I recently received a call asking what I thought of this proposal to a creditor from a third party collection agency. The agency would collect on a contingent fee structure debts at between 15% and 20% of the amount collected depending on the age of the debt when placed. If the standard collection process did [...]
For those of you who may have forgotten, this phrase is part of the creed of the United States Postal Service. Someone asked me recently if I thought that the proposal by the USPS to reduce services such as Saturday delivery could have a negative impact on credit and collection and on DSO. It was [...]
There is an old expression that you can attract more bees with honey than with vinegar. Does this relate to business to business debt collection? Will a friendly approach to debt collection result in a faster payment than a more direct approach in which the collector is “all business.” Honestly, I don’t have any statistics [...]
As a consultant, I have occasionally seen dunning notices and other correspondence being sent by my clients to delinquent customers with stickers, stamps or other messages considered to be or intended to be humorous reminders to pay the past due balance. In my opinion, when you use humor in collection correspondence you are trivializing the [...]
Many years ago, I feared public speaking. I had all the classic symptoms of anxiety related to making a speech: I froze up. I felt sick. I wanted to be anywhere but in front of an audience. I tried to convince others that they were a better choice to make the speech. One day I [...]
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