Debt Collection Skills

Programme 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!

Debt collection training testimonial video – Desa Capital Malaysia

The above was a tough debt collection situation. These finance company collection agents are collecting debt from blacklisted customers. This involves training on elements of persuasion beyond a basic collection approach. How did their life become easier while collecting from such individuals after Shahrukh’s training? Watch the video.

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

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

Programme Outline

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