CCA 12.5 Lesson 5: After the Negotiation Meeting

Having a follow-up schedule 

The probability of collecting a delinquent account drops dramatically with the length of the delinquency.  the probability of collecting an account 90 days past due drops to just 68.9%. At 6 months past due, there is only a 51.3% chance of collection. If the account ages to 1 year past due, the likelihood of a successful collection is 21.4%.  

-In order to be efficient with your debt collection follow-ups, you need a solid follow-up schedule. You need to keep a record of what stage prospects are in, what the next steps are, and when they’ll occur. It is very important to record any promises made by the customer, including the date they were made and the date payment was promised.  

 Here’s a standard follow-up schedule that can be adapted as needed. 

•  Follow up number one; the same day of the meeting. This first follow-up will give you some extra time on the top of your prospect’s mind immediately after the Debt collection meeting. Remember to always thank them for their time, make a summary of the key takeaways from the meeting, and remind them about your next steps and their next steps.   
• Follow up number two; A gentle reminder about their installment due date.  

• All other Follow ups; Every time a client doesn’t fulfill his or her payment commitment.  It can be a really effective call to action as it creates a sense of urgency and also avoids procrastination. These contacts should be frequent enough to keep the payment on top of the client’s mind but careful enough not to violate debt collection Ethics. 

Debt Collection Ethics