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 charge off an account?

Answer: Choose Adjustments from the Transactions menu, scroll to code 196, Charge Off Bad Debts. LOANLEDGER will ask you if you want to charge all of it off. Click on Yes and we will automatically adjust the account down to zero. Choose No and you can then enter the amount you are charging off. Key in the appropriate GL# for the charge off and your Next Due Date out into future and save.

HOW TO HIRE A COLLECTOR

When hiring a Collector, try a nine-point check list. If you like the responses to five of the nine,hire. Later, help the Collector develop the other four. Here are the nine points of a Collector's Position Specification:

• Obtain a college graduate, where possible. Degree should be in a subject requiring ability to handle the language.
• Obtain past examples of resourcefulness... things s/he did a bit differently from the norm.
• Obtain past examples of where s/he listened well, then helped somebody.
• Obtain a few imaginative approaches (not necessarily correct) about how s/he would collect if you gave him/her a telephone call right now.
• Test his/her knowledge of policies and procedures on the previous occupation.
• Observe enthusiasm and energy as s/he sells his/her talents during the interview.
• Obtain a quality answer to the question: "What would be your ambitions in our company?"
• Look for a bit of cockiness and braggadocio. These are good Collector traits.
• Explain that collecting is a pressure job. Judge the quality of his/her answer to: "How well can you handle pressure?"

After you hire the Collector, switch from the foregoing nine points to the Eleven Profile Traits. You'll be managing an outstanding better-cash-flow group.

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