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Sponsored by Lorman Education
Product ID: 405771EAU
 
Credit & Course Provided by:

Lending, Payments, and the Importance of Quality Customer Service

OnDemand Webinar (62 minutes)

Learn customer service strategies and best practices that will enable you to avoid or minimize payment disputes.Borrowers seeking to repay consumer debts have various options for making payments. This material will discuss those options and the potential business complications presented by each option. Unfortunately, payment disputes between borrowers and consumer lenders and servicers of consumer debts are all too common. This material will discuss the most common types of payment disputes and the litigation claims produced by these disputes, including the risks that these claims present for consumer lenders and servicers of consumer debts. Good customer service practices can avoid payment disputes, assist with promptly resolving them before they result in litigation, and position consumer lenders and servicers of consumer debts for successful outcomes when lawsuits are filed. This topic will discuss customer service strategies and best practices that will enable lenders and servicers to achieve their goals and expand their businesses.

Authors

Eric M. Hurwitz, Stradley Ronon Stevens & Young, LLP Christopher A. Reese, Stradley Ronon Stevens & Young, LLP

Agenda

Payment Methods Available to Consumer Borrowers and the Laws Governing These Payment Types

• Checks, Including Cashier's Checks

• ACH and Other Electronic Payments

• Telephone Payments

Common Payment Disputes and Resulting Litigation Claims, With Case Examples

• Pay to Pay Claims - Fees Charged for Certain Types of Payment Methods

• Claims Based on Fees for Missed Payments and Overdrafts

• Claims Based on Alleged Misapplication/Misdirection of Payments

• Claims Based on Alleged Misrepresentation of the Amount Due and Owing

• Other Claims Based on Customer Service Conduct, Including Alleged Harassment and Abuse

Customer Service Recommendations for Avoiding and Resolving Payment Disputes

• Clear, Complete, and Easy to Understand Disclosures in Account Agreements and Other Written Documents

• Use of Scripts in Customer Service Calls and Adequate Training of Customer Service Reps

• Flexibility to Waive Certain Fees or Make Other Accommodations to Resolve Disputes

• Whether to Record Calls With Customers and the Importance of Note-Taking