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How to Optimise The Return on Your relationship with A Debt Collection Agency (Part 2)

This is the second post of a three-part series exploring steps you can take to enable your debt collectors to recover your debts more effectively and efficiently. We have already established that what you do to support your agency can equally contribute to the quality and consistency of the results you achieve. If you haven’t already read Part 1  of this series, please refer back to it for our initial recommendations.

This week, we are here to share three more simple steps you can take to optimise the return on your relationship with your debt collection agency. These steps specifically focus on how you can work together with your agency in the most beneficial way to achieve your common purpose.

 

Providing Prompt Instructions

Your involvement does not cease once a matter is referred to your debt collector. Rather, you and your agent must work together in your respective roles to achieve the desired outcome. This requires co-operation and teamwork.

Quite often, your agent will request that you provide more detailed or updated information, or to provide your instructions for them to proceed with a specific course of action. It is imperative that such requests are responded to as soon as possible to ensure that the recovery process can move forward as expediently as possible and that opportunities are not missed.

What you can do: Ensure your debt recovery agent has direct contact with you by email and by phone. Try and stick to a policy of 24-hour-or-sooner turnaround for any instructions or further information that is requested. 

 

Relinquishing Control of the Matter

If you’ve chosen well, your debt collector should be ‘all over’ the debt recovery process, so the matter is best left in their capable hands. This is often not as easy as it sounds.

Debtors often dislike dealing with collection agencies because they exert increased pressure to pay, and may therefore, try to continue contacting you to discuss the debt. Indulging such attempts may result in mixed messages being sent to the debtor, confusion over settlement negotiations, or allow the debtor to manipulate the situation to their advantage.

What you can do: It’s vital that if contacted by a debtor after their matter has been referred to a collection agent, you do not attempt to negotiate or discuss the matter with the debtor but simply refer them back to your collection agent.

 

Communicating with Your Agency

Your collection agent must have access to all of the information that you have access to in relation to the debt, especially any updated or changed information. For example, if a debtor makes a payment directly to you, without advising the debt collector, your debt collector may inadvertently proceed in an inappropriate manner, make false claims for outstanding amounts on your behalf or even file a legal document for an erroneous amount. This is not only unprofessional and embarrassing but it will end up costing you more money.

What you should do:  Ensure that a thorough instruction brief is sent to your debt collector with all relevant documents and information, and advise your debt collector immediately regarding any communications from the debtor regarding the debt, any payments made toward the debt or any further outstanding amounts that increase the debt.

Part 3 of this series will discuss further steps you can take to ensure you are getting the best results from your debt collection agency. These will focus on how to structure your sales and ways you can make yourself more comfortable with the debt recovery process.

If you would like to learn more about the debt collection offered by Boston Commercial, contact us now. We are a debt collection agency with over 30 years of experience providing professional and discreet debt collection solutions in Sydney, Melbourne and Brisbane.

 

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  • I have known the principal of the BOSTON Group (Derryn HARRISON) as well as key staff members (including Ben GOWER) for well over 2 decades and have been using their professional services for myself as well as for Powerhouse Logistics Pty. Ltd. on a regular basis, not only in Sydney but on a national basis.

    At all times BOSTON have been extremely pro-active, attentive, courteous and professional with all matters we threw at them. Their advice has always been extremely sound and commercial and I find them to be a "breath of fresh air" within the legal fraternity and have no hesitation whatsoever to highly recommend them.

    Peter Brueckner

    Powerhouse Logistics Pty Ltd (CEO)

  • Expect A Star has worked with The Boston Group for 10 years. In this time we have appreciated the ongoing support of Boston for all of our collection and legal requirements. Like most businesses cashflow is critical to ongoing success and growth, with Boston we have found a partner who are an extension of our business and play a key part in our cashflow management. The Boston Group bring a level of expertise to our business which is valuable and coupled with their excellent customer service we look forward to continuing to work with them for many years to come.

    Ryan Meldrum

    Former CEO

  • I have been using the services of The Boston Group and their legal entity for over 11 years. During this time I have found their service to be impeccable, delivered with the utmost professionalism and integrity. The vast majority of cases that I have placed with Boston were far from straightforward, requiring legal acumen and delicate handling. Having used all methods available without success to procure payment, I confidently placed these matters into their safe hands. In all instances a successful outcome was achieved.

    Mark Parish

    Credit Manager

  • SNP Security has had the pleasure of working with Boston Commercial Services for the past 11 years. Boston has played an integral part in the continuing success of SNP Security’s low DSO’s, 90 Day % Debt & of course Bad Debts Written Off.

    Amanda Griffiths

    National Administration Manager

Boston Commercial Services is well known debt collection agency in Sydney, Melbourne and Brisbane who has long experience in debt collection.