Course: Introduction

Welcome

Getting Around

Course Objectives

Module: Introduction

Module Objectives

Assignments

Introduction

Lecture

Readings

Assessments

Module: The Work of Debt Collectors

Module Objectives

Assignments

Introduction

Lecture

Readings

http://www.bls.gov/oco/ocos143.htm

Bill and Account Collectors - found online on the Bureau of Labor Statistics Occupation Outlook Handbook. This covers the duties and goals of the collector, as well as the work environment.

http://careermatters.tvo.org/careers/display.phtml?job_id=429&type=alpha#specific

http://www.budhibbs.com/budhibbs/the_debt_collector2.asp

This site presents the down side of debt collecting. It is a highly opinionated and negative view of debt collecting. A good collector needs to know and understand all sides of the fence, even though he or she may not agree with the position of the writers.

Assessments

Module: Client and Company Criteria

Module Objectives

Assignments

Introduction

Lecture

Readings

Assessments

Module: Basics of the FDCPA

Module Objectives

Assignments

Introduction

Lecture

Readings

http://www.soglaw.com/fairdebtactarticletext.htm

http://www.worshamlaw.com/debtcollection.htm

http://www.ftc.gov/bcp/conline/pubs/credit/fdc.htm

http://www.ftc.gov/os/statutes/fdcpa/senate99.htm

Assessments

Module: Elements of a Collection Call

Module Objectives

Assignments

Introduction

Lecture

The importance and value of collection calls

I once calculated that my collection calls were at least five times more likely to result in a payment than a collection letter’s chance of resulting in a payment. Something in the verbal exchange between the collectors and the debtors brings about payments. Many times this verbal exchange may consist of providing information to the debtors about their situation, and payment options. Other times it is simply motivating the debtors or giving them moral support.

1. Make the call

2. Ask for debtor

3. Make certain you are talking to the debtor

4. Identify yourself

5. Identify your company

6. Identify purpose of call

7. Identify client if your company collecting for a third party

8. Inform debtor of balance of account

9. Give the Mini Miranda if you are collecting for a third party and you are not collecting business accounts.

10. Ask debtor for balance in full and/or ask about intentions

11. Listen to what the debtor has to say

12. Negotiate with debtor

13. Enter the outcome of the call, and any dispute, attorney, or bankruptcy information in appropriate computer data fields

14. If the debtor is deceased, ask for copy of death certificate

15. Go on to next call.

Readings

http://able.harvard.edu/ar/wi/a3301w/index.shtml

Assessments

Module: Common Objections

Module Objectives

Assignments

Introduction

Lecture

The 87 major objections

1. Bankruptcy

Bankruptcy is more than an objection not pay, so maybe it shouldn’t be listed here as an objection. However, the effect of non-payment is similar to any objection or reason not to pay. In general, the proper course for the collector depends on whether the bankruptcy has already been filed or not. If the bankruptcy has been filed, the collector gets the attorney’s name and telephone number, and does not ask for payment. That way the collector and the company probably won’t be sued.

