First things first — Many people will be impacted financially by COVID19 and I feel we all play a significant role in helping people get back on their feet.
Approaching us is a scenario in which both the volume of overdue payments and those inquiring about repayment holidays will rapidly rise.
At the same time, due to closures and self-isolation measures, resource such as collections are severely compromised.
There’s a short window of opportunity to prepare a plan to absorb the shock and adapt collection strategies.
Here are some ideas from the hellocredible® methodology I’d like to share;
1. Focus on “inbound” not…
I responded to a post on Linked In today and thought it’d make a nice article.
So here goes…
No matter how good you are, your idea is absolutely worthless.
How valuable that idea becomes is entirely dependent on how well you execute it.
Execution really boils down to three major factors;
Every idea at its earliest stage is based upon an assumption that we feel gives us a competitive advantage over the incumbents or norm.
As that idea evolves risks hit us from all angles — legislative, competition, economic among others.
We unfortunately don’t control these risks but when they do occur we can manage them by navigating our way through the obstacles, usually to our advantage. (By creating…
People who are behind on payments usually have other debts that need paying too.
In most cases it’s whoever shouts the loudest gets paid and those who take the nicer approach don’t.
But… Shouting the loudest isn’t the solution.
It can put the distressed at even further risk.
By forcing payment without adding any value you’re setting them up to default again and even go completely delinquent.
The solution is finding and solving the root cause that’s causing the financial distress.
To do so, you need know your customers inside out.
This is where generic collection processes fail — you probably don’t know your customers well enough. …
But it’s really difficult getting it back.
If you want to be the best lender in the world you must be the best at collections.
You are not in the…
Not so long ago every time I thought about money it brought on an overwhelming amount of anxiety.
My outgoings were only a little over £500 a month but I had £0 income.
I was in the process of launching a business and getting by on credit cards.
When couple of big unexpected expenses occurred my budgeting went completely out of the window.
And as things started to spiral out of control, I became worse.
The stress was 🤢 and I never told anyone.
At this point I had no idea how much debt I had racked up and didn’t want to know. …
💳 Here’s my brief but top tips to save money on your credit card debt and clear it fast. ✌️
Limit your usage or even better stop using them and cut them up. 💷
If you own 2 or more credit cards, pay off the most expensive card first. 👉
Always try and pay more than the minimum payment.
Minimum payments might appear to be an affordable way to clear the debt but in reality it’ll keep you making repayments for 10, 20, 30+ years while paying lots of additional interest. 💰
Got savings? Great! …
Have you ever muttered the words “I need to earn more money?” 🙋♂️
Many of us are fixated on the idea that increasing our income is the answer to all of our financial problems. 🤷♂️
We think the more money we have, the better off we’ll be financially. 💷
But it’s not always the case. 🤔
For many of us the more money we have, the more money we spend. 🙋♂️
So even if we reach that goal of making more money, our financial health might never improve. 😰
It could even get worse. This happens a lot. 😥
Because what most of us fail to do is manage our spending, this is especially prevalent in above average earners…
👹 T E M P T A T I O N 👹
You think you need it, you don’t really need it, you just want it.
Have you ever made an impulsive buy because you saw something while scrolling? 🙋♂️
I believe this is the devil that causes a lot of our debt. 😖
Whether we’re professional money budgeters or not, we’re still making an unplanned spend.
And if you’re like me and many others living on the breadline month to month, it’s likely we’re spending money that we don’t really have. 🤷♂️
Or worse, we’re dipping into an overdraft, using a credit card or even the ultimate baddie 👉 a payday loan. …
It’s the 13th of December 2016, I’m sat in a Cafe Nero close by to our office with the CEO of the startup I’ve given my blood, sweat and tears to for the past 18 months and I’ve just been informed that I no longer have a job.
Sad right? 😢
Maybe for a few mins. 🤷♂️
I’m a big believer in ‘everything happens for a reason’ and so when I returned back to the office, I put on my positive hat and saw this as an opportunity to pack up my stuff and do bigger and better things.
Sounds cliché I know, but it’s true. …