How to Be a good Collector Agent

Collection agents are people who contact defaulters and remind them to pay off their loans. This is a very sensitive position as any blunder can make the situation even worse. The debtor might refuse to clear the debt which ultimately will double the trouble for you.

Good collection agents always play the role of a bridge between the lender and borrower. They do not lose their temper and try to find a common ground. However, they do not give much leniency that it becomes a disadvantage for the company.

It is all about the effective communication. You can get favourable results only if you are able to change somebody’s mind with few well-constructed sentences. To become a successful agent, you will have to follow some basic rules of this profession.

Instructions

  • 1

    Most of the time, the collection agents are given a list of defaulters with clear directions to make them pay their loans. Remember, first thing comes first so you should send them a payment reminder letter. If it does not work then your next step will be to make a phone call.

  • 2

    Once you have the required person on line, it is very important to keep the defaulter engaged. You should start the conversation politely and courteously as it will force the other party to listen to you with patience.

  • 3

    Remember that you are just a facilitator so give your clients impression that you are on their side. Don’t ever threaten rather bring some emotions and sensitivity in your talks. Show that you still trust them and this non payment will be just because of some genuine reason. Give full attention to them and make note of the reason they give you.

  • 4

    Now it’s time to give complete details of the loan. Mention the amount due and date. Do inform them about disadvantages of late payments. Tell them they will have to pay extra money as penalty.

  • 5

    Persuade the other party to clear the debt without any delay. Do not lose the defaulter by putting him/her under huge pressure rather try to give the impression that paying back in time is for their own good.

  • 6

    Try to suggest them a revised payment plan. It can be anything according to your company’s policies. For example, you can offer them to pay through instalments or zero penalty if they clear the debt at once.

  • 7

    Give other party some time to consider your suggestions. Call your client after a few days and discuss all the details.

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