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The benefits of best debt collection practice India   In contrast, customers are very appreciative of the help and understanding shown by companies that follow debt recovery best practices.  They are more likely to remain loyal and recommend the company to others. They are also much more likely to pay more promptly, as gratitude for help during a more difficult period in their life.  Remember, a customer’s debt may just be a temporary blip. Companies must balance the long term lifetime value of a customer against a short term payment gain that may lead to the customer choosing to switch supplier Summary It is true that individuals from all walks of life, income types and ages fall into debt at some point and that they have a range of reasons why they have missed a payment, many of which can’t be attributed simply to lacking the funds to pay – such as forgetfulness, inaccurate billing and protest debt. Therefore, a one-size fits all approach to debt collection is...

Best debt collection practice: Debt Collection India Debt Collection India The good companies are most likely to deploy best practice techniques in their debt recovery procedures. They were the most likely to approach customers with friendly and helpful staff, as well as providing easy payment plans for people struggling to pay debts. They were also most likely to make their charges clear and have all the relevant account information to hand when speaking to customers.  It is very important to ensure that debt collection agents are equipped with the right tools and information. This could include what the charges are, where they’ve come from and all relevant account information to ensure the customer doesn’t have to repeat information and the conversation is as efficient as possible. The most effective way to bring down the number of customers in arrears is to tackle the epidemic of time-poor debt. Therefore, regular reminders and soft multi-channel communications before bi...

Upload image Attach a File The advantage of fair debt collection practice in India It is commonly known fact that that individuals from all walks of life, income types and ages fall into debt at some point and that they have a many reasons why they have missed a payment, many of which can’t be attributed simply to lacking the funds to pay – such as forgetfulness, inaccurate billing and protest debt. Therefore, a one-size fits all approach to debt collection is not fair, nor effective; a tailored approach to collections is what is most effective way of debt collection. One thing is of the most importance i.e. transparent and regular communication, and how if done correctly, this can lead to both debt avoidance and debt collection. Early intervention and regular reminders have a key role to play in mitigating some of the reasons behind debt; but only where customers are cooperative. Others, debtor in arrears to be offered multiple channels of communication is e...