The Ultimate Method for Maximizing Return on Debt Collections

by David Carlisle
(New York, NY)

Laid Off but Still Paid Off

The keys to successful debt collection are 1) consistency, 2) kindness, and 3) follow-up.

The majority of people want to pay their debts and live an honest life. For the small percentage who do not and who are true deadbeats, you will never collect any money from them. The key to success is to be consistent, kind, and follow-up and the majority of the people will pay you in full.

The first key is to be consistent. You need to call this person at the same time every day to establish the pattern that collecting this debt is now a part of their daily routine. Whether it is at 8am, 12 noon, or 6:30pm, you must call every single day so that the person knows the call is coming even before you have called.

The second key is kindness. Most people want to pay for what they have consumed and they respond to someone who treats them with respect, dignity, and yes, kindness. That is where an empathetic ear comes in handy.

Tell them you can relate to their struggles and you want to work with them to resolve their situation so they can move on with their life. A second of kindness does not cost a debt collector any more, yet it realizes a substantial return on debt collection efforts.

Finally, follow-up is essential. Once your consistent kindness has yielded a promise to pay, you have to follow-up to assure the debtor keeps up their end of the bargain. Once they send you that check, then your work is done and everyone can be happy for the resolution to the uncomfortable situation.