Tactfully overcoming the top 5 delinquent borrower objections

It’s been a tough 18 months for millions of Americans. The COVID-19 pandemic caused major job losses and employment interruptions, families have had to navigate paying for childcare services after working remotely for over a year, and savings from 2020 stimulus checks and extended unemployment benefits are starting to run dry for many.

When your collections team encounters a financially burdened borrower who genuinely wants to make his or her loan payments, but is going through a tough time financially, there are tactics your collections team can use to help them. In this blog post, we’ll offer guidance for tactfully responding to common collections objections.

Objection #1: “I don’t know what you’re talking about.”

Claiming a debt doesn’t exist is a common response to a collections call, and it’s possible the borrower truly does not recall the debt. Refresh the borrower’s memory by offering a detailed account of exactly what the loan was used for, when the money was borrowed, and what dates any payments were made or missed. If necessary, consider reminding the borrower his or her signature appears on the loan documents.

 

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