Money Donuts® It’s Time For A Collections Reality Check
Sep 18, 2023
Meet Kevin, Anthony, and Mitch from Royal's collections team discussing helping borrowers with past-due payments, adjusting to changing circumstances, and building sustainable budgets. They emphasize personalized approaches to handling debts, navigating financial consolidation, and avoiding scams while adapting to regulatory changes. Learn about the significance of managing payments online and providing financial guidance.
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Collections' Importance
- Collections is vital for credit unions' financial health.
- Getting back loaned funds benefits all members.
Proactive Communication
- Contact the collections team proactively if you anticipate payment issues.
- Early communication opens up more assistance options.
Collections Triangle
- Collections involves balancing member needs with credit union policies.
- Visualize this balance as a triangle, adjusting sides based on each situation.