Conventional debt collection methods have become less effective over time. Today’s consumers are more informed, aware of their rights, and financially constrained due to economic conditions. As a result, they are less likely to engage with aggressive collection tactics.
The Psychological Foundation of Settl.it:
Settl.it’s online platform is built on proven psychological principles that encourage debtors to engage and settle, rather than avoid collection efforts. These principles include:
Autonomy & Control
Debtors feel empowered by having input in the negotiation process.
Reduced Confrontation
A non-aggressive, digital approach foster willingness to settle.
Commitment & Consistency
The structured bid process encourages incremental commitment.
Immediate Incentives
The opportunity to settle at a discount in exchange for prompt payment increases motivation.