Successful Collection Conversations Greg Ruffino – Williams & Fudge, Inc. FABSAA Annual Conference 2018 Daytona Beach, Florida

Objective Let’s break down some key components to everyday conversation to help us increase our recovery success rates. We will hear 6 real conversations and discuss how each contains effective techniques.

Elements of Great Conversations Fact Finding (1) Building a Rapport (1) Professional Confrontation / Accountability (2) Overcoming Stalls (3) Financial Profile (4) Setting Up the Follow Up (5) Negotiations = Closing the Deal (6)

(1)Fact Finding / Building Rapport

(1)Fact Finding / Building Rapport Questions will reveal the path to resolution Find common ground to help gain trust Take a break from talking money if you sense stress Building Rapport demonstrates compassion and personality

(2)Professional Confrontation

(2)Professional Confrontation Allow the student to speak and vent Hold true in your convictions Maintain control, but listen more than you speak Ask the student what their intentions are

(3)Overcoming the Stall

(3)Overcoming the Stall Reference any relevant notes on file State specific facts/laws and repeat them if necessary Displaying confidence and knowledge = being business savvy

(4)Financial Profile

(4)Financial Profile Get the student to talk and think about their financial situation The goal is to paint a picture that they can pay Or, define what payments make the most sense If they cannot pay, who can or will?

(5)Setting Up the Follow Up ACA International annual statistics show about 25% of all debt placed in collections gets recovered. The majority of this debt takes 2+ conversations to secure payment.

(5)Setting Up the Follow Up If you are not getting paid in $$$, get paid with information Discuss a detailed expectation for what is next Use reminder tools and follow through on it

(6)Negotiations - Closing the Deal

(6)Negotiations - Closing the Deal Expectation is Payment in Full (start high) Do not say “No” to a student’s initial offer Fact Finding questions determine the student’s capabilities Counter offer within reason based on the facts

Greg Ruffino – Williams & Fudge, Inc. Summary Just Talk to People! You are a problem solver Ask yourself – “Am I someone I would want to do business with?” Thank You ! Greg Ruffino – Williams & Fudge, Inc. gruffino@wfcorp.com