#money #collections #debtcollection - Debt Collection Agency
Debt collection jobs continue to rise in popularity and in fact, the Bureau of Labor Statistics reports the industry will grow by 19 percent within the decade. The job can get difficult, as it can be challenging to contact people, discuss their debt and come up with viable debt repayment plans. Whether you aim to study as a debt collector or work in the field of debt collection already, there are helpful tips to keep in mind which can guide you to becoming most effective and successful at your job.
Learn the laws. To ensure you are aware of all your options for getting an unwilling debtor and to keep yourself from getting into any legal trouble, you should understand all of the laws and learn what you can and cannot do in order to collect debt. A successful debt collector knows the laws surrounding debt collection and how and when to use them.
Call at the right time. People most often work daytime hours, typically between the hours of 8 a.m. and 5 p.m. Although this is obviously not the case with everyone, you have the best chances of reaching a debtor by calling after 6 p.m. on weekdays and between 10 a.m. and 5 p.m. on the weekend.
Act sternly but not mean. Although it can become difficult when debtors turn angry and act agitated with you, keeping your attitude in check can mean the difference between getting a debtor to pay and having him shut down. People in debt are stressed out enough and living from one paycheck to the next with little spare money in between. You must keep a stern tone when speaking but remain friendly and understanding at the same time, to convince debtors to pay but also let them know you understand and are willing to negotiate.
Talk and negotiate a deal. For debtors who are unwilling or financially unable to pay back their debt, you may be able to collect at least a portion by offering to come up with a manageable debt repayment plan. For instance, you can make a deal to accept half the amount of money owed as long as the money is paid immediately in a lump sum.
Persist and have patience. Although it can be difficult at times, in order to be a great debt collector you must always be persistent and never give up just because a debtor hangs up on you, speaks rudely or refuses to pay outright. In most cases, the older a debt becomes, the harder it is to collect, so you should keep on your debtors and try different tips and techniques to recover monies owed.
Article Source: Diana Prince – www.ehow.com
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