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MISTAKE #5: HAVING A
COLLECTIONS POLICY
THAT'S TOO RIGID
A rigid policy isn't typically practical for appropriate repayment. The
repayment timelines may be too short, the penalties too high, or the
standards too strict. Give residents a reasonable amount of time to
pay their fees and multiple options for getting out of delinquency,
so collections are more of a collaborative effort than a clash. Here
are some ways to be more flexible:
• Ensure the timeline for repayment is reasonable
• Reconsider the interest/fees applied to unpaid balances
• Reevaluate the consequences of late payments
• Decide how payment plans can be modified
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