2. Attorney

3. Out of work

4. Divorce or marital problems

5. About to be out of work

6. Excessive medical bills

7. On social assistance

8. Deceased

9. Mental illness

10. Physical illness

11. Incarcerated

12. Moved

13. Don’t know the debtor

14. This is just a message phone

15. Overextended

16. On vacation

17. Not in today

18. On welfare

19. Disability

20. Social security

21. Pension

22. Workman’s compensation

23. No sources of funds available

24. 401k loan

25. Line of equity loan

26. Complaint about debt

27. Dispute of total debt

28. Dispute of partial debt

29. Line of credit

30. Cash advances on credit cards

31. Partial payment

32. My wife/husband/spouse/child/niece did it. Collect from them

33. I have many other bills to pay

34. I’d rather spend it on vacation

35. They don’t need the money so badly

36. They should feel sorry for me

37. I’ll pay it back some day, trust me

38. When I get paid, you’ll be the first one I’ll pay back

39. I expect a big check soon

40. I’m refinancing my house

41. I’m selling my home

42. I’m looking for a loan

43. Why don’t you loan me enough to pay this?

44. You don’t care if my family eats or not

45. You’re harassing me

46. You’re a money grubber

47. Don’t call me at work

48. Don’t call me here

49. I’m just the baby sitter

50. I’m the house sitter.

51. I’m just a neighbor. What do you want?

52. You can’t get blood out of a turnip

53. My mom will pay it next year.

54. My dad is away.

55. Anger at the original creditor for some real or imagined problems

56. Part of this balance is incorrect, so I am not going to pay any of this.

57. Messages left on machines, no calls returned

58. Making promises, then not following through

59. I never got your bill

60. Your computer is messed up. I don’t owe this.

61. I have other bills to pay

62. I can’t pay anything now

63. Sue me. Do whatever you have to do.

64. I’m on a fixed income. I only get x number of dollars a month to live on.

65. The check is in the mail.

66. I can only send $5.00 a month on this $8000.00 account.

67. I can send as much or little as I want, you have to accept it, and you can’t sue me if I’m paying something on this.

68. My spouse handles all the bills

69. We can pay you when our customers pay us

70. I’m not working now

71. My insurance will cover this

72. My attorney is handling this

73. I am filing bankruptcy

74. I have filed bankruptcy

75. You better stop calling me or I’ll sue you

76. Can’t you call at a more convenient time

77. I’m on a long distance call

78. I’ve already told you not to call here.

79. Sorry, no English

80. I’m divorced and the judge says my ex is responsible

81. Can I have an extension on this?

82. Defective product dodge

83. I’ll send something soon.

84. I’m not paying. Sue me, or do whatever you have to do.

85. I can’t pay it all now.

86. I can only afford tiny payments per month. Like $10 a month on this $20,000 account.

87. I’m not the person who owes this. My brother used the credit card/check/service/product, etc.

Readings

Assessments

Module: Objection Handling

Module Objectives

Assignments

Introduction

Lecture

Readings

Assessments

Module: Drivers of Success in Collections

Module Objectives

Assignments

Introduction

Lecture

Effort

The Talk Off

Number of Calls Per Hour, Day, Week, Month, Year

Number of Contacts Per Hour, Day, Week, Month, Year

Number of Promises Per Hour, Day, Week, Month, Year

Amount of Money Promised Per Hour, Day, Week, Month, Year

Number of Letters Per Hour, Day, Week, Month, Year

Compliance with Laws, Company Criteria, Client Criteria

Number of hours worked

Ability to Identify Accounts and Debtors Most Likely to Pay

Efficiency

Prioritizing work and accounts

Organization

Communication Skills

Meeting Company Goals

Be Profitable to the Company You Work For

Accurate and Essential Record Keeping

Team work, Good Attitude

Data Entry

PPA

Building up a pipeline of accounts to PIF or SIF in the future.

Readings

Assessments

Module: Negotiating

Module Objectives

Assignments

Introduction

Lecture

Readings

http://www.colorado.edu/conflict/peace/treatment/yesprop.htm

http://www.businessknowhow.com/marketing/eightsourcesofpower.htm

http://www.ebook2001.com/pub/sept00r.html

http://www.colorado.edu/conflict/peace/power.htm

http://www.otoe.unl.edu/newsitems/UnderstandingSourcesOfPower062003

http://books.cambridge.org/052131349X.htm

http://army.berkeley.edu/Power%20%20Influence_files/frame.htm

http://www.colorado.edu/conflict/peace/treatment/psmix.htm

http://uregina.ca/~gingrich/318n2202.htm

http://eduinfo.inhe.net/yingyu%5Cyy_sw/8968.html

http://www.mit.edu/afs/athena/course/other/sem122/www/power.html

http://www.mit.edu/afs/athena/course/other/sem122/www/characteristics.html

http://www.mit.edu/afs/athena/course/other/sem122/www/sept_29.html

http://www.colorado.edu/conflict/peace/problem/threat.htm

http://lilt.ilstu.edu/pefranc/POWER.00.html

http://cstl-hcb.semo.edu/buckenmyer/Worksheets664/275.htm

http://www.sussex.ac.uk/Users/hafa3/intro/5a6.htm

http://www.courses.psu.edu/h_p_a/h_p_a332_rxw25/ConflictMgmt/sld012.htm

http://www.colorado.edu/conflict/peace/problem/framing.htm

http://www.colorado.edu/conflict/peace/problem/intpos-p.htm

http://www.colorado.edu/conflict/peace/problem/intnds-p.htm

http://www.colorado.edu/conflict/peace/problem/compete.htm

http://www.colorado.edu/conflict/peace/problem/intosea.htm

http://www.colorado.edu/conflict/peace/problem/ambgoals.htm

http://www.colorado.edu/conflict/peace/problem/failidstrat.htm

http://www.colorado.edu/conflict/peace/problem/oppon-op.htm

http://www.colorado.edu/conflict/peace/problem/idissu-p.htm

Assessments

Module: Collection Skills

Module Objectives

Assignments

Introduction

Lecture

Readings

Assessments

Module: Collection Calls Classifying Debtors

Module Objectives

Assignments

Introduction

Lecture

Debtors can be classified by demographic information such as income, age, sex, and marital status. Debtors can also be characterized by behavior, or intentions. Accounts can be classified by debtor characteristics, size, and age of account, placement in industry, credit report data, number of calls, and number of contacts. Credit report data that can aid in classifying accounts can include the summary data on a credit report.

Readings

Assessments

Module: Classifications of Accounts

Module Objectives

Assignments

Introduction

Lecture

It is important to classify accounts to aid in prioritizing work.

