4 Types of Debtors
Most folks pay their debts on a timely basis. Some do not. There are basically 4 kinds of debtors that don't cover on a regular payment schedule.
This is the hardest type to collect from. In their mind if they don't hear from you regarding the debt, then the debt doesn't exists. Hence, they do everything they can to prevent contact. And should you make contact they'll try everything to get you off track. They'll get you to attempt to concentrate on less important instances of this accounts, for example. . .it is the fault which you sent the letter to the wrong address, your employer wasn't suppose to cash a check before a particular day, they never got your messages because you were leaving them in the wrong amount, and on and on. This is where being the expert collector comes into play. You have to stay focused, whatever the smoke screen thrown at you. Take control of the conversation and keep it.
This debtor is a hard worker. They're by nature, proud and don't easily request support. They go to work everyday, the majority of the time even if they're sick. They honestly believe that if they work only a bit harder they will make the cash required to pay back the debt. The issue is that there is ALWAYS something that comes up and takes their money. The expert collector will show respect to the debtor and gentle nudge with suggestions about how to better funding. If necessary allow the debtor think it was their idea.
This debtor isn't exactly grounded in fact. They believe that tomorrow it will all work out. They think that the payment date at the end of the month is fine since the money will only appear from somewhere. If they don't have the money these days, it is going to be here tomorrow. The expert collector directs the debtor at the best way to go. First, by asking questions which receives the borrower to comprehend that they as the debtor must make a plan, AND keep it up.
The Frustrated Student
This debtor will most likely fuss, shout, cry and port in another way in your conversation. It's important to remember that the magician's helper will possible act the exact same way. However, their reasoning is totally different. The magician's assistant will act out for the goal of a smoke screen. The frustrated student is doing so as they're angry at themselves, their position and their financial skills. They wish to look after the debt but have no clue how. The professional collector will establish the difference. Afterward, will explain to the debtor that the frustration is normal, but the two of you working together will get a successful answer.
It's important to ascertain the type of debtor that you're dealing with. As soon as you've decided the debtor's style you'll get a better chance to overcome any objections that the debtor has in attempting to settle their debt.