What is needed to become a good debt collector?

A debt collector is someone who collects money from the debtors and the debt collectors have come into being as many people have defaulted in their debt payments. There are many people who aspire to become a debt collector and take debt collection as their career option. But you must also know the educational qualification and the eligibility criteria you must have to become a debt collector.

Qualifications needed to become a debt collector

High school education is a must for becoming a debt collector. Although no other qualifications are needed for becoming debt collectors, some of the institutes do offer professional qualifications to people pursuing a career in credit control. The International Association of Professional Debt Arbitrators (IAPDA) and The Association of Settlement Companies (TASC) offer several industry tips and other educational advice which help people entering the collections jobs. Having good communication skill is what is needed in a good debt collector and you can also enter as a trainee or an intern. The other details you’ll get from the company once you join there. The company may give you a training session when you join as a debt collector. Apart from the communication skill, you must also have the ability to follow up on your work as well as understand the administrative details of the debt collection agency.

What to do as a debt collector

When you’re a debt collector, there are certain requirements from your side that needs to be fulfilled. Take a look at what must you do and have as a debt collector:

You must manage your emotional side well and try to be a good communicator when you call up the debtors for debt collection.
You must plan and practice your call before you call any debtor to collect debt. If you falter in your calls, you may not get that importance from the debtor.
You must make the opening statement and also have the last word.
Try to ask questions with conviction and ask precise questions.
The last statement that you make must be able to put a mark on the debtor. Speak with conviction and the last line must reiterate everything in your call.

What not to do as a debt collector

There are also certain limitations as a debt collector. You’re not supposed to do certain things which are not allowed by the FDCPA (Fair Debt Collections Practices Act). Check out which duties are prohibited by the FDCPA:

You must not call a debtor before 8 in the morning or after 8 at night.
If the company of the debtor doesn’t allow you to communicate with the debtor during office hours, you’re not supposed to do it.
You must not use abuses or threaten the debtor to collect debt.
You must also not hide the amount of debt the debtor owes the collection agency and also shouldn’t hide your identity from them.
You also must not harass the debtor’s relatives and neighbors to collect debt.

When you’re aspiring to become a debt collector, you must make sure that you know what it needs to become one. If you think you can become a good debt collector, you can go for interviews in debt collection companies or get trained for one before going for an interview.

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Ways in which you can save money without sacrificing much

If you want to save and at the same time do not quite believe in sacrificing the standard of life that you are leading, then you must learn how to spend money wisely. Learning how to spend your money wisely helps you save as well as have the fun in life that you have always desired. One of the best ways in which you can manage money is by understanding that you have full control over it.

Some ways in which you can spend wisely and still are as follows.

1. Regulate food expenses: Food expenses are probably the biggest expenses after your mortgage and rent. However, it may so happen that you do not want to compromise at all when it comes to food or groceries. In that case you must follow some simple ways in which you can regulate the amount you spend without compromising on what you need. If there is a very expensive food item, then instead of buying it every week try buying it every alternate week. These will include bakery items and sea food selections. This way you do not do away completely with things you like to eat, but regulate the amount that you spend towards it. You can also save on groceries by buying them on sale. You should anticipate how much your family will need and accordingly buy and stock it up for future use. You should also use coupons whenever you can; this saves a lot of your money. However, be careful not to shop just because you have a coupon.

2. Opt for comparison shopping: When you are buying big ticket items such as appliances, furniture and automobiles read the product reviews carefully. Try to gather as much information about the quality of the product and the best value. You must try to compare the prices at various retail outlets so that you may have the product at the cheapest possible price. This ensures that you buy what you want without sacrificing but you also get to save some money as you shop wisely.

3. Traveling cheap: You can also save a lot by traveling cheap. If you are a travel person and do not intend to spend your vacations in very cheap hotels try out the three star establishments, you do not have to go for the five star places. You may be surprised to see that these places offer almost as many benefits. Try to look for hotels that offer complimentary breakfasts etc, so that you can save some money on food. This way you can save money and still have all the comforts that you want.

If you follow these tips you may be able to save a lot without having to work too hard and sacrificing too much.

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