Case Study: Car Finance Provider
Drive lower costs and reduce stress.
Challenge: Recover delinquent consumer debts in a high-stress situation in which the debtor is in danger of losing their car or, in some cases, has already had their car repossessed, but the value was insufficient to cover the debt.
Strategy: As an alternative to phone-based collections, invite debtor to visit a self-service website – customized to the lender’s brand – to negotiate a settlement or payment plan.
- Approximately 40% of responding debtors chose the web vs. phone option. 40%
- 80% lower cost vs. phone-based collections contact. 80%
- Web recovery rate nearly identical to that of a collection call. 100%
Case Study: Mobile Phone Network
Ring up payments from debtors not contactable by phone.
Challenge: Once a customer’s service has been cut-off for nonpayment, the mobile operator loses their main point of contact for collections: the phone. In addition, a terminated customer has little remaining incentive to pay.
Strategy: The mobile operator, via their collection agency, mailed the ex-customer with an invitation to go online to negotiate a settlement for less than the total balance due.
- Over 75% of visitors to the website made a settlement bid. 75%
- Over 66% settled, and the vast majority made an immediate payment. 66%
Case Study: Healthcare Provider
Bring expired patient accounts back from the dead.
Challenge: After an average of 4 years since date of service, and numerous unsuccessful collection agency calls, the doctors deemed these accounts to be uncollectible.
Strategy: Mail former patients a warm and inviting letter – directly from the healthcare provider – recognizing widespread economic difficulties, and the doctors’ willingness to accept an online settlement offer for considerably less than the balance due.
- 70% settlement rate among registered visitors to the website. 70%
- 3.5% response to the letter in the form of registered visits to the website – an excellent response rate in any case, but unprecedented with debts this old. 3.5%
FAQs
Why is settl.it so effective?
- Contactability: The traditional means of collecting is by telephone, and in recent years, most debtors have become expert at avoiding collection calls using their phone’s caller display feature. Debtors still see their email and postal mail however.
- Positive psychology: Unlike the typical collections contact, a settlement offer brings “good news” – you can now settle the debt for less than the total amount due.
What’s unique about the settl.it method?
settl.it’s patented triple bid system. The debtor can name their own price via up to 3 settlement bids, but a bid will only be accepted if it meets your confidential minimum amount. As a result, debtors feel more in-control of the process, yet pay more than the minimum required.
How do I transfer account information into settl.it?
Simple. Single claims can be entered directly into our app, copying and pasting details from your invoices or accounting software. For multiple claims call us and we will walk you through the process or enter the claims for you.
How are debtors invited to settle online?
By email and/or post. If your account data contains email addresses, settl.it will send emails to your debtors to invite them to go online and settle with you. In the more unusual circumstance of not having an email address you can send a postal letter. settl.it will provide you with an easy-to-use template containing a letter proven to be effective.
Do I need to buy or install new software?
How do I get data from my accounting program?
Get those invoices settled now
Simply sign up using our app, enter your debtors details and we do the rest.