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Collection Management Handbook: The Art of Getting Paid / Edition 3

Collection Management Handbook: The Art of Getting Paid / Edition 3

by A. Michael Coleman

ISBN-10: 0471456047

ISBN-13: 9780471456049

Pub. Date: 12/08/2003

Publisher: Wiley

For most of today’s successful companies, the overriding corporate mission is to generate new customers and dazzle creditors with new technology. But maintaining a healthy bottom line isn’t the sole province of sales and marketing. The fact is, more than any other aspect of a business, the management of receivables–or getting existing customers to


For most of today’s successful companies, the overriding corporate mission is to generate new customers and dazzle creditors with new technology. But maintaining a healthy bottom line isn’t the sole province of sales and marketing. The fact is, more than any other aspect of a business, the management of receivables–or getting existing customers to pay and avoiding bad debt write-offs–can mean the difference between profits and peril.

You don’t have to be gifted to be a great credit collector. Experience isn’t necessarily the answer, either. All you need is a desire to learn from the best...and that’s the level of expertise this exhaustively researched volume puts right at your fingertips. The Collection Management Handbook: The Art of Getting Paid, Third Edition, by consummate bill collector and bestselling author A. Michael Coleman, puts you on the fast track to becoming a debt recovery dynamo. Drawing on actual cases from the collection industry’s top achievers, this expanded edition redefines collection methodology. Focusing on multiple avenues of strategic creditor recourse, it goes beyond yesterday’s dunning notices, showing you how to extract money from the most hard-to-reach nonpaying customers.

The Third Edition features an indispensable set of new tools: easy-to-implement strategies on utilizing small-claims courts nationwide; expanded investigative resources; a look at recovery of money judgments; and much more. You’ll get up to speed on potent legal remedies, including how to initiate an impleader action, which trumps the "I can’t pay you because I haven’t been paid" excuse. There’s also an accounts receivable exam/solutions gauge, which arms you with the legal knowledge and strategic insight to go after the worst debtor offenders.

In the credit-granting arena, the book offers plenty of simple creditor-shielding methods designed to prevent a bad debt, while emphasizing that the science of receivables management hinges on numerous persuasion skills, from negotiation to intimidation.

The ultimate goal of any professional bill collector is simple: to turn credit sales into bank deposits. The trick is to multiply your debt recoveries when your livelihood depends on it. For that, you can depend on the Collection Management Handbook.

