COLLECTING PAST DUE ACCOUNTS - The Frustrated Debtor

by Jim Finucan

Published on this site: May 11th, 2005 - See more articles from this month...

Situations will arise in the debt collection process when a debtor will lose his cool. He no longer comes up with excuses, or tries to orchestrate yet another delay. Instead he suddenly "loses it" – perhaps even to the point of cursing, using foul language or yelling
at you.

This can be a good thing – as long as you don't lose your cool along with him. When this type of debtor gets his back up it means you are winning! You're succeeding in giving him a view of himself, which he does not like. In fact, he may even tell you he does not like what you are saying to him. But what he really means is that he doesn't like what he is saying to you! For once he may be hearing himself as others hear him; he could even be on the verge of a life-changing moment, who knows! You have to hope you can persuade the debtor to do the right thing – pay the balance in full.

Truth is your weapon here. Review your notes on his account and then, when the time seems right, hit him with all the facts. (Over time you'll develop an instinct for recognizing the right moment.) Hit the debtor with all the promises he has made and broken. Give him a history lesson right then and there.

"Even though you and your wife are gainfully employed you choose to continually break your word. Quite frankly, I'm convinced that you are not going to pay this bill voluntarily. Do you handle all your business affairs like this, or is this treatment reserved just for contractors?"

If you have specific notes on promises broken in the past, list them at this point. Hold the truth out in front of the debtor so that, like it or not, he cannot avoid facing the facts. Sometimes in order to bring out the best in a debtor we have to confront them with their worst.

Let 15-year collections pro Jim Finucan show you how to double – even triple-- the amount of money you collect from your accounts receivable. Check out his unique collections manual "Past Due!" It shows you how to turn their excuses to your advantage! For more information visit: http://www.tiare.com/pastdue.htm