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.

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.

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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.

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.

6 Ways Collection Agencies Can Offer Customer Satisfaction

Payment Savvy

When an account goes past due, many send the account to a reputable and compliant collection agency to obtain monies on their behalf. Even during debt collection, agencies should deliver exceptional customer service and, ultimately, end the relationship with a satisfied customer.

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

Account Recovery

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.

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.

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?

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.

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.

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.

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.

What’s the Difference? Agent-Facing vs. Self-Service Payment Portals

Payment Savvy

These solutions fully integrate with your merchant account and facilitate debt collection payment acceptance. In the debt collection process, there are two parties actively involved – the debtor and the agent. What are Agent-Facing Payment Portals?

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.

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.

Are You Negotiating With the Right Person?

FFGN COLLECT NY

You receive a callback but the person calling you is not from the firm that filed the suit, but rather is from a collection agency that claims they have authority to negotiate on behalf of the creditor. First, before discussing anything with this individual, tell the person you need written confirmation from the law firm that filed suit that the collection agency is authorized to negotiate on behalf of the creditor. Debt Collection Tips

How to Collect Debts Fast and Improve your Accounts Receivable

Debt Recoveries

Unless you are actually a debt collection expert like Debt Recoveries Australia , there is a good chance that you have quite a few higher priorities than managing your company’s accounts receivable. Send Your Invoice at the Startto collect debts fast.

Manage Every Step in Your Digital Customer Communications Strategy

PDC Flow

Your payment collection agents have a lot of customer communication tasks to juggle on a daily basis. Your collection agency employee who sent a FLOW might need to know if it fails.

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.

Personal Director’s Guarantees: Increase Your Chances of Recovery and Reduce Debt

Debt Recoveries

Hi, my name is Adam Stewart, Debt Collection Professional and owner of Debt Recoveries Australia and ADC Legal-Litigation Lawyers. Even if the business cannot pay immediately, having a guarantee makes it more likely the guarantor will talk with you, or your collection agency. We, as collection agents, collect more money and faster when our clients have personal guarantees.

Debt Collection Email Templates To Help You Collect Debts Faster

Debt Recoveries

Let’s face it, snail mail is dead, so your internal debt collection processes should start with some good debt collection email templates. So here are 3 debt collection templates that are guaranteed to get your customer to sit up and take notice: 1.

These 3 issues often precede bankruptcy

Roths Child Law

Are collections agents calling you all the time? If you're phone seems to be ringing off the hook with callers saying their calling on behalf of a creditor to attempt to collect a debt you owe, it might be a sign that it's time for you to consider alternative forms of debt relief such as bankruptcy. You might be one of the lucky people in Tennessee who happens to be a financial wizard.

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.

5 Tips for Negotiating Salary (yes, even now)

The Kaplan Group

As collection agents, negotiation is at the heart of everything we do. Negotiating salary intimidates a lot of job hunters, especially in today’s economy. In addition to the health crisis, Covid-19 has caused an economic and employment crisis.

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.

The Economic Impacts of the Debt Collection Industry

Credit Management Company

The common perception of the debt collection industry in modern times is almost overwhelmingly negative. Debt collection has a significant positive impact on the economy in both a micro and macro sense, and collectors abide by regulations that maintain the dignity of consumers. According to a survey from ACA International’s Ernst & Young , the federal government collected $852 million in taxes from the industry in 2016. Collection efforts are not a zero sum game.

Are You Worried About Debt Collection During a Pandemic?

Taurus Collect

By establishing contact with your debtors, collection agents are able to undertake a realistic and professional assessment of their situation and their chances of actually making payment of the debt. For the foreseeable future debt collection won’t be as straightforward as it was pre-coronavirus, and you need to speak to a firm who understands business , and just as importantly acts quickly and concisely to achieve the best result possible for you.

Collections at Christmas Time - Tips for Collecting During this Notoriously Difficult Season

Credit Management Company

Patient collections can be a challenge any time of the year, but are particularly stressful during the Holiday season. Some collection agencies make the mistake of pausing collection efforts during this time of the year to avoid increasing tension between the healthcare provider and the patient. The keys to successful collections during this time of year call for increased flexibility, diplomacy and a few of the following tips. debt collection Holidays

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.

The End of Collections

Re:Ceeve

“Software is capable of delivering extensive gains before you need to even consider debt collection agents!”. Debt collection isn’t a media darling, and you rightfully may know very little about it. Whichever structure they choose, their revenues boil down to collections fees.

Debt Awareness Week: Why early engagement is the best first step

CSA

Creditors and collections agencies have continued to signpost customers towards independent and free debt advice throughout this period, and with StepChange Debt Charity marking the week of 22 March as ? with creditors and collections agencies to the wider public on a larger scale.

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.