Friday, November 22, 2013
Why do I need a collection professional for debt collection?
To answer this question, often asked by clients and sales prospects, the following comments may be helpful.
· Relocating (skipping) to parts unknown.
· Loss of motivation to pay—the more time which elapses, the less motivated debtors are to pay.
· Faded memories—they forgot all about this debt.
· Statute of limitations concerns—legally, the claim is no longer enforceable.
· Businesses go under—the lifespan of a troubled company is short, especially in difficult economic times.
· Here today gone tomorrow—some debtors intentionally run up debts, take the goods and services and run (or form new businesses with new legal identities which make collections difficult or impossible).
Doesn’t the collection professional go about bill collecting the same way I do? Yes, in many instances the procedures are very similar but just the impact of having a third party involved can be very effective coupled with the very specialized training and techniques developed by collection professionals to bring about results.