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Negotiation for Collections

Negotiation for Collections. What is Negotiation?. Negotiation is a discussion between two or more people who are trying to work out a solution to an issue. How can I use Negotiation?. Increase bonus potential Increase promotion potential Increase team collection percentages

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Negotiation for Collections

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  1. Negotiation for Collections

  2. What is Negotiation? • Negotiation is a discussion between two or more people who are trying to work out a solution to an issue.

  3. How can I use Negotiation? • Increase bonus potential • Increase promotion potential • Increase team collection percentages • Show application of collections knowledge • Help the business create revenue

  4. Two Primary Goals of Debt Collections

  5. Debt Collection Negotiation Skills Good Communication Active Listening • Articulate your position • State your cure plan for resolving the issue or dispute • Pay attention to what the customer is saying • Don’t do all the talking Balance active listening with good communication.

  6. Debt Collection Negotiation Techniques How do you turn a NO into a YES? • Understand Position vs. Interest • Do not reveal your final offer upfront. • More concessions = less money in the bank • Be MORE! Listen for the bell and make sure to comment on it. (Example: “Oh you just moved, where did you move from?” or “Congratulations on your new job!”)

  7. Skill Practice #1 • Overcoming Objections • Group 1: I’m running late paying on all my bills. • Group 2: I have/had medical bills to pay. • Group 3: My car needs/needed repairs. • Group 4: I had a death in the family. • Group 5: I just had a baby. • Group 6: I lost my job.

  8. 10 Tips for Successful Debt Collections • 1. Each call is unique • 2. Use the C.L.E.A.R. method • 3. Follow the PTP guidelines • 4. Be prepared for any issue • 5. Document the call • 6. Actively listen to the customer • 7. Anticipate objections • 8. Get a commitment • 9. W.A.M. the call 10. Be professional!

  9. Skill Practice #2 Role Play Instructions • Each participant will be given a role play sheet labeled A or B. • Divide into groups by the letter • Plan your strategy for negotiation using the skills and techniques you have learned today. • Each participant will then pair up with a participant from the opposite group and role play in front of the class. • Each group will have 10 minutes to plan their strategy and 5 minutes to act out the role play. • Do not share your role play sheet or strategy with the other group. • Make sure you role play as if you are actually on this call. • Do not over exaggerate or do anything that you would not normally say or do over the phone when speaking to a customer.

  10. Role Play Observation • As you observe each role play, answer the following questions on your own paper and be ready to discuss: • What did you like about how the agent resolved the issue? • What could the agent have done better to resolve the issue? • What skills or techniques did the agent use to resolve the issue?

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