Bring delinquent loans current with consistent follow-up

Pick up the phone and try reaching the borrower at the numbers you've got on file. If they don't answer the first time, try again at a different time of day - people who dodge calls at 9am often pick up at noon or after 5pm. Log every single attempt - date, time, how you called, and what happened. This isn't optional; your notes are your proof if this account ever gets audited or goes to legal. **If you reach the borrower:** - Listen first. Ask what's going on before jumping into payment demands - Find out why they've fallen behind - the reason shapes your next move - Talk through what it'd take to bring the account current - Stay professional but direct. You're not being mean by asking for payment - it's your job **Watch out for:** - FDCPA rules on consumer loans - don't call before 8am or after 9pm in the borrower's time zone - If they say they've got a lawyer, stop calling and note it immediately - Keep your cool even if the borrower gets upset. A calm conversation gets better results than a heated one

If the borrower can't pay everything they owe right now, don't just give up - work with them to find something that'll actually stick. A realistic arrangement that gets honored beats an aggressive demand that gets ignored. **Your main options are:** - **Catch-up plan** - spread the past-due amount over 2-4 months on top of regular payments - **Temporary reduction** - lower payments for a set period while they get back on their feet - **Loan modification** - restructure the terms if there's a genuine long-term hardship **Tips from experienced collectors:** - Get specific amounts and specific dates. "I'll pay soon" isn't an arrangement - "I'll pay $500 by March 15" is - Always get it in writing when you can. Email confirmations work great for this - Don't offer options you aren't authorized to approve. Check your limits before promising anything - If they're going through a real hardship (job loss, medical emergency), let them know about your bank's hardship program early - it's better for everyone **If nothing works:** That's okay. Document what you offered and why it didn't work, then move to escalation in the next step.

Now's the time to get everything into your collection system while it's fresh. Don't wait until tomorrow - you'll forget details that matter. **What to document:** - Who you spoke to and when - What the borrower said about their situation - Any arrangements you made (exact amounts, exact dates) - What you told them would happen next **Setting your follow-up date:** - Promise-to-pay? Set your follow-up for the day after the promised payment date - Payment plan? Check in after the first scheduled payment - Left messages with no callback? Try again in 3-5 business days - Couldn't reach anyone at all? Follow up in 7 days, then consider a formal letter **When to escalate:** Sometimes you've done everything you can at your level. Here's when it's time to kick it upstairs: - **Demand letter** - borrower isn't responding after multiple attempts - **Manager review** - borrower disputes the debt or asks for something beyond your authority - **Attorney referral** - account is severely past due and all other options are exhausted - **Credit bureau reporting** - make sure you're following your bank's timeline rules for this Remember - good notes today save you hours of headaches later. If someone else has to pick up this account, they should be able to read your notes and know exactly where things stand.