Newsletter

Welcome

The LOANLEDGER LOAN SERVICING NEWSLETTER is a free monthly service provided by Dynamic Interface Systems Corporation (DISC), the world's leading supplier of loan servicing software for microcomputers. Since 1982, DISC has provided loan software, collection software and other sophisticated yet affordable products for lenders and financial institutions. Nearly half of the Fortune 100 Companies use LOANLEDGER.

To find out how LOANLEDGER Loan Servicing Software can greatly enhance all of your collection activities, please call (310) 568-4567.

DID YOU KNOW?

Question: How do I reverse a payment?

Answer: Choose Returned Items from the Transactions menu and enter the account number. The last payment on file will automatically come up to be reversed. LOANLEDGER will ask if the item is a true NSF or a straight reversal, click on the appropriate answer. If you choose NSF, it will prompt you to enter the fee charged for the returned item. Click on Save and the item will be reversed.

PROFILE OF A COLLECTOR

As a manager, look for eleven traits in your Collectors. You won't find all eleven, but... if you get six or more, feel good. The Collector should be:

• EMPATHETIC... Should understand and be sensitive to the debtor's position. But should still move for "payment in full today".
• IMAGINATIVE... The effective collector constantly develops better-than-average collection approaches.
• RESOURCEFUL... Reviews a file quickly, yet completely. Extracts meaningful points on which to concentrate.
• INTELLIGENT... Quickly and completely absorbs training in policies and procedures.
• ELOQUENT... Commands the language. When talking, makes very few mistakes in grammar.
• ENERGETIC... Moves quickly and with purpose in the last hour of the day.
• AMBITIOUS... Desires and expects promotions, at reasonable intervals, when work is well done.
• COCKY... is confident and assertive. Dominates, but does so without arrogance.
• ENTHUSIASTIC... Loves to collect, to "get on a telephone roll". Brags about ability to collect.
• RESULTS ORIENTED... Consistently collects more dollars than the average Collector. Consistently makes more than average number of phone calls per day. Consistently makes more than average debtor contacts per day.
• CONTROLLED... Thrives on pressure, or... at least, is not overly bothered by pressure.

Observe your Collectors closely. Question them, relevant to the eleven traits. Where a collector does not qualify for six or more of the eleven, help him/her to do so. Competent Collectors are not easy to supervise, because each has his/her own ways. But competent collectors are easy to manage, when you let them pursue entrepreneurial instincts within your policy guidelines.

Questions / Comments

If you have questions, comments, or would like to submit an appropriate tip to the LOANLEDGER LOAN SERVICING NEWSLETTER, write to newsletter@loanledger.com