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Efficient and Effective Debt Collection

 




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There are very few people in this world that enjoy calling people asking for repayment on outstanding loans. There is an art to making that call, a process that takes place way before the number is dialled. Many entities focus on the front end making the sale with scant regard to what should happen if things go wrong. In-house debt collection in many instances only serves to move the debt into a later delinquency cycle, reducing the chances of recovery as the debtor falls further behind on his loan obligations. 

The truth of the matter is without an effective and efficient credit control and debt collections strategy the commercial viability of any company is at stake. Efficiency and Effectiveness are really not the same. Some people tend to work really hard and are well organised, but spend all their time on unimportant tasks. The surprise is that at the end of the day Key Performance Areas are not met. Why? The process and planning of the collections strategy is lacking. 

At OVAG we believe that one needs to start at the very beginning, employing the right employee for the task at hand. We follow a rigorous recruitment and training program with all our employees. We ensure that amongst other things OVAG employees understand:

1. The Debt collections Act and its implications on our operational efficiency
2. The real implications of debt
3. Debt collection and its importance to a company’s bottom line
4. Setting definite and realistic debt collection targets
5. Time management

At OVAG we actively encourage our staff to be proactive in all that they do. Our goal with every call is to maximize our client’s revenue flow. The only way to do this is ensuring that the agent is fully conversant with the matter at hand. At OVAG understanding our clients business is paramount, it enhances our collections ability. It assists our staff in preparing when making calls to debtors. At this point he collector is conversant with nature of the debt, the history behind the loan, and we would have gone through possible issues the debtor may raise and the responses thereto. The OVAG collector is an active listener, (summarizing debtors issues, clarifying and confirming our expectations) prompting the debtor to divulge information that makes the process of converting a promise to pay to a payment.

Our collectors are ably guided by an experienced management team that ensures goals are agreed upon, and are achieved in most effective manner. The management team at OVAG continuously manages the processes around our client collections, ensuring that matters handed are dealt with expeditiously, without churning the matters. Resolution as to where matters must are handled, is it a soft collections process, pre-legal or legal matter, are all reviewed on a regular basis. This ensures that matters are dealt with in the correct department first time. There is no unnecessary delay in dealing with legal matters; the correct approach is followed with early delinquencies. All of which should translate to improved cash flow for our clients. 

Underpinning all our actions is primarily the recovery of debt, but linked to that is the possible rehabilitation of the debtor. 

We place huge emphasis managing efficiencies within OVAG; this translates to effective collection strategies that maximize our recovery rates for our clients. If improving your cash flow and reducing your debtors book is of importance to you please give OVAG a call on 01000070249.

Date Posted: 2014-03-07
Posted By: OVAG Int. SA
Listed under these Business Listing Categories: Financial services, Business services & consultants,

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