Banks hire 100’s of Debt Collection Agents ahead of Covid Loan repayments

UK debt collections

The UK’s leading High Street banks are strengthening their Debt Collection teams ahead of the emergency covid loan defaults. The UK’s four largest banks are said to have hired over 750 new Debt Collection staff to their debt recovery units in a major challenge facing them.

A Collection Agent Is Calling: Help!

The Kaplan Group

So, it’s no surprise that people are falling behind on their bills, and that some people have received calls from a collection agent. If you are receiving calls from a collection agency, the most important things to know are that you should not panic and you should not ignore the call.

Creating a Successful Collection Agent Incentive Program

Payment Savvy

Debt collection is a challenging job. We must applaud agents for their remarkable efforts to collect past due receivables. Over time, however, agents do lose their zeal and ambition to rectify delinquent accounts. Collection Agents Bring in Revenue.

Breaking BAD | A day in the life of an Onguard Collections Agent

On Guard

A day in the life of an Onguard Collections Agent. Set Credit scoring system to support Breaking BAD collection strategy and rules by which customers are moved to different workflows e.g. Low, Med, High risk based on 30/60/90+ aged. Breaking BAD | Big Aged Debt.

Risk & Reward: A Collection Agent’s Point of View

The Kaplan Group

In collections, we often have to weigh risk and reward and make similar calculations. That is not always true with collections. Perhaps the biggest risk/reward scenario in collections is going to court. However, the biggest risk is the ability to actually collect.

What Are The Common Problems Faced by the Debt Collection Agents?

Taurus Collect

Thus, timely debt collection is crucial for every business. Therefore, it is vital to have a robust debt collection strategy to enable you to stabilise your cash flow and acquire money from your debtors without hampering your business relationships. Collection methods are not real-time.

Agent Word Choices in Debt Collection

Payment Savvy

Debt collection may sound simple; a consumer owes outstanding monies, so you reach out to collect on the past due balances. Every word matters in debt collection phone calls. As such, you want agents to be well-trained before ever speaking a word to a debtor.

Contact Center Wages Have Peaked and Will Finally Start to Normalize in 2023: Report

Account Recovery

Companies nationwide in the accounts receivable management industry have felt the pinch in their wallets during the past two years thanks to rising wages being paid to collection agents, customer service representatives, and other contact center workers.

The Workers Most Affected By the COVID-19 Pandemic

Account Recovery

As might be expected, customer service representatives, a category of workers that include collection agents, were among the hardest hit during the early days of the pandemic, according to research that was published by the Federal Reserve Bank of St.

Aargon Agency Partners with Interactions to Accelerate the Digital Transformation of its Contact Center

Account Recovery

3 Tips to Successful Debt Negotiation

Payment Savvy

Collection agencies often find themselves in a tough position when attempting to collect on a delinquent account. However, there are some things that collection agencies can do to promote repayment quickly. Collection agents should listen to what the debtor has to say.

Can Debt Collectors Make Contact Through Social Media?

Direct Recovery

Getting hassled about an outstanding collection account over social media is the last thing any consumer wants to deal with. Still, many collection agents argue that it is the most productive means of communication in 2022. Reviewing the Fair Debt Collection Practices Act.

New Debt Bill Could Impact Collection in California

Direct Recovery

Understandably, this news sent shock waves through the debt collection community, and it was met with a very strong positive reaction from Senator Wieckowski’s constituents. If that should happen, what changes would we be likely to see to the California debt collection landscape?

NRA Group Partners with Interactions to Drive Collections Industry Forward

Account Recovery

Progressing from contract signature to first call in a few months, NRA Group is accelerating the … The post NRA Group Partners with Interactions to Drive Collections Industry Forward appeared first on AccountsRecovery.net.

What Can a Debt Collector Do in California?

Direct Recovery

Fortunately, the local laws in California offer a wide range of protections that limit what those agents can do when they contact consumers. This can be a huge win for the collection agent, and it is usually out of the hands of the debtor or their employer to resist at this point.

How Much Does a Collection Impact Your Credit Score?

Direct Recovery

Once you establish the basics like having some credit history and making your payments on time, the most significant factor that negatively impacts the average credit score is having a collection on your record. Are All Collections Reported to Credit Rating Agencies?

The Four Trends Making Digital Debt Collections a Necessity

True Accord

The following is an excerpt from our recent ebook, Ten Critical Questions: The Buyer’s Guide to Digital Debt Collection Solutions. For lending organizations, the end result of these changes is that digital collections have shifted from a “nice to have” into a must-have.

Can Debt Collectors Contact Consumers by Email or Text Message in 2021?

Direct Recovery

In what is supposed to be an increase in protections offered to consumers, an updated version of the Fair Debt Collection Practices Act (FDCPA) was passed in the fall of 2020 that brings that iconic piece of legislation up to date with modern forms of communication.

