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    Top Secrets for Persuading the Debtor to Pay You Now
    Top Secrets for Persuading the Debtor to Pay You Now
    Top Secrets for Persuading the Debtor to Pay You Now
    Ebook123 pages2 hours

    Top Secrets for Persuading the Debtor to Pay You Now

    By Gini Graham Scott

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    About this ebook

    This book will help you collect your money by persuading the debtor to pay by using various types of appeals. Chapters cover setting up your collection system, keeping track of overdue accounts, the dos and don’ts of debt collecting, effective letters, phone calls, and meetings with the debtor, sending out notifications and reminders, and appeals that motivate the debtor to pay.

    LanguageEnglish
    PublisherGini Graham Scott
    Release dateNov 10, 2009
    ISBN9781452386454
    Top Secrets for Persuading the Debtor to Pay You Now
    Author

    Gini Graham Scott

    Gini Graham Scott, Ph.D., CEO of Changemakers Publishing and Writing, is an internationally known writer, speaker, and workshop leader. She has published over 50 books with major publishers on various topics and has written over 3 dozen children's books. Her published children's books include Katy's Bow, Scratches, The Crazy Critters First Visit, and Where's the Avocado? published by Black Rose Writing. She has published 8 children's books through her company Changemakers Kids and is a member of the Society of Children's Book Writers and Illustrators. She does workshops on self-publishing and creativity. She also helps clients write books as a ghostwriter and self-publish or find publishers and agents. Her websites are www.changemakerspublishgandwriting.com and www.ginigrahamscott.com.

    Read more from Gini Graham Scott

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      Book preview

      Top Secrets for Persuading the Debtor to Pay You Now - Gini Graham Scott

      Top Secrets for Persuading the

      Debtor to Pay You Now

      by Gini Graham Scott, Ph.D.

      Author of a Dozen Books on Work and Professional Development, including Disputes, Disagreements, and All Out War and

      A Survival Guide for Working with Humans

      www.ginigrahamscott.com

      Smashwords Edition

      Copyright 2009 Gini Graham Scott, Ph.D.

      Discover other titles by Gini Graham Scott at Smashwords.com

      Smashwords Edition, License Notes

      This ebook is licensed for your personal enjoyment only. This ebook may not be re-sold or given away to other people. If you would like to share this book with another person, please purchase an additional copy for each person you share it with. If you're reading this book and did not purchase it, or it was not purchased for your use only, then you should return to Smashwords.com and purchase your own copy. Thank you for respecting the hard work of this author.

      Credit: Cover Photos by... Image 1 - Maksim Pasko, Fotolia, Image 2 - Andres Rodriguez, Fotolia, Image 3 - jovica antoski, Fotolia

      TABLE OF CONTENTS

      INTRODUCTION: THE DIFFICULTY OF COLLECTING DEBTS

      The Credit-Collections Connection

      Persuading the Debtor to Pay You

      ABOUT THE AUTHOR

      CHAPTER 1: PRE-COLLECTION QUESTIONS

      Setting up Your Collection System

      The Four Stages

      The Time Line

      What Next?

      CHAPTER 2: KEEPING TRACK OF OVERDUE ACCOUNTS

      The Ledger System

      The Card Tickler System

      The Duplicate Invoice System

      Using a Manual or Computer System

      CHAPTER 3: THE DOS AND DON'TS OF DEBT COLLECTING

      No Falsehoods, Misrepresentation, or Deceptive Practices

      No Harassment or Abuse

      No Ruining the Debtor's Reputation

      No Invasion of Privacy

      CHAPTER 4: EFFECTIVE LETTERS, PHONE CALLS, AND MEETINGS WITH