Collecting Past Due Accounts - Things You Should Neve Say

by Jim Finucan

Published on this site: January 25th, 2006 - See more articles from this month

There are a number of lines which have no place in a collections call. If you find yourself using one or more of them – or something similar you need to do a reevaluation and change your approach.

"I don't know what to tell you."

It's your job to know what to tell these people! If you don't know then think of something aimed at getting the balance in full (and be quick about it!)

"Ok. I'll wait to hear from you."

Not a chance! You need to say something like

"I will call you frequently to inspire you to get this money and I will be relentless – you might even say `driven.'"

Never forget that debtors are procrastinators by nature.

"Let's wait to hear from your insurance company."

Whenever you hear a debtor use the word "insurance" watch out for the stall. Don't get taken in.

"Can you send a payment this month?"

There goes any chance you have for getting the balance in full. This question is not a tactic. It has no teeth in it.

"Looks like you are doing really good with your payments."

This statement is a contradiction in terms. Partial payments are not your goal. Such a statement also reassures the debtor that it's ok for him to continue them, rather than paying the full amount.

Jim Finucan knows all about the dances, dodges and delays debtors will try to pull. Let Jim show you how to double or even triple the money you collect from your accounts receivable. Check out his unique collections manual "Past Due." For more information visit: http://www.tiare.com/pastdue.htm