Patience
A good debt recovery professional cannot perform without patience, why is that?
Debtors often avoid the problems they are experiencing. They can utilise a “gatekeeper” to field calls, answering the phone to say they are ‘not in’, ‘in a meeting’, promise they will call back which rarely happens.
In addition to this, the instructing client (despite having sometimes taken months or longer to refer a problem) then expect instant results. A recovery specialist has to be patient, managing expectations for both the debtor and the client.
Persistence
Intertwined with patience this, has to be number two on the list of essentials. Being persistent is often the key ingredient to getting results where others fail. The demand, call, court action routine does not always yield the best results. There is a fine line between persistence and harrassment however, making more than one or two calls, tailoring emails and letters to fit the situation and trying different mediums to engage with the debtor are vital.
Professionalism
In many cases our clients have tried their own ways to get paid and sometimes this has caused a “stand off”. The debtor can often be put on the defensive. Unresolved disputes are commonplace, inability to pay is very common, rejected repayment proposals and settlements then make matters difficult.
Being polite but firm and maintaining professional standards is essential. Taking time to understand the issues, acting like a mediator, explaining to the client why rejecting a repayment plan may not be the best thing to do and discussing the merits of a dispute.
A thorough knowledge of pre-action protocol, the court process and subsequent enforcement along with the costs associated, mean a good recovery specialist can diffuse a situation. They will remove invalid arguments, explain the consequences of actions to both client and debtor, and this will then accelerate settlement or outcome.
ICM understand the three P’s; we use them every day; they are inbred into our culture.
You could refer your credit control and debt recovery to “cowboys”, we prefer you to come to the “professionals”.
