Our Five Step Process
1. Confirmation and Validation
The first step in the process is to confirm that the delinquent debt is accurate and that the information we have regarding the debt is current.
The next step in our process is to interview and listen to the debtor in order to evaluate and understand why the debt is delinquent. This is very important for two reasons; in order to provide the best solution to resolving a specific debt, we must understand the debtor’s circumstances and if we take the time to listen and understand their circumstance, we will build a positive relationship that enables us to work together to resolve it.
The third step requires us to analyze the information we’ve gathered in the evaluation stage and explore potential opportunities and outside resources that may provide a viable debt recovery solution. Debt recovery options may include setting up a monthly payment plan, seeking secondary funding resources or career planning strategies if the debtor is unemployed or under employed. Fidelity Account Services has partnered with a Career Advocacy group and has developed a specialized program enabling us to provide assistance to those debtors in need of employment opportunities or income growth strategies. Providing these additional services not only serves our debtors and our clients but also positively impacts our industry and our communities.
After we have evaluated and explored all potential debt solutions on a case by case basis, we work with the debtor to decide the best approach to successfully resolve their debt and then we implement a debt resolution plan using a specific timeline and budgeting model so they can monitor and measure their success. Our debt resolution strategies are extremely successful because we work closely with the debtor and maintain a professional and respectful relationship throughout the process. Our Career Advocacy program may include resume enhancement, interview preparation, career planning and compensation strategies depending on which solution is most applicable.
5. Follow Up
The final step in our process and perhaps the most important is following up. This ensures accurate reporting during and after the debt has been recovered. Furthermore, it encourages debtors to remain on track to complete debt resolution. Additionally, following up reinforces our commitment to assisting the debtor in resolving their debt while providing a positive service to our clients and our communities.