Debt Collection Skills

Program Overview

This training project takes a practical approach in terms of enhancing skills that are imperative for debt collectors to INCREASE COLLECTION REVENUE. The activities are easy to participate in and quick at generating meaningful discussions and skills improvement among participants. Each activity allows for a thorough examination of performance and formulation of effective strategies to create a true culture of profitable collection. The 4 main ingredients used in this program are:

Involvement

Interaction

Personal Reflection

Fun!

Pre & post-training call assessment Step 1 – Detailed interaction with the management team to understand: Current collection approach

Reviewing the existing script or dialogue used

Satisfaction and dissatisfaction levels and reasons

Do’s and don’ts for the consultant

Signing of NDA – if required

Step 2 – Call Assessment using our assessment form Assessing live calls made by agents to the consultant by a maximum of 10 call agents

Rep skill level, Rep telephone behaviour

Dialogue effectiveness

Identifying Strengths and weaknesses in order to customize training flow

Developing a Pre-Training Call Performance Assessment Report

Adjusting / tailoring training modules according to findings of the report.

Final step – Post-training call assessment & Reporting

Training objectives

Training objectives Design and implement a persuasive collection dialogue including opening statements to asking questions to handling empty promises to negotiating payment arrangements

Increase collections through impactful power words

Handle excuses and empty promises

Convince defaulter through verbal visualization

Improve questioning and listening skills

Identify customer’s real situations and match with appropriate payment packages.

Sharpen your assertiveness skills

Build better relationships with customers using empathy

Become collection machines

Content Day 1

• Introductions The required skills and capabilities

  • The art & science of persuasion Emotional collection
  • Convincing through positive mental pictures
  • Convincing through negative mental pictures
  • Motivating customers to pay through directing their emotional state
  • Case study – An unsuccessful debt collection call
  • Case study – A successful collection call
  • Probing Skills The art of asking the right questions to identify and understand underlying customer issues
  • Probing beyond the obvious
  • Active Listening Interactive rapport building communication flow
  • Professional / Articulate Speaking Communicating without body language through phone
  • Articulate speaking
  • Mastering and Applying Voice Characteristics
  • Tone, Pitch, Rate of Speech and Volume

Content Day 2

Introducing a very effective Script Dashboard for debt collection agents Please view demo video below:

The Collection Interaction Flow

Steps to collection

Get through to and identify the customer

Identify yourself and your company

State the reason for the call and full amount due

Strategically pause and listen

Ask for or discuss the reason for delinquency

Motivate and educate the customer to pay

Negotiate a payment arrangement to make the account current

Verify and update customer information

Confirm payment arrangements

Thank the customer and conclude the call

Developing the script / dialogue

Through hands-on work exercises, the participants design a winning debt collection script which includes the following elements:

Engaging opening statement

Impactful 1st question

1st attempt to collect

2nd attempt to collect

3rd attempt to collect

4th attempt to collect

Empty promise identification and rebuttal dialogue

Payment negotiation dialogue

Explaining the non-payment consequences through assertive dialogue

Call ending dialogue

Dialogue that opens the door for the next follow-up call