“Work With Your Member”

Bell & Williams Associates is a nationwide Credit Union solutions & recovery firm offering recovery, remarketing and pre-repossession services. One specific service our Credit Unions clients are taking advantage of is our “Cure Program”.

The whole goal of the CURE program is to avoid repossession at all costs, and in doing so also curing your Member’s delinquency for the entirety of their loan, assuring that your Member will make future payments in a timely fashion. How BWA is able to cure your Member’s delinquency is by the duel efforts of our field agents as well as our efforts from our highly trained in-house collection staff. Our team working together is able to relay the severity of the situation to your Member is such a way that their auto loan will take precedence every month. Unlike a typical door knock service, we provide a rehabilitative education for the Member.

Most of our clients will place the account with our office 10 days prior to assigning repossession, or at the time you would normally assign a vehicle for repossession. As our office works the account, we will be able to identify your Members  true intention and willingness to pay their auto loan. We will work with your Member as the Credit Union would, giving them every opportunity to bring their loan current.

 

Published By: Adam Herbert

 

“The Right Partner”

More people than ever are leaving large national banks for smaller community banks and Credit Unions. Credit Union Membership is on the rise with 3.5 million new Members just last year. It really comes down to consumers finding value in the great service Credit Unions offer their Members!

Another reason for growth in many Credit Unions is due to the expansion of indirect lending programs. For some Credit Unions this can present issues with delinquency, especially if they are understaffed in their collections department. Outsourcing work to the right partner can relieve some of the burden and can be beneficial to the bottom line of the Credit Union. Working with the right partner may even help the Credit Union lend more aggressively due to the support a good agency will provide to the collection department.

One can find a good partner that offers these benefits at no cost to the Credit Union, so don’t settle for an agency that will charge you for these services. Make sure your partner has a Member-Friendly approach to collections and is compliant in every way. Addressing delinquent accounts before they turn into repossessions is fundamental. The right firm will work with your Member and make sure they have exhausted every option before repossessing a Member’s vehicle. Subsequent redemptions after repossession may be an indication that all collection solutions were not explored. I hope this helps in your search for the right collection partner.

 

Published By: Adam Herbert

 

“The Importance of Sound Collection Strategies within the Credit Union “

Believe it or not most Credit Union Members would choose to pay their auto loan before their mortgage, or any other bill for that matter. This trend has been on the rise over the past few years, and with that being said having an effective collection strategy in place will ensure that the Credit Union can take advantage of your Member’s willingness to pay their auto loan.

Being proactive with your collection strategy is so important when it comes to having a healthy auto portfolio. Reaching out to your Members immediately upon a missed payment along with consistent follow-up is crucial for successful collections. The earlier you reach out to your Member the less likely their account will escalate to repossession. Motivate your Member so that they will want to find resolution as soon as possible, and always be educating your Members of the consequences of their delinquency. Establishing a culture of urgency with this systemic approach will affect your Member’s attitude towards making timely payments. Partnering with a third party servicer early in the collection process can make all the difference in the world. A third party calling your Member in the early stages of delinquency will get your Member’s attention which will equate to money in the door and in turn deliver a message that your account is a number one priority this month and every month.

Low delinquency is one of the best means of sustaining a sound portfolio. This applies to any size Credit Union whether it staffed by fulltime paid employees or volunteers. When a collector is able to work out a reasonable payment arrangement with the Member on a delinquent loan and that Member fails to follow through on their promise, make sure that you have a solution in place to collect on the broken promise. If a Member is unwilling to work with the Credit Union consider alternative resources such as collection agencies, lawyers, and repossession companies. If you find a spike in your delinquencies, don’t wait! Take action by either hiring more collection staff or hire outside help.

 

Published By: Adam Herbert