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Discussion in 'Credit Talk' started by godaddyo, May 3, 2001.
"live long and prosper'
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bump, very curious
Foremost itâ??s important to distinguish between types of collection situations, as the basis for determining an answer to your concern. For the sake of our dealings here, Iâ??ve clearly over-simplified the following; please take that into consideration. Not that I aim to treat you (or anyone else) like a simpleton, mind you, only that the issues are somewhat complex. So Iâ??ll focus only on the root basics, given the limitations of web posts and the potential to misunderstand them.
For background, there are four (4) types of debt-handling categories: 1) original, 2) assigned agent, 3) acquisition, and 4) legal. Whether or not and how much the other side will negotiate starts with one or a combination of these, correlated to the debt size in proportion to profit potentials.
An acquisition creditor (one whom â??buysâ? non-performing debt at a discount, and is considered a collector under FDCPA) has the greatest amount of control, based on the purchase amount. Since the creditor has bought the debt for a fraction of the original amount, thereâ??s more room to wheel & deal and still allow for a reasonable profit. This applies to credit redresses as well, depending on the companyâ??s P&Ps (Policies & Procedures) regarding discounts and ancillary offers.
In contrast an original creditor has far more at stake, and will seek to hold the greatest amount of profit; and may be in a tighter position to deal. Likewise a debt in the legal environment will have certain costs and parameters to account for, often reflecting the level of negotiations considered. While an assigned agent (one whom represents the original creditorâ??s interest, but does not own the debt), cannot bargain too heavily without the original creditorâ??s consent.
Secondly, there are two (2) types of recovery organizations: Large and small. Large firms are measured not by the size of debt they control, but number of employees (naturally correlating somewhat to portfolio size). A large firm could be considered one with 50 or more full-time collectors on staff, while small companies less; yet smaller concerns encompass the greater number by bulk. (There are thousands of small, â??mom & popâ? collection/servicing organizations that far out-number larger concerns.)
Determining an estimation of negotiation levels entails a combination of category and organization factors. A â??mom & popâ? acquisition creditor, for example, should be more prone to consider negotiating a $500 dental bill. Large firms have more overhead and bureaucracy; consequently these arenâ??t likely to consider the same terms on a similar obligation.
Now as youâ??ve aptly pointed out there are no hard & fast rules per se governing negotiations, but the general foundations (above) are the basis for considering when to negotiate and for what terms. So you see how much a recovery entity will deal depends on the category/organization factor; juxtaposed to amount, aging and nature of the subject debt(s).
Whatâ??s a collectorâ??s time worth, you asked? Plenty! But that doesnâ??t mean a deal canâ??t be approached. If one takes the time to consider the foregoing elements, before opening the negotiation door, better results (for both sides) are far more often than not achieved. In short, unfortunately there is no magic one-step formula or â??drop off pointâ? for establishing a negotiation basis.
Aim for WIN/WIN terms; whatâ??s good for them is good for you
Establish an end objective, goal
Institute your bottom-line terms (not for disclosure)
Present a â??business-likeâ? demeanor; friendly but to the point
Maintain your cool; stay calm as possible
Extend respect in the face of disrespect
Listen actively; voice tone, inflections, pauses and nuances
Interject (light) humor in tense moments, if possible
Propose terms in hypothetical forms; what ifs, â??â?¦suppose weâ?¦â?
Avoid forcing any issue; approach differently if resisted
Persevere without being pushy
Demand without being demanding; suggest consequences
Good tips and insight and as always helpful.