The power of Financial Collections is no longer effective in our evolutionary world today, because the human being engulfed in emotional fear retaliates in adverse ways that does not inspire or support the debtor from taking ownership and responsibility for their debt.
We might say that today debtors want to be treated with ‘kit gloves’ when in reality it is far from the truth, where the latter is that they want to be treated like human beings, not like degenerates, because historically collections has acquired a very bad stigma to it and so debtors react negatively all the time when faced with collection representatives demanding immediate payment, OR………..
Most of everyone of us have made very grave mistakes and bad decisions when it pertains to our finances where debt does not distinguish whom it takes, it simply consumes anyone, at anytime and most of the time the debtor is aware of the upcoming crisis but chooses to ignore the ‘red flags’ until the situation snowballs out of control and then they pretend like they didn’t know it was coming or that it existed.
Debtors facing this crisis always hopes for a miracle without taking action where the key is nothing will move if you don’t choose to move, because in life there are no freebees. Facing a debt-crisis means there is a hard lesson to learn and that lesson does not include transposing your responsibility over to the next person, neither does it include ignoring the situation or pretending that it does not exist. Finally, it does not include ignoring your creditor calls, sms’s or emails as they are all equally and critically important.
It also requires grit to maintain momentum’s that will get you through every single day for as long as you are repaying your debt, where learning to live frugally, sparingly, committed and disciplined are the key factors because without this transformational process you will never learn the lessons meant for you.
Never forget that it is not the creditor’s fault, you created this reality so only you can change it and most importantly a key component of the EFFRS Remedial Coaching and Mentorship is to change your perception, beliefs and habits about money into a new process that will serve you best.
We have learn’t that when you approach a debtor about delinquent payment by demanding, threatening or victimizing them, then you are putting their back up against the wall as much as you the creditor assumes that they don’t deserve any chance, all you need is for them to pay up because that is your goal and your commitment to your employer.
However, this approach is old-fashioned, it is far less effective than Remedial because if I say to a debtor:
- “If you don’t pay this EMI by x hour, then we will be filing legal action” – If this debtor has 10 other delinquent accounts at 10 other creditors and everyone is demanding the same where they have no money then they will simply throw in the towel, ignore all the future calls because in their mind, they don’t even think about the consequences, simply they don’t care because they feel that nobody cares
VERSUS Remedial…
- “Do you think that you could possibly try to get the funds to pay at least 1 EMI by today or tomorrow? It would really be appreciated because once you pay this EMI then I can see if I can hold the action due on your account and speak with my manager and maybe we can review a restructure for your outstanding amount” – Now if you read this response and feel inside just how authentic, kind and co-operative the creditor is asking the debtor to make the effort, then trust me that debtor will walk the streets flat to find some money to pay into their account.
As the creditor do you fully understand how negatively a debtor is affected when you blast their head off and demand the outstanding EMI? The 2nd version is more diplomatic method of securing outstanding debtors because you have displayed a unique human touch to the process that cannot be compared to harsh collections techniques and why this is so effective is that the human spirit needs rekindling during these emotional times because debtors are engulfed in fear constantly every day, when they are in this situation.
Therefore as a collection company you cannot transform your image tomorrow morning to remedial because people remember the threats, calls, demands, victimization, negative attitudes and actions and so as EFFRS we have authentically been remedial from inception, so we provide an absolute neutral environment to debtors where they know that once they arrive at our offices, they will not be blasted, embarrassed, humiliated, degraded or simply their human spirit crushed.
This is where EFFRS adds immense invaluable service and support including our debt recovery coaching and mentorship which does not have a time-line as we operate purely on building and fully establishing relationships of trust with our clients.
So by the same token, our creditor clients are afforded the same invaluable service offerings within this scope of work that they expect as we always meet our service deliverables and promises, because we operate with integrity, principle and service excellence.
Creditors should therefore not view EFFRS as a competitor or a company wanting to take their business or their employees jobs, rather, a helping hand that is reaching out to take hands and fully support them to meet their goals and objectives, help them protect their organization’s assets and in turn also help their debtors. So it is a full circle that is being offered by EFFRS and I just wonder why some creditor management have their backs up against the wall.
Perhaps now is the time to review a contract with EFFRS to help creditors recover their debtors and in turn help their organizations to grow, which then fully supports the countries growth as debtors will remain to repay their debt, families will not be split, people will be able to reactivate their lives and start living again in harmony.
Nothing can thrive in adversity or where no harmony, happiness or joy exists so it’s time to smell the coffee!
EFFRS are committed to rendering their Remedial Services and will continue to strive for service improvement as we progress in the forthcoming years.
