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Why A Tailored Solution And Not A One Size Fits All Approach Is The Best Way To Approach Debtors

Just as every individual in Australia is different in many ways, we also all have different financial situations. There is a wide range of reasons that someone may be struggling to honour an outstanding debt, depending on these individual financial circumstances.

This means that is it also important for debt collectors to approach each debtor with a tailored solution, rather than a one size fits all approach; because we are all different. Every industry also often requires a different approach. Chasing a debt owed to a bricklayer, by a builder is a completely different situation to chasing parents for childcare debt.

For many debt collection businesses an impersonal, often harsh one size fits all approach is the way they do business. However, for businesses looking to ensure they effectively manage outstanding debts, while maintaining their reputations and the dignity of their customers, the success of a relationship-based, tailored approach by expert collectors, has many re-thinking their communication methods and approach in dealing with debtors.

There is more to debt recovery than just asking for money. While the basic process is similar for everyone, every debtor is unique and therefore every approach to them needs to reflect this. Some need a friendly approach while others might respond to a stricter, more structured approach, including potential legal action. This is where communication skills are the key to success. To find what tailored solution needs to be used in order to collect the debt, the collector needs to discover the problem and resolve the issue. Unreasonable demands often result in non-payment.  eCollect is focused on evidence to support a debtors claim and working with them to resolve the debt in a manner that they can afford.

Companies such as eCollect understand that a tailored solution delivered by experts delivers the best outcomes for both creditors and debtors. They stand above their competitors because they understand the best way to approach debtors that delivers results

A tailored approach allows debt collectors to build and maintain a relationship with the debtor, which will therefore make them more likely to pay their debts before legal action needs to occur. The collector needs to ensure that the debtor associates a positive experience with their communications.  People are much more likely to react positively to a personable situation, than to a call centre call, for example. There is a skill in selecting the right way to deal with different types of debtors, and sometimes even a combination of approaches is necessary in order to get the best results. The main benefit of a tailored approach is that it is more likely to return a positive outcome for both the creditor and the debtor. A debtor can avoid legal action and damage to their credit history by communicating openly with the collector so that they can come up with a shared solution to reach the required outcome.

eCollect knows that each debt collection situation needs individual attention. That is why they get better results faster. If you are considering debt collection services, then eCollect will review your situation and set up a pattern of collection actions that allows the best chance of recovery. The pattern of action will depend on your individual situation. Some initial contact with a debtor will be via a written request, while some situations are initiated with a phone call. eCollect also works with an associated legal firm, E C Legal, which can make demands as part of the collection process with no additional cost to you, if your situation requires legal action.

eCollect knows the best way to approach a debtor and it is not a one size fits all approach.

Ready to get a best solution for your business?

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