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Collecting Past Due Accounts - Payment Arrangements

by Jim Finucan

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Published on this site: November 19th, 2005 - See more articles from this month

Not everyone can qualify for a loan or has a credit card or access to cash from family or friends. Some people are on a fixed income so there will be occasions when you may not be able to locate any assets and your only recourse will be to let the debtor make payments to you over a period of time.

But you need to be careful about how you word any payment plan you set up. Make it very clear to the debtor that the plan is nothing more than a temporary solution and is subject to review at any time. Don't send the debtor anything in writing which commits you to accepting a time payment arrangement. Make it appear, as though, with this one payment you might be able to get a 30-day extension on the account. Ask the debtor if he understands this. Accepting a partial payment can come back to haunt you the next time you call the debtor. He is "insulted" –

"I thought you said we had an arrangement for twenty bucks a month. Are you jerking me around?"

This is a common comeback. Inform the debtor that, in your company, all bills are due in full. In fact, they're already well past due by the time they reach your desk. If you don't so inform the debtor he may convince himself the entire matter has been resolved and just put it out of his mind. Don't do the debtor a disservice by not informing him of this or you will come across as being dishonest.



15-year collections professional Jim Finucan can show you how to double the money you collect from your accounts receivable. Check out his unique collections manual "Past Due." For more information visit: http://www.tiare.com/pastdue.htm



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