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Many times Virtual Assistants
and Admins in smaller companies have to perform
collection. In my eyes debt and bill collecting is
never a fun or easy task to perform. I recently ran
across a series of questions and answer on debt collecting
by Jim Finucan . I am happy to be able to share them
on the website. In the future as new questions are
answered, I hope to include them here.
Jim Finucan is a "top
gun" bill collector who has been bringing in
unpaid bucks for over a dozen years. He is the author of
"Past Due – A Debt Collections Manual" http://www.tiare.com/pastdue.htm
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Debt
Collecting Q & A - Issue 14
Q)
Jim – We're having real problems in collecting from a
couple of our larger accounts and are therefore considering
turning the job over to a collections agency. However, I'm
wondering it the next step in this process should be to call
in a lawyer. What do you think?
Debt
Collecting Q & A - Issue 13
Q)
I am in the collections business and I am determined to
become as good at it as you are. The company I work for
trains us well but one of the clients I do collections for
just doesn't provide us with anything to work with. What I
mean is that they don't report delinquents to credit
reporting agencies, nor can we threaten to have the company
discontinue service. As result the delinquent account
doesn't take us seriously because they know there's nothing
we can do. Do you have any suggestions for getting around
this problem?
Debt
Collecting Q & A - Issue 12
An
information technology firm owes me almost $40 thousand for
consultant work I did for them. Now they have changed the
name of their firm and had a lawyer send me a letter that
claims their bank has seized their assets. I know this is
not true. They are still at the same location and employ the
same people. They just answer the phone with a different
name when I call. I don't know what to do. I always thought
they were a reputable firm.
Debt
Collecting Q & A - Issue 11
Q
- When I work up the nerve to call someone about an overdue
bill I always seem to fold or lose my cool as soon as the
other guy throws a reason at me for why the bill hasn't been
paid. Do you have any suggestions?
Debt
Collecting Q & A - Issue 10
Q
- My
most important customer has always been very good about
paying invoices on time. But the accountant at that company
always gives me an excuse (too busy, being processed now,
etc.). We keep waiting but the checks don't arrive. I have
called the boss but sometimes he is out of town and can't be
reached. The accountant is the person responsible for seeing
that invoices are paid so how can I get her to issue checks
on time?
Debt
Collecting Q & A - Issue 9
Q
- I
had a realtor client who was representing a new development.
I agreed to do a logo for them in order to get the contract
for marketing this new development. The realtor paid half
the invoice for the marketing materials and nothing more,
despite sending certified letters and threatening to
withhold usage of the logo. My lawyer says I have a case but
his fees would be more than the amount I'm owed. And even if
I did win in small claims court, would that judgment have
any teeth? Would I be able to collect? Is it even worth the
hassle?
Debt
Collecting Q & A - Issue 8
- Q - My company sold $3,200 worth of
merchandise to another firm some six months ago. When I
attempt to pursue payment I learn that the person who placed
the order has left and the company claims not to have
ordered the product and refuses to pay. What do I do?
Debt
Collecting Q & A - Issue 7
Q
--
I'm an
administrative assistant and I do bill
collections for our company. Some of the owners who owe us
money act like they are real big shots; they just walk all
over me so I end up getting flustered, losing my composure
and often I don't get the money. I've read your book,
"Past Due," and gotten a lot from it, but
sometimes I just can't get through those four steps in the
collection call before I lose them. What should I do?
Debt
Collecting Q & A - Issue 6
Q
- How
can I be sure that I've gotten to the heart of the problem
when I suspect the debtor is being insincere, or even
dishonest?
Debt
Collecting Q & A - Issue 5 Q -
My question is simple. I
don't like to mess around so I just hand my delinquent
accounts over to an attorney who sues the client right away.
I either get a judgment or they pay just before the court
date. Why doesn't everyone do it this way?
Debt
Collecting Q & A - Issue 4
Q - I've
had it! It's been 90 days since I sold a product to this big
corporation and I haven't seen any money. When I call them I
get a "human resources" person who claims to be
waiting for a check to be cut by another department. On top
of that she has an attitude like I'm bothering her or
something. In the meantime, I'm getting ripped off. What do
you suggest? "Almost Postal"
Debt
Collecting Q & A - Issue 3
Q
- My small business has grown over the past year, but the
growth has also brought more past due accounts. This is the
first year I've had these problems. Am I doing something
wrong?
Debt
Collecting Q & A - Issue 2 - Q
- I have a client who, for the most part, is an excellent
customer. However, I've run into a problem. He has refused
to pay a $7,500 bill, claiming that they had to hire someone
else to re-do the work we did for them. I've spent a great
deal of time developing this relationship and I don't want
to end it. On the other hand, I don't want to be looked on
as an easy mark and get taken. What should I do?
Debt
Collecting Q & A – Issue
#1
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?
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