When to educate the client about broken payment arrangemen
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"I have been really busy I forgot about the last payment arrangement, and I usually tend to forget since I am self employed and busy," says Tracy.
When there is a recent broken promise and a history of not maintaining payments.
Identify recent broken arrangement/ptp or a history of not maintaining payment arrangements.
1-30 DPD
CBR will be negatively impacted
Well Mr.John, if you're unable to make the payment otc, try to get online banking to easily update your payments.
Educate on alternate payment channels.
"I'll just make the payment when I get some time, not sure if I can make the due date," says Terrance.
When clients do not see the importance of making payments on time.
"Try to make the payment within the billing cycle where the statement generates by the 15th of the month and is usually due by the 30th of November, as you want to avoid the late fee as well as the interest fees."
Indicate importance of making payments on time.
31-60 DPD
CBR negatively impacted, 61 dpd interest rate will increase
Just to confirm you said that you will be able to make the $250 by the 30th and make your regular minimum payments going forward thereafter?
Confirm they can clear their arrears and keep their acct utd going forward.
"I always look forward to these calls from you, its usually a reminder for me to make my payments," says Gloria.
When the client does not seem to understand the delinquency or broken promises.
"I know you said that you have been having some financial constraints, how exactly is your income being affected?
61-90 DPD
CBR further negatively impacted, along with client's borrowing ability, at 91 dpd credit will be revoked.
Reminder about your billing cycle, your statement comes out on the 15th and is usually due by the 30th.
Remind them maintenance of statement date and due date.
"Well yeah I should be getting salaries, its usually late and I may be able to cover the payment," says Dave
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When the client has made an arrangement that they do not seem committed to.
"So just to confirm with you, you said that you are not working atm, but you can try to clear the full amount of $5000 by today via ob, (*checks account no money)
Listen to the client, determine if they can make the payment(s) they have committed to.
91 DPD
CBR further negatively impacted, future borrowing ability impacted, combining of accts attempt by Triad.
Your average min for the cc is $265 and for your next mg payment is $3000, you can always look it over on your statements via ob.
Reminder of min for cc and next payment for mg.