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Telephone Collections
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Capital Recoveries Capital Recoveries is a Department within Debt Management Services Ltd. Its primary function is to assist Clients in the collection of bad debts, tracing of absconders and process serving. As a member of the Credit Services Association, Capital Recoveries fully abides by their rules and regulations, protecting our Clients' reputation as well as using ethical methods and practices at all times. The Loss Recovery Unit provides letter, telephone and where necessary face to face collections. We establish a dialogue between the Debtor and the Client, seeking to reach a satisfactory solution for the liquidation of the debt. Our team of Account Managers are skilled negotiators and they focus on securing the maximum payment/settlement. They have experience in collecting a variety of debt including mortgage shortfalls, unsecured loans, former tenant arrears and utility debts. Our competitive commission rates are negotiable, depending on the size and age of the debt. The Collection Process Cases follow an agreed cycle that can be tailored to a Client's preference and the standard DMS procedure consists primarily of letters and telephone interviews but, where required we will investigate, analyse and verify the Debtor's circumstances by a personal visit. Supported by research, it is found that Debtors respond more favourably in the comfort of their own home where they have immediate access to their records and documents. Successful Debt Recovery Requires Information
This is a sample of the questions that need to be answered if the Client is to maximise recovery of their debt. The quality and depth of the Debtor's interview, together with a review of the documentation, is therefore of prime importance. After a successful contact is established, we interview the Debtor and assess his/her attitude and ability to pay with either a lump sum or a repayment plan, always working within the Client's mandate. Debt Management Where a payment pattern has been established, these Debtors together with non-payers are reviewed on a regular basis. The key to good debt management is the ability of the Account Manager to re-assess the Debtor's situation regularly, thereby maximising collection wherever possible. Mandates To assist Account Managers in the negotiation of settlements, it is preferable that the Client authorises DMS to agree settlements below 100% of the balance as a "carrot" to the Debtor for early repayment. Previous experience has proven that a mandate for a percentage of the outstanding balance obtains the best results. However, DMS will always attempt to obtain full settlement of the total amount outstanding to our Client. Management Reports The DMS bespoke computerised collections system allows the production of management information tailored to the Client's individual needs. These reports include accurate, easy to read information, detailing the performance of every portfolio case by case. Reports are dispatched monthly, together with the collections proceeds for that month. However, our sophisticated collection system allows for fully flexible bespoke reporting that matches a Client's system and requirements. Why Use Our Loss Recovery Team? Debtors are often intimidated by their own financial situation and unable to cope, resulting in a breakdown in communication between them and their creditors. This is particularly so in the case of mortgage shortfall where a Debtor's property has been repossessed and sold but has not realised sufficient funds to clear the mortgage balance. Where you have your own in-house Loss Recovery Department, the DMS team of results orientated Account Managers can enable you to re-deploy your internal resources in more profitable areas while the recovery of your debts or shortfall balances continues.
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