1 Simple Payday Loan Collection Tactic

By | Mar 15, 2014

“We’ve been taught to collect only one way. Heavy demand. Lots of thunder. But before you start firing all your collection bullets, how about a different approach?” Steve Hodgdon, founder of Modern Asset Management, reminds all of us to not overly complicate the task of getting borrowers to pay us.

Watch Steve’s short video and put some serious cash in your pocket. [After watching Steve’s collection video, READ THIS!]

The Best Collection Question. The single, best question to get your borrower to TALK to you. Let me know what you think.

Collections driving you nuts? Reach out to Steve.
Steve Hodgdon
President
Modern Asset Management, Inc.
1-415-596-2415 cell
1-800-617-3680 ext 801

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8 Comments so far
  1. Frank March 15, 2014 9:51 am

    Wow! Simple to implement and smart. I’m going to have my call center employees watch this first thing Monday A.M. And of course, I’ll followup with Steve.

  2. JJ March 15, 2014 9:52 am

    I know Steve! The guy’s a real pro. he’s been in the collections game a LONG time. First met him when he sat on a panel at OLA.

  3. Payday Loan Industry March 15, 2014 9:54 am

    Yep. I’ll never forget the day he drove over to my house in Newport. We spent several hours talking about the payday loan space and collections. Believe it or not, I had a blast and learned a lot!

  4. Payday Loan Industry March 15, 2014 9:55 am

    Good idea. The video is 9 minutes. The payback will be incalculable.

  5. Bad Ass Collector March 15, 2014 10:58 pm

    Steve, thanks for bringing me back to reality. I’ve been hating my job as a collector for quite a while. Your tactic makes it all a little less negative. Hell, I may even make bonus this month!

    Bad Ass!

  6. janet phillips March 17, 2014 8:09 am

    dear steve, I work alone in a very busy payday loan office. ive been employed here 17 years. we are going through some issues with the state and will be under one data base come October 2014. I am suffering from depression and I find it so hard to collect from people who I feel does not care about their bills. I am an avid about my bills being paid on time and with that being said, I get upset easily when people think im calling their bluff. they say they cant pay, but they go and buy cars or flat screens. this is a small town with 17 payday loan companys. probably the majority of people are on fixed income. I was told by my boss that im too damn nice to people. please help.
    janet

  7. Danny Verrette March 19, 2014 10:33 am

    Wow, it worked! My client said sorry, and I now have a new job. My client actually took a work break and came in and closed their default loan. Thanks!

  8. Payday Loan Industry March 19, 2014 10:37 am

    “Simple” works :-)

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