Product Details

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Table of Contents

Chapter 1A New Collection Science Is Born1
Preventive Remedies for Credit Grantors3
How to Incorporate Protective Legalese into Your Sale Origination Documentation9
Law of the Jungle10
Building Blocks for Collection Success14
Debtor Profiles16
Delay Tactics18
Integrated Collections19
Problem-Solving Techniques19
Opening Statements22
Initiating a Collection Call23
Words and Phrases that Should be Removed24
Chapter 2Oratory and Advanced Communication Skills27
Grab the Debtor's Attention27
Match the Debtor's Background28
Body Language Carries29
Value of Communication Skills29
Build a Collection of Impact Words and Phrases32
Collector's Vocabulary34
Value of Humor37
Telephone Techniques for Collectors44
Chapter 3Selling Psychology Applied to Collections49
Change the Debtor's Base of Thinking50
Formula for Handling Debtors' Objections50
Handling the "Higher Authority" or "Pass the Buck" Stall55
Objection: "I'll Think About It"56
Objection: "Go Ahead and Sue!"56
Trial Closes58
Alternatives Technique58
Solving Built-In Debtor Objections59
Interim Collection Closing60
False Conclusion60
Of Ignorance and Intellect: How Veteran Collectors Outsmart Themselves61
Art of Listening66
Reading the Debtor's Temperature67
Deciding What Appeals to Use67
Maintaining Control in Telephone Collection Calls68
Chapter 4Advanced Collection Techniques71
Motivating Techniques: Withdrawal Method71
More Advanced Collection Techniques75
Postcollection Close81
How to Barter a Successful Collection82
Pay It With Roses85
"Good Guy, Bad Guy" Approach88
Collection by Draft89
Point of Diminishing Returns92
Debtor Localization93
Mixing-Bowl Concept94
How to Collect from a Hard-Core, Judgment-Proof Debtor96
Charitable Donations100
How to Establish Your Own In-House Collection Agency103
Attorney Letter Influence108
Chapter 5Small-Balance Collection111
Effective Techniques to Collect Receivables Less Than $500112
How to Implement the Time and Space Technique113
Choosing an Agency to Collect Small Balances115
Psychology and Framing of Effective Collection Letters118
Stamped Reminder or Printed Sticker122
Use of Mailgrams or Telegrams123
Chapter 6Suing in Small Claims Court125
How to Utilize the Small Claims Court System125
How to Sue in Small Claims Court126
General Information About Utilizing Small Claims Court134
How to Commence a Small Claims Action135
Filing the Complaint136
Preparation for Trial137
How to Prepare and File a Civil Suit138
Chapter 7Making Your Debtors an Offer They Can't Refuse141
Risk Versus Reward142
Application of Legal Principles142
Positioning Your Nonpaying Customer in a Vexing Legal Predicament143
Long-Arm Statute Litigation with Applicable Case Law144
California Long-Arm Statute Litigation "Open Book" Status145
Fear-Factored Recoveries146
Bankruptcy Remedies150
Creditor Remedies for Challenging Fraudulent Conveyances and Adversary Proceedings150
Unconventional Bankruptcy Recoveries151
Chapter 8Skip Tracing and Asset Searches155
How to Locate Debtors and Their Assets155
How to be a Good Skip Tracer161
To Trace or Not to Trace162
Basic Skip-Tracing Sources164
Public Records: Document Retrieval167
Personal Contacts168
Ploys to Get Information from Debtors168
Using the Telephone Company to Locate Debtors170
County Tax Assessor's Office173
Voter Registration Lists173
Post Office174
Skip Tracing and Communication174
Freedom of Information Act174
Department of Motor Vehicles174
Court Records180
Utility Companies181
Is Your Debtor a Licensed Business?182
Secretary of State182
Revenue Services183
Securities and Exchange Commission183
Other Items to be Checked184
Trade Associations and Unions184
The Military184
Credit Bureaus185
Information from Collection Agencies196
Information from Other Creditors196
Cross-Referencing Banks in a Debtor's Locale196
Opportunities for Skip Tracers/Asset Locaters198
Chapter 9Legal Recovery201
How to Protect Yourself from a Scam Operation202
Safeguarding Your Interests203
Do Not Throw Good Money after Bad206
Bad-Check Summary206
Turn Your Debtor Over to the IRS208
Conference Calls to the Debtor's Attorney212
Law Lists for Information221
Understanding the Basic Principles of Law223
Chapter 10Enforcement of Money Judgments and Investigatory Skills229
Uncollectible Judgment Syndrome229
Training Day: Think Creatively!231
Information Subpoenas: An Unconventional Approach to Developing Information234
An Ingenious Strategy: How to Obtain Information Using Mail-Order Psychology236
How to Obtain a Mortgage Application238
National Profile (aka Insider Reports)239
Information Subpoena Package240
Chapter 11Case Studies241
Confessions of Bill Collectors242
Deputy Lano242
Trial of Herman Deadbeat: Over the Phone243
Flying with the Feds244
Say It with Flowers246
Extradition to the United States: The Sting247
Case of Parole248
Sailing Anyone?249
Contamination and the FDA249
One Who Practices to Deceive250
A Master Credit Criminal251
Alias and Fair Debt Collection252
How Do You Find the Best Collection Agency?252
Chapter 12Conclusion255
Communicate with Debtors Who Are Avoiding You256
The Instant Gratification Syndrome257
Debtor Mentalities259
A Final Note259
AppendixAccounts Receivable Proficiency Exam261

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