![]() In the current economic landscape, debt collectors must be equipped with the soft skills necessary to assist financially distressed consumers and help them find a shelter in the storm. Shelter in the Storm: Debt Collection with CompassionHelping Financially Stressed Consumers
Did you know that more than 50 percent of U.S. consumers have lost income because of the COVID-19 pandemic? Folks from all walks of life are struggling to pay their monthly bills.
In this economic landscape, debt collectors must be equipped with the soft skills necessary to assist financially distressed consumers and help them find a shelter in the storm. This process can be broken down into three steps:
#1. “I hear you.”
Patients and other consumers want to feel heard, understood and respected. And yet they may be reluctant to open up to a virtual stranger about a topic that’s so private—their finances.
Make sure your consumers feel safe to talk with you about these sensitive matters. Establishing trust should be a top priority.
#2. “I can help with that.”
Offering a no-interest payment plan should be the first step to alleviating the consumer’s financial stress. But that may be just the beginning.
Make sure the terms are flexible. For instance, with particularly high balances, be willing to extend out the payment period (say, from one to three years). Use open-ended questions to keep the consumer involved in the plan development process: “I understand that you can’t afford to pay $100 per month right now. How much do you think you can afford at this time?”
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Be willing to accommodate unpredictable income fluctuations. If you’re empowered to do so, you may even consider deferring payments or negotiating a settlement.
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Credit Service Company, Inc.
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