One of the things, I’m fairly certain, that has helped me
over the years in collections is an OCD or fanatically methodical method to managing
accounts. Here’s an overview of how I have
scheduled files for calls over the years, and still do. It works well for maintaining high
performance on a portfolio.
CALLING FILES – every three business days, skipping over
holidays, days off, or what have you.
When working the files for the day, looking at the last time called, and
if it were a morning call, make the next one an afternoon call. By calling every three business days, you won’t
call the person every Monday, for example, maintain a sense of urgency, and
rotate your inventory.
CALL BACKS – Obviously call the consumer back right
away! But if you get a voicemail, a
post-it from a co-worker, or an email, make that a top priority.
NO ANSWER CALLS – If you are not managing a large number of
files, don’t diarize no answer calls – leave them for today, and when you
complete your first run through your scheduled calls, go back and try the no
answer calls again.
EVENING OR SATURDAY CALLS – If you are working a late night,
after 6pm, pull up all your Avoids Contact or No Contact files not worked in 3
days and make them your priority to reach out after business hours.
REMINDERS FOR UPCOMING PAYMENT – if a debtor says they are
going to pay the account in more than 3 days, schedule the file for a reminder
call the day before the payment. Call
the debtor or leave a message where you can reminding them of your scheduled
arrangement on ‘X’ date.
POSITIVE REINFORCEMENT OF PAYMENTS – If a debtor is making
regular payments by post-dated cheque, EFT, credit card, or what have you, call
the debtor the day after the payment with a positive reinforcement call. ‘Bob, I see here you have paid another $100
yesterday, bringing your total paid to $3300 and a remaining balance of $854.60,
and your next payment is January 31st. Do you have any questions?’ By doing this, you keep the debt top of mind, and if a number goes out of service or a debtor is struggling you know that now, not when the payment bounces.
NSF OR BOUNCED PAYMENTS – Obviously, call the consumer the
day after the bounced payment, and follow up on a three business day turnover.
CALLING POSSIBLE LEADS – When calling a trace file with
possible numbers, you don’t need to hammer away at those every three business
days – put those on a 10 business day turnover, and remember not to escalate
the tone of your message – you might not have the right contact number for the
REVIEW FILES – With broken arrangements, uncooperative
debtors, or consumers that avoid contact rather than simply giving up, I put
the file on a 90 day turnover for a review call. ‘Bob, I’m just updating your file for the
credit bureau and your balance with interest, have you filed for a consumer proposal,
bankruptcy, or anything I should be aware of?
Do you have any questions?’
When you manage your accounts in this way, you have effectively
a logic flow chart for how files will move forward after calling, based on
different scenarios. On a larger scale,
you can manage whole teams like this, and start tweaking your calling schedule
based on volumes, balances, and liquidation – how many times do you call a
file? Do you move from a three business
day turnover to four? These are things
that can fine tune a team and deliver maximum results.
Got any questions?
Feel free to drop me a line at email@example.com
KINGSTON Data & Credit
Originally posted on Receivable / Accounts