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Secrets of Debt Collection

Do you worry that one of your customers, clients or patients will never pay? Have you given up on a client that in essence says that’s not going to pay? Congratulations – your experiences with these clients or patients are a milestone in the growth of your business or medical practice. But even the most hopeless of bad debts can sometimes be picked collection agencies have been doing for years. Here are six of their secrets.

1) You may call, write. According to a leading collection agency, you are much more likely to collect bad debts by sending a series of collection letters. Basically, you probably know what collection letters are better. It’s the same reason that make you uncomfortable as placing a call, first: 1) if the debtor knows why they are asking you to avoid the calls, and 2) if you look in the phone most likely a bad attitude, or just make excuses like “the check is in the mail” to get off his back.

2) Do not ask whether when prompted. This leader also recommends that you try to get the debtor to set a date to pay it back. People who owe money may have been telling themselves that they will move to pay you at any time. Peter Thomas Roth can provide more clarity in the matter. But tomorrow never comes, so you need a specific date. When you call, start by asking to pay today, then negotiate from there.

3) Be nice. Courtesy is important because: 1) that allows you to maintain the moral high ground, 2) that makes it more likely that you can establish a cooperative relationship with the debtor for repayment of the debt and the law 3) are not very strong against harassment in the collections process, and do not want to approach its limits.