The Bureau of Labor Statistics reports that the debt collection industry will grow nearly 20% within the decade. Learning the ins and outs of successful collections techniques poses a daunting challenging for new and seasoned collectors for several reasons. First, the task at bar is an inherently difficult one: No consumer wants to hear from a debt collector, and many people actively dodge calls, messages, and other forms of contact. Simply getting in touch with the customer is itself an obstacle. Second, once contact is made, the discussion topic – debts—is an unpleasant subject that often makes people uncomfortable. In addition, once you have engaged the consumer in conversation, it is often hard to reach a viable debt repayment plan. Finally, the Great Recession has exacerbated the first two challenges of debt collections. Many consumers are struggling to manage debts that they would have been able to repay before September 2007. Lighter wallets, smaller incomes, and fewer "0,000s" in bank accounts make your job as a collector more challenging today than ever before.
Challenging economic times require creative collections solutions. In this webinar, we will examine 12 innovative and unique strategies that will enable you to securitize the money owed to your institution. By taking advantage of every legal means available, these techniques highlight the importance of understanding and using your legal rights as a creditor to collect in full. This session will drive home the fact that "Creditors who hold security get paid first!"
In this 60-minute workshop, Mr. Morley will share exclusive insider tips and advice. You will learn best practices for successful debt collections, and the following topics, among others, will be discussed:
= Examination of Creditor Legal Rights - Don’t Be Left Penniless Because You Don’t Know Your Rights as a Collector.
= Discover How to Locate Customer Assets: Accounts Receivable, Inventory, Machinery, Equipment, Real Estate, & More
= Learn 12 Ways to Secure Inventory, Including through Repossession Policies & Factoring Receivables,
= Discuss 5 Ways Service Companies Can Secure Their Receivables – i.e., Pledging, Assignment, etc.
= Learn How to Conduct Collateral Searches
= Compare New Commercial Rules vs. Consumer Bankruptcy Rules. Analyze the CFPB's Debt Collection Proposal for First-Party Creditors, and Discuss How This Proposal Applies to the Fair Debt Collection Practices Act (FDCPA), and Unfair, Deceptive, or Abusive Acts and Practices (UDAAP).
Who Should Attend
This informative session is would best suit the following personnel:
- Accounts Receivable
- Credit and Collections staff
- Finance Managers
- Accounting and Financial Reporting Managers
- Treasury Staff
- Cash Flow Managers
- And, Anyone Interested in Increasing Cash Flow!
This session is a cost-effective way to collect your money more effectively with less effort. You may train as many individuals as you like for one set price. There will be no travel costs, time lost from work and no one will be required to leave the institution.