISTEN -> ACKNOWLDEGE -> TRANSITION ACKNOWLEDGE & TRANSITION STATEMENTS    I appreciate that you're running into a meeting.. If you can spare me a moment of your time, I can stop you from getting these calls .    Thanks for letting me know that you've already spoken to someone, I want to help you can....    I understand your wife pays the bills.. If I can share some important info with you for you to share with your wife, it'll save you having to call us back.    “Thanks for making the payment, if I am able to confirm some payment details then I may be able to stop you receiving further calls and letters .    Appreciate your patience with us, if I can confirm some details, we can resolve the matter. You don't have to worry about it anymore . PROFILING AND MONEY SOURCES SALARY vs. EXPENSES    How much are you earning?    How many of you are working in the house?    How many are your kids?    How do you make ends meet?    How can you get by? CAPACITY TO PAY    DEMAND PAYMENT IN FULL    IF A CUST OFFERS LESS THAN PIF    PROFILE CUST and SUGGEST MONEY SOURCE TYPES OF COMMITMENT / ARRANGEMENTS 4 TYPES OF ARRANGEMENTS    PAYMENT IN FULL (PIF)    SETTLEMENT / DISCOUNT (usually for old accounts 3yrs and above based on the loaded date)    INSTALLMENT PLAN (PAYMENT ARRANGEMENT/ PART PAYMENTS)    UPFRONT WITH INSTALLMENTS (GOODWILL / LUMPSUM)    RECURRING PAYMENTS  –  Weekly, FN, Monthly How does profiling assist us with making the most sustainable arrangement between our customer and BC? EFFECTIVE PROFILER    Acknowledge    Listen    Open and closed question (asking questions answerable by Yes or No)    What are the sustainable options?    Recap WHAT DO WE MEAN BY ‘MONEY SOURCES’?   *Questions that can help*    Do you have any unused items to sell to pay off this debt?    Do you have any saving that you can use to pay off this debt? WHAT DOES THE DEBT COLLECTION GUIDELINE SAY ABOUT IT? It is unacceptable to pressure a customer to:    PIF or in unreasonable large installments or to increase  payments when you are aware they are unable to do so.    Pay a large upfront amount and state that only afterwards will consider payment arrangements.    Get further into debt to pay out an existing debt.    Show proof of unsuccessful alternative credit app before a repayment plan will be negotiated.    Borrow from family or friends t pay out a debt.    Access their superannuation early.    Under no circumstances should you provide cust with financial adv. PROFLING TIPS    BC can be flexible  –  our goal is to achieve a sustainable arrangement that provides a win  –  win solution.    NCCP recommends review every 3mos however review periods can be determine on PDL files depending on the individual circumstances.    Make arrangements in the same frequency of when the cust gets their income.    If unsure. Gain all the info from cust and bring it up to TL. NEGOTIATION SKILL Give and take discussion or dialogue in an attempt to reach an agreement or settle a matter. Why is it important to your roles?    Help you achieve your KPIs    Helps the business achieve its goals    Helps earn more money in bonuses    Helps achieve more clients -> job security    Helps customers resolve their debt situation. WILLINGNESS vs. CAPACITY CRITICAL GATEWAY QUESTIONS    Payment in full is required today. Can you pay that amount today using a credit or a debit card?    When can you pay?    Can you pay $xxx on (date)? TYPES OF CUST    Capable/ willing  –  commits to initial and/or subsequent payments showing willingness to pay.    Unsure/Uncertain/ Vague  –  commits to initial payment only and no subsequent payments or is unsure about any commitments    Reluctant/ Unwilling/ Incapable  –  will not or cannot commit to initial or any subsequent payments. WILLING CUSTOMER    Get initial payment or commitment to initial payment    Acknowledge initial payment or appreciate initial commitment    Give customer a WIIFM or raise payment if possible (consequence or benefits) VAGUE CUSTOMER    (INITIAL) Gain initial payment or commitment to initial payment or gather potential commitment date    (PERMISSION) Ask for permission to investigate (profiling) / Provide WIIFM    (INVESTIGATE)  Identify at least one source of consistent income    (CONSISTENT) Establish regular commitments from income source identified     (RAISE OR SOONER) Raise offer made consistent payment with WIIFM or get payments sooner with WIIFM with a better deal. RELUCTANT/INCAPABLE CUSTOMER    (REASON)  Identify reason for non payment  –  open ended questions.    (PERMISSION)  Ask for permission to investigate / Provide WIIFM.    (INVESTIGATE)  Identify at various source of income  –  REGULAR / ONCE OFF INCOME    (RECOMMEND)  Recommend a solution based on findings / Show a way avoid collections activity CALL CLOSING Importance: People always retain mostly what is said at the start of a conversation and things discussed at the end of a conversation. Helps increase your kept rate significantly. Important things to state at the end of a call?    Update all contact details.    Urgency of payment and why it’s important to pay    Next payment due date    M.A.D.F. (Method, Amount, Date and Frequency) 500004012620 CLOSE    Update accnt info    Re-cap arrangement    Thank cust. CLOSE NO SOLUTION    Update contact info    Gain cb commitment    Recap what happens next    Thank cust CLOSE PARTIAL SOLUTION    Update contact info    Gain cb commitment    Recap ptp and/or next action    Thank cust IMPORTANT POINT TO CONSIDER    Identify intentions based on unwilling/ unable negotiation      Always challenge tentative voices, broken PTPs & account history      Don’t jump to conclusions and make assumptions      Avoid BUT and HOWEVER      Don’t be negative      Don’t harass or mislead or deceive or be forceful  PAY ARRANGEMENT GUIDELINES (refer to print copy) PAYMENT METHODS ARRANGEMENTS, CC AND DD PROCESSING Payment Methods (Debtr or auth person can make a payment)    Credit Card  –  can be done directly through iSeries / credit card portal    Direct Debit  –  can be done in Iseries but need an auth from cust. (Name of the Account, BSB/ Bank accnt number    Bank Transfer  –  not done via Iseries, prov cust BC’s bank dtails.   (Details: see printed copy).    BPAY  –  not don via Iseries, but prov the cust the biller code, ref num and check digit (can take up to 48hrs for funds to arrive) Biller code: 899104 (Alliance Factoring) BPAY Ref#: Case# plus check dgit (Collectors screen, <CD> ctrl, paste dtdecers case# then CNTRL)    Post Billpay (AU post online services)  –  not don via Iseries, but prov the cust the biller code, ref num and check digit Phone: 131 816  Website:  Biller Code: 0890 (Alliance Factoring) Ref#: Case# plus check dgit (Collectors screen, <CD> ctrl, paste dtrs case# then CNTRL)      Money Order/ Cheque  –  not done via Iseries, but prov BC’s Locked Bag num and ref num.    AU Post  –  can make a payment in post but have to bring the letter with the bar code PAYMENT METHODS & ISERIES (Shift+F10) R (recurring or upfront payments –   Weekly, Fnightly, Monthly) or P (PIF, SIF or Part Payments) or C (Credit or Debit Card)    Australia Post  –  A    Direct Debit  –  D    BPAY/ Post Bill Pay/ Bank Transfer / Money Order/ Check: Blank LINK ACCOUNT PAYMENT     Advice cust that were seeing a link account     Ask if its okay to discuss the matter with them    Collect and negotiate CREDIT CARD PAYMENT “The recording will be pause while  processing the payment and it will resume after.”    If the payment of credit card will not be today will require a Minimum $11.00 payment for todays call to process the future dated payment. CC PAYMENT DECLINE REASONS    Invalid Card Number    Unknown Bank Code    Incomplete    Invalid Merchant    Expired Card    Suspected Fraud    Card Reported Lost    Stolen Card    Lack of Funds    ExdWthDrlLmt (Exceeded card limit)    Refer Issuer DO NOT DISCUSS THE FF DECLINE REASONS TO CUST:    REFER TO THE CARD ISSUE    SUPPOSED FRAUD    CARD REPORTED LOST  After CC Payment *always give the receipt number beside ‘CCD’ on narratives.  SAMPLE SPIEL “You’ll be paying the full amount of $$$$ on 16/00/00, however management still require a good will payment of 25% today and that is….”    Changing the Next payment Due date for DD    If cust calls in and req to change the next payment due date you can modify this by F12 / F10 from the case inquiry screen. Cancelling a DD Agreement    If any reasons the verbal DD needs to be cancelled, access the direct debit via F12/F10 from case inquiry    Input a ‘ Y ’  in the “Cancel Direct Debits”      Control or enter to confirm    A narrative will be place on the case stating “D/Debit details updated: Direct Debits Cancelled Missed Payment DEMAND FOR A PAYMENT FOR MISSED PAYMENTS!!!
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