Accounts can be classified by:

Age (Date of charge off, number of days delinquent, whether first, second, third or fourth placement)

Size

Likelihood of paying

Whether contacted or not

Whether they have a good telephone or not

Whether they have a good address or not

Whether certain procedures have been performed on them, such as requesting a credit bureau or a specific skip tracing procedure

Readings

Assessments

Module: The Five C’s of Collections

Module Objectives

Assignments

Introduction

Lecture

Readings

http://www.sba.gov/test/wbc/docs/finance/5c.html

Assessments

Module: Reading Credit Reports

Module Objectives

Assignments

Introduction

Lecture

Readings

http://www.tenantscreeningservice.com/experiantrwcodes.html

http://www.creditinfocenter.com/creditreports/decoderp.shtml

http://www.tenantscreeningservice.com/experiantrw.html

http://www.tenantscreeningservice.com/experiantrw2.html

http://www.tenantscreeningservice.com/equifax1.html

http://www.tenantscreeningservice.com/transunion.html

https://www.banc.com/CreditReports/crcodes.htm#remarks

https://www.banc.com/CreditReports/crfields.htm

http://www.read-your-free-credit-report.com/creditfaq.htm#1

Assessments

Module: Communicating

Module Objectives

Assignments

Introduction

Lecture

four elements of communication (listening,
speaking, reading and writing ...

The elements
of communication are: listening, explaining

three elements of communication, sending, receiving
and transmitting.

Readings

http://www.colorado.edu/conflict/peace/!overlay_problems.htm#COMMUNICATION

http://www.colorado.edu/conflict/peace/problem/misinter.htm

http://www.colorado.edu/conflict/peace/problem/noundrop.htm

http://www.colorado.edu/conflict/peace/problem/mmotive.htm

http://www.colorado.edu/conflict/peace/problem/stereoty.htm

http://www.colorado.edu/conflict/peace/problem/nocomml.htm

http://www.colorado.edu/conflict/peace/problem/poorlist.htm

http://www.colorado.edu/conflict/peace/problem/secrecy.htm

http://www.colorado.edu/conflict/peace/problem/inflame.htm

http://www.work911.com/articles/responspa.htm

http://www.businesspotential.com/adquest.htm

http://www.businesspotential.com/questpic.htm

http://www.inc.com/articles/2000/03/18145.html

http://www.sticky-marketing.net/articles/communication.htm

http://www.d.umn.edu/student/loon/acad/strat/ss_listening.html

http://www.va.gov/adr/listen.html

http://www.itmweb.com/essay514.htm

http://www.adline.co.uk/samples/study/speaking/listen.html

http://www.tamu.edu/coalition/malave/elp_2/tsld028.htm

http://www.infoplease.com/homework/listeningskills1.html

Assessments

Module: Conflict Resolution

Module Objectives

Assignments

Introduction

Lecture

Readings

Assessments

Module: Efficiency

Module Objectives

Assignments

Introduction

Lecture

Readings

Assessments

Module: Prioritizing and Organizing

Module Objectives

Assignments

Introduction

Lecture

Readings

Assessments

Module: Record Keeping

Module Objectives

Assignments

Introduction

Lecture

Generally, record keeping in business is done to aid management in directing and controlling a business. Without records, management would be without eyes, ears, and a past. Managers need feedback to be able to gauge the outcome of their policies and procedures so they make adjustments as needed.

Similarly, professional debt collectors need information and records so they can direct and control their results. In general, the same records documenting collectors’ calls and conversations with debtors for management serve top tier collectors in furthering their pursuit of increasing their collection results.

Readings

Assessments

Module: Motivating the Debtor to Pay

Module Objectives

Assignments

Introduction

Lecture

Motivation & Emotion

Define motive and emotion, and explain the roles of stimulus, behavior, and goals in motivation.
Identify the primary drives and their physiological bases.
Describe how hunger and thirst are controlled in the brain. Explain how external cues and experience influence hunger.
List the biological factors involved in the sex drive. Discuss psychological influences on sexual motivation. List the causes of sexual dysfunction.
List the characteristics of the following stimulus motives: activity, exploration, curiosity, manipulation, and contact.
Define aggression. Discuss three theories of aggressive behavior.
Define sexual coercion, and explain its effects.
power, achievement, and affiliation.
Identify the five categories in Maslow's hierarchy of motives.
Describe and differentiate among the James-Lange, Cannon-Bard, cognitive, and Izard's theories of emotion.
Describe the problems with attempting to use polygraph recording to detect lies.
Describe the role of nonverbal communication, including facial expression, in emotion.
Explain the emotional display rules used in two different cultures.
Physiological Needs
Safety Needs
Belongingness and Love Needs
Esteem Needs
Self-actualization Need