5 Ways to Reduce Your Debt and Avoid Collections

The Kaplan Group

If collection agents like me are calling you, you need to reduce your debt. To avoid your account being sent to collections, you need to find ways to reduce your debt. Collect on unpaid invoices. If others owe you money, send them to collections.

Socially Distant Collections: How Top Agents Are Still Getting It Done in This New Normal

Direct Recovery

There is no shortage of ways in which the COVID-19 pandemic has changed the way business is done around the world in 2020, and that is definitely true for anyone operating in the collections industry. Let’s break down some of the things top agents are doing to get the job done.

TrueAccord Featured in Aite Group’s Spotlight on Disruptive Fintech

True Accord

With automated communications and the consumer’s ability to self-serve, TrueAccord collection agents can service 80,000 accounts at a time, compared to the typical 1,000 to 2,500 accounts that a traditional agent manages on behalf of the financial institution client.

General Insurance Code of Practice and Hardship

Debt Recoveries

When we put the action on hold, we will contact any Collection Agent or solicitor that we have appointed and tell them the action is on hold. . Standards for collecting money .

Best reasons to use a Debt Collection Agency in 2022

UK debt collections

Whilst the UK struggles to recover from the pandemic , its never been a better time for Businesses to use a Debt Collection Agency. Debt Collection Agencies do not just act for Businesses, there are many Debt Collection Agencies for individuals also.

Toll fine Debt Collection letters are ‘intimidating and misleading’

UK debt collections

Letters being sent by a Debt Collection Agency to drivers who fail to pail Tyne Tunnel fees are “initimidating and misleading” debt charities have warned. The Debt Collection letters advise of potential fines and even criminal convictions.

Angry? You’re LESS Likely to Collect

The Kaplan Group

When it comes to collecting commercial debt, getting mad almost never leads to getting even. How to be 30% less effective in collecting business debt. And as any seasoned collection agent will tell you, this isn’t the state of mind that leads to a good outcome.

No Code Programming: Could the Best Record-Keeping System for Your Company Be One You Build Yourself?

Direct Recovery

Whether you manage a few collection accounts or a few thousand, having a solid record-keeping database is an essential part of the process you don’t want to ignore.

FDCPA: 6 Things to Know About Regulation F

The Kaplan Group

With the new rules, collection agencies can contact consumers more frequently. They can place up to seven debt-collection phone calls per week (and under some circumstances even more), as well as send an unlimited number of text and email messages and private social media posts.

6 Quick Steps to Increase Cash Flow and Reduce Debt

Debt Recoveries

Hi, my name is Adam Stewart, Debt Collection Expert and owner of Debt Recoveries Australia.I Have a dedicated, debt collection agency on call, as part of your accounts receivable process. Get your collection agent to conduct a credit report on potential clients.

Debt Collection & Business Credit

The Kaplan Group

Commercial collection agencies like ours specialize in collecting on B2B debt. If your business is getting calls from a collection agency, you may wonder how this will affect your business credit. Like personal debt, being sent to collections can affect your credit rating.

Finding A Collection Agency: Part 3 - Things to Consider

Credit Management Company

One way is to hire collection agencies. Finding the best collection agency partner is a reliable way to get the money your business needs. With effective collection agents, you can get paid faster and increased legal protection.

How To Deal with Debt Collectors When You Can’t Pay

Better Credit Blog

Regardless of what a debt collector might tell you, you have a lot of rights when it comes to how debt can be collected. Your rights come from the Fair Debt Collection Practices Act (FDCPA). You can be professional even if the agent on the phone seems to be running a scam.

Top 6 Complaints Against Debt Collection Companies

National Service Bureau

Debt collection companies walk a fine line between business efficiency in their primary function (accounts receivable management), while at the same time needing to respect the fact that the debtor is a valuable client to the business for whom they are running collections. That is why it is so important for organizations to choose a collection agency that falls on the right side of the fence in what is otherwise a huge grey area.

Debt Collection Horror Stories

National Service Bureau

Debt collection horror stories are all too common. Threats of jail time, obscene language, stalking and harassment are frequently in the news, and CFPB statistics show a large rate increase in 2014 debt collection complaints as compared to 2013 when they started publishing data. According to the Consumer Financial Protection Bureau there were 38,751 Debt Collection complaints filed in 2014, a 67% increase from the average rate in 2013.

Is Self-Service the New Standard in Debt Collection?

Re:Ceeve

Today, companies must think about the bigger picture by listening to customer needs, especially when it comes to debt collection. For years, companies have treated the debt collection process not as an opportunity, but as a relentless process of retrieving outstanding balances at all costs.

re:ceeve Partners with Ferratum, Signaling a Shift to a New Standard in Collections

Re:Ceeve

How can a business continuously improve its collections processes and further grow? We are working with their subsidiary, Pactum Collections GmbH ("Pactum"), who are focused exclusively on collections as a master servicer and portfolio manager.