[aageneral] Debt Collection Techniques - Giving a Debtor the Low-down
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DEBT COLLECTION TECHNIQUES Giving the Debtor the Low-down<BR>
By Jim Finucan<BR>
© Tiare Publications<BR>
<BR>
Just as a debtor has an obligation to pay his debt to you, you also <BR>
have an obligation to him. You need to make the debtor aware of the <BR>
possible consequences of letting a bill get to the point where it <BR>
has been or might be turned over to a collection agency. Those <BR>
consequences include having a black mark placed on their credit <BR>
report. That could affect the debtor's credit report for the next <BR>
seven years. Not only do loan companies look with disfavor on people <BR>
with bad credit ratings, anyone checking the credit of a job <BR>
applicant would not be feeling positive about hiring that person. <BR>
Don't forget to mention this job aspect to the debtor, especially if <BR>
you're dealing with a college student.<BR>
<BR>
Other fallout of letting a debt get out of hand is the chance that <BR>
legal action could be taken and a judgment issued and then used to <BR>
garnish the debtor's wages or his bank account. Note that you should <BR>
not bring this possibility up with the debtor unless your office <BR>
reserves the right to take legal action.<BR>
<BR>
Never say anything to the debtor that you do not mean. If the <BR>
debtor says:<BR>
<BR>
"Don't call me at work anymore." (Remember this is a "cease.")<BR>
<BR>
"Why not"<BR>
<BR>
"Cruz I could lose my job!"<BR>
<BR>
"Are you listening to me Harold? What are they going to say if <BR>
garnishment papers arrive with your name on them?"<BR>
<BR>
Stay cool but include a touch of concern. Once you have informed the <BR>
debtor of what could happen you can talk about solutions. You can <BR>
become the "answer person" who is able to help the debtor out of his <BR>
financial troubles.<BR>
<BR>
(End) <BR>
<BR>
Let 15-year collections pro Jim Finucan show you how to double <BR>
even triple - the amount of money you collect from your accounts <BR>
receivable. Check out his unique collections manual "Past Due" shows <BR>
you how to handle all their excuses. For more information visit: <BR>
<a href="http://www.tiare.com/pastdue.htm">http://www.tiare.com/pastdue.htm</a><BR>
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posted by Scott Fish @ 1:24 PM
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