How to use the threat of a debt collector
No one wants their debts to be in the hands of debt collectors, but for whatever reason, that’s where a lot of them end up. Collecting bad debts isn’t a place where a company or an individual wants to be either, but the threat of debt collectors can be very useful.
If the debtor is overdue on their payment then it’s time to start taking firm action, explaining via a call the steps that could be taken to recover a debt can be a very effective means of getting the money you’re owed. It’s at this stage, however, that many people bury their heads in the sand and stop answering phone calls if they know they’re going to be chased for money.
If you have lost contact with someone who owes you money, sending a letter can be a great way to get through to them. Underlying the threat that the case will be passed to debt collectors is often enough for a lot of people to get back on to the phone and make a payment. While people ignore calls, far fewer people ignore letters, and they’ll understand what the threat is.
The final step
As with any threat, it only ever works if the person on the receiving end actually believes you’re going to do what you say you’re going to do. If all other opportunities have been exhausted and they have used up all their chances, then it’s time to follow up on your threat and start using doorstep debt recovery to get you back the money that you’re owed.
If the debtor, or anyone else, owes you money in the future, they will know the steps that you’re prepared to take in order to get back what’s rightfully yours. There is no courtesy in a situation like this; if you are owed money, then you need to get it back, by whatever means.
If your debtor has used up all their chances, then call First Capitol today and instruct us to finally collect the money that was lent out in good faith, and we will do everything in our power to settle your debt.