Debt Collecting Q & A – Issue #1

Dear Jim –

Q - I keep running into guys who say they just don't have the money. When I hear that I start to lose my resolve. What can I do?

A - First, you need to be absolutely convinced in your own mind – before you even start the call - that you deserve to be paid and you're going to get the money. Everybody has it within themselves to fight for what is theirs. Think of your past accomplishments and get yourself pumped up ahead of time. It's essential that you to come across as strong and determined on the phone, otherwise the debtor will sense your weakness. And you can bet that he will try to use that weakness against you.

When he says he doesn't have the money to pay you, start asking him questions about his financial situation. Is he paying his employees these days, or are they working for vouchers? Has he made any major purchases in the last 60 days? Could he get approved for a loan? What kind of car does he drive? What's his average annual income? He's not going to be prepared for all these questions so he'll have to think fast - make up lies on-the-spot. One of them bound to be ridiculous and thus easy to spot. When it comes call him on it. It's time to shame him and shame him good

"That's ridiculous."
"How naïve do you think I am?"
"Who do you think you're kidding?"
"Do you handle all your business affairs as pathetically as this?"
"Do the other businesses you deal with know you're in such a bad situation?"

If he is having trouble paying some of his bills it's likely the other people he deals with aren't aware of his situation, because he knows they won't stand for the kind of stuff he is pulling on you, so he doesn't try it on them. And you shouldn't let him pull it on you, either.

He wants you to feel sorry for him. By creating a situation where he has to lie, and then making him explain his lies he may begin to realize just how pathetic he sounds to others. I firmly believe that even someone with a comatose conscience can be awakened and turned around by using this approach.