Debt Collection Tactics Employed By Debt Recovery NSW Agencies

by Andrew Lope Business promotion

More than often, it has been noticed that a debt becomes a bad debt to start influencing the financial condition and regular cash flow of the lending agency. In such situations, the lender finds solace in just one thing, i.e. availing the services of a reputed debt recovery NSW agency. If you are also looking to avail their services, go ahead, but one thing that you should mull upon right in the beginning is that debt collection/recovery tactics used by them. This is very important because these tactics will define the amount of time needed by the agency in the process. Several tactics are there and all of them are equally good, but the way they influence the debtor is entirely different. Let us have a deeper look at some of these tactics here in this article.

Skip Tracing

This method is exercised by the experts of debt recovery services to trace the debtors who are missing and the contact information is no longer correct. In this industry, this is given the name of "debt skipping" and skip tracing means tracing or tracking down the person who is looking to skip the debt. For this, the professionals will skim down all the possible sources like database, phone books, social media, etc. to track down the missing person and collect accurate contact information.

Spoofing

In some countries, this method used by every debt recovery agency is considered legal and the reasons are very strong there. Spoofing generally means that the debt collector will call and impersonate as a law enforcement agency’s professional or an attorney, solicitor, etc. and force debtor to pay the outstanding debts.

Gamification

Gamification process is more commonly seen in call centres to motivate agents and executives to work hard, contact more people and bring in more leads. In the debt recovery NSW industry, debt collectors use this method to induce debtors and increase the speed of debt recovery.

According to the experts, this tactic work really well as far as debt collection and debt recovery processes are concerned.

Speech Analytics

This method or tactic used in the debt collection process works really well when the debt collection agent is seasoned and fully aware of the rights of the debtors. In this industry of debt collection, speech analysis is used to examine the voice of the debtor and conversation for expletives, threats and raised voices. This tactic is also considered really helpful in understanding the mental condition of the debtor and whether he is willing to pay the outstanding debts or not.

Ringless Voicemail

Making too many phone calls to the debtors can land debt recovery agency as well as agent in trouble because of the laws. They have managed to find out the solution to this is ringless voicemail. This ringless voicemail generally means leaving a voicemail for the debtor without ringing the telephone bell. In this method, the voicemail is sent server to server without the call getting intercepted.

Apart from these methods, these agencies also use methods like virtual collectors that are basically a virtual character, friendlier than humans. These virtual debt collectors ensure that the debtor feels less threatened and this happens too, because the collection agent is basically an animated character kind of thing.