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Installment payment plans

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The Debt Manager payment plans screen

Within Debt Manager collectors have the ability to automatically calculate instalment plans in accordance with client guidelines, so you can be confident that no payment arrangement will fall outside of your contractual obligations. But like other areas of the CogendaWorks system Debt manager is feature rich providing the ability to automatically increase agreed instalment payments at a future date without the need to make further contact. This feature allows a low initial start to repayment but provides the ability to automatically increase the level of payment as additional funds become available, future proofing income and enhancing performance.

Monitoring

Once the instalment payment plan is agreed and confirmed automatically in writing the system will monitor activity daily until the debt is paid in full, issuing reminders in accordance with agreed workflow parameters and moving failed accounts back into the collection cycle at the appropriate stage. These automated procedures ensure that focus is maintained in respect of this valuable asset without the need to run and action reports.