Follow up activities for a collections process

Last post we shared how a pre-delinquency could improve collections for your client

https://faoblog.com/processes-ar-collections-follow-2/

delinquency follow up

Delinquency collections follow up

Coming back to the main stream, where the amount has fallen due and your team has been assigned to do the requisite follow ups. Your ageing analysis will really come in handy here.

https://faoblog.com/processes-ar-collections-ageing-analysis/

Though we have mentioned earlier, the three key ways of follow up are:

  • Follow up through email / snail mail
  • Follow up through calls
  • Actual collections through on-site agents

Every client thinks and assesses its customers differently. As the collector, you will be asked to do one or more of the above activities.

Some clients follow this chain:

  • Follow up through email / snail mail
  • Follow up through calls
  • Actual collections through on-site agents

Some would do this:

  • Follow up through calls
  • Follow up through email / snail mail
  • Actual collections through on-site agents

The intensity and the message to be conveyed to your client’s customer will depend on the level of default, primarily assessed by the quantum and the period of default.

 

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