Dept Collection Strategies: A Holistic Approach
(From A Debtor's Perspective)
by Keith
(Manchester, England)
Debt Collection strategies are important for all parties involved, but rarely are they holistic in their approach. I am forty seven years old and crippled with debt.
Even though I am single and work full time, I simply do not earn enough to pay each creditor every month. I feel hopeless and very disheartened. I want nothing more than to pay my debt and to be free of any future debt related problems.
That is why I believe any effective debt collection strategy should offer the client a significantly reduced interest rate, partial debt forgiveness, and a method where all creditors could work together with the client to achieve 100% pay off - one creditor at a time.
This would allow the client to pay more to one creditor each month and give the client a greater sense of accomplishment when they see each creditor paid off. All parties want the satisfaction of reducing outstanding debt.
A holistic strategy would enable this to happen. A business that is bold enough to attempt this approach is a business that will reap more than just a financial reward.
