Successful Collection Conversations Greg Ruffino Williams Fudge Inc

Successful Collection Conversations Greg Ruffino – Williams & Fudge, Inc. FABSAA Annual Conference 2018 Daytona Beach, Florida

Objective Let’s break down some key components to everyday conversation to help us increase our recovery success rates. We will hear 6 real conversations and discuss how each contains effective techniques.

Elements of Great Conversations • • Fact Finding (1) Building a Rapport (1) Professional Confrontation / Accountability (2) Overcoming Stalls (3) Financial Profile (4) Setting Up the Follow Up (5) Negotiations = Closing the Deal (6)

(1)Fact Finding / Building Rapport

(1)Fact Finding / Building Rapport • Questions will reveal the path to resolution • Find common ground to help gain trust • Take a break from talking money if you sense stress • Building Rapport demonstrates compassion and personality

(2)Professional Confrontation

(2)Professional Confrontation • Allow the student to speak and vent • Hold true in your convictions • Maintain control, but listen more than you speak • Ask the student what their intentions are

(3)Overcoming the Stall

(3)Overcoming the Stall • Reference any relevant notes on file • State specific facts/laws and repeat them if necessary • Displaying confidence and knowledge = being business savvy

(4)Financial Profile

(4)Financial Profile • Get the student to talk and think about their financial situation • The goal is to paint a picture that they can pay • Or, define what payments make the most sense • If they cannot pay, who can or will?

(5)Setting Up the Follow Up ACA International annual statistics show about 25% of all debt placed in collections gets recovered. The majority of this debt takes 2+ conversations to secure payment.

(5)Setting Up the Follow Up • If you are not getting paid in $$$, get paid with information • Discuss a detailed expectation for what is next • Use reminder tools and follow through on it

(6)Negotiations - Closing the Deal

(6)Negotiations - Closing the Deal • Expectation is Payment in Full (start high) • Do not say “No” to a student’s initial offer • Fact Finding questions determine the student’s capabilities • Counter offer within reason based on the facts

Summary • Just Talk to People! • You are a problem solver • Ask yourself – “Am I someone I would want to do business with? ” Thank You ! Greg Ruffino – Williams & Fudge, Inc. gruffino@wfcorp. com