LEARN COLLECT EXCEL USING OUTSIDE COLLECTION AGENCIES Gary M. Sabean

LEARN COLLECT EXCEL USING OUTSIDE COLLECTION AGENCIES WHY ? YOU DON’T HAVE ENOUGH RESOURCES – TOOLS – STAFF BUDGET CUTS YOU DON’T HAVE A COLLECTIONS DEPARTMENT DELINQUENCY IS OUT OF CONTROL

LEARN COLLECT EXCEL USING OUTSIDE COLLECTION AGENCIES WHAT DO YOU SEND? FREE UP STAFF – TO GO AFTER THE CURRENT DEBT – NEWER THE DEBT- FRESHER THE ACCOUNT LESS JURISDICTIONAL POWER TO COLLECT – OUT OF STATE DEAD END ACCOUNTS – COLLECTOR HAS HIT A DEAD END – DON’T WASTE TIME – GIVE THE COLLECTOR AN OUT

LEARN COLLECT EXCEL USING OUTSIDE COLLECTION AGENCIES WHICH ONE? WHO ELSE USES THEM – GET REFERENCES – CALL OTHER STATE AND LOCAL JURISDICTIONS – HOW LONG HAVE THEY BEEN IN BUSINESS THEY UNDERSTAND YOUR NEEDS AND CONCERNS – ARE THEY RESPECTFUL – COURTIOUS WHAT PROCESS DO THEY USE – WHAT TOOLS THEY USE – HOW MANY COLLECTORS – ASK THEM TO EXPLAIN THE COLLECTION PROCESS THEY USE(IT’S OK TO STEAL IDEAS)

LEARN COLLECT EXCEL USING OUTSIDE COLLECTION AGENCIES COST? STATE OF VIRGINIA ALLOWS THE JURISDICTION TO ADD 20% OF WHAT IS OWED TO THE DEBT, WHICH IS THE COLLECTION AGENCIES FEE – NO COST TO THE JURISDICTION – WHAT DOES YOUR JURISDICTION ALLOW (BRASS TAX, COMPENDIUM) WHAT ARE THE GAINS – PERSONELL COST VS LOST TAX REVENUE

LEARN COLLECT EXCEL OUTSIDE COLLECTION AGENCIES THINGS TO REMEMBER IF YOU CHOSE A COLLECTION AGENCY HOW LONG DO YOU WANT TO LET THEM KEEP THE ACCOUNT TO WORK – 6 MONTHS, 1 YEAR? – MAKE A DEADLINE WHAT INFORMATION DO YOU SEND THEM ON THE ACCOUNT – AS MUCH AS POSSIBLE – COLLECTION AGENCIES SHOULD BE ABLE TO ANSWER BASIC QUESTIONS CONCERNING THE DEBT IF THE ACCOUNT IS RELIEVED OR COLLECTED BY DEBT SET OFF IS THERE A CHARGE – NO CHARGE ON RELIEVED ACCOUNTS OR DEBT SET OFF COLLECTIONS HOW CAN THEY MAKE IT EASIER FOR YOU DO YOU ACTIVELY COLLECT THE ACCOUNT WHEN IT IS ASSIGNED TO THE AGENCY – OFFICE POLICY

LEARN COLLECT EXCEL MOST IMPORTANT ASK QUESTIONS MAKE DEADLINES KEEP STATISTICS – HOW WELL ARE THEY DOING COLLECTION RATE SET A GOAL – ANY COMPLAINTS – FEEL COMFORTABLE WITH THE COMPANY YOU HAVE CHOSEN

LEARN COLLECT EXCEL USING AN OUTSIDE COLLECTION AGENCY THANK YOU GARY M. SABEAN