Debt recovery in Vietnam is one of the necessary services with high demand for society, especially in the aftermath of the Covid-19 pandemic when the economy is declining, leading to the emergence of debt for businesses. However, for debt recovery services in Vietnam to be effective and truly beneficial for customers, debt collectors must be equipped with the necessary debt recovery skills. Let’s explore this topic with TNTP in the following article.

1. Equipped with legal knowledge

Debt recovery services today require debt collectors to understand the relevant legal regulations, as in any other profession in society, the debt recovery process needs to comply with the law. Many debt recovery companies that carry out illegal debt recovery activities have been heavily sanctioned by competent authorities for violating the rights and interests of individuals and organizations protected by law.

Therefore, legal knowledge is the most necessary debt recovery skill for debt collectors to help them avoid risks in their work and provide appropriate solutions for each case. This is a skill that every debt collector must learn and prioritize first when working in this field.

2. Communication skills

As a service provider, communication skills are also important in debt recovery activities. In every debt recovery case, debt collectors have to communicate with different people, from customers, and competent authorities to debtors. Therefore, to ensure clear communication of the content, intent, and expression of their views, debt collectors need to have good communication skills. In fact, the success of debt recovery depends greatly on communication skills, as when debt collectors are not professional and show hesitation, or weakness when negotiating debt recovery, it will not have a significant impact on the debtor and they cannot demand payment.

3. Flexibility in problem-solving

Like any other profession in society, debt collection services also have their own difficulties and challenges. When facing problems that arise during the process of debt collection, debt collectors need to have the ability to solve problems flexibly. For example, when exchanging with a debtor who has an uncooperative attitude, the collector must behave firmly, provide specific, clear evidence and emphasize the demand for repayment or take appropriate legal measures to force the debtor to pay. However, if the collector identifies that the debtor has the intention to pay, but needs time to prepare financially, they can approach the debtor more gently and on a goodwill basis. In addition, in many cases, debtors change their attitudes from cooperation to non-cooperation, and debt collectors need to have a way to deal with it appropriately.

4. Patience

When customers use debt collection services, it is usually because they have debts that they cannot recover from themselves. Therefore, the debt collection process is not simply an ordinary exchange where the debtor will pay. Many customers forget about their debts for many years, leading to a lengthy recovery process. Moreover, the debt collection process depends largely on the debtor’s financial ability, so the recovery time can range from a few months to several years. At that time, patience is a necessary skill for each debt collector to be able to pursue the case to the end and bring benefits to the customer.

5. Honesty

The core of debt collection services is to provide customers with money that the debtor did not pay on time. Therefore, if the debt collector is not honest during the exchange with the debtor, does not provide accurate information about the debt to be paid, “colludes” with the debtor to deceive the assessment of the situation, or takes advantage of the debtor’s payments, the debt collection process may not achieve results or may be prolonged. The most serious consequence is that if fraudulent behavior is discovered, it will cause customers to lose trust in the company and no longer want to cooperate, even affecting the reputation of the entire debt collection company. Like any other necessary debt collection skill, honesty is a quality that needs to be ensured to achieve the best results in the work and to ensure the reputation of the debt collector with the company.

Above is an article about: “Essential skills for debt collectors in Vietnam”, hope this article is useful for businesses.

Best regards.