How to Work With the Finance & Debt Recovery Team

There can come a point when it is impossible to manage your delinquent accounts on your own. When things progress to this point, you can seek the assistance of a finance and debt recovery team. The team will set you on the path to managing your situation and resolving your delinquent accounts. Respectful and productive collaboration with the team is essential to a successful effort.

Instructions

1

Inform the debt recovery team of your expectations. Knowing what you want to achieve is vital to the team's strategy. If you are looking to reconcile your bad debts quickly, the team may opt for a more hard-line strategy.

2

Listen to the finance and debt recovery team's proposals. The first step in collaborating with it will be hearing and understanding what its strategy and what it needs from you to be successful.

3

Propose alternatives if you have issues with any part of the plan. Discuss the alternatives and feasibility with the team. For example, the debt recovery team may want to move into an aggressive calling campaign to delinquent account holders, while you may want to send a written notice first. Debate the pros and cons in an efficient, professional manner.

4

Provide the debt recovery team the information it needs to recover the debt. Do not withhold pertinent details, as that will make it more difficult to recover the debt. This includes details on the delinquent accounts, contact information and any status updates since the account went delinquent.

5

Maintain consistent contact with the team as it implements its strategy. Assess if the strategy meets your goals and time frames. If the strategy is consistent with your objectives, let the team know. If the strategy falls short, let the team know as well. This way, it can revise its strategy to get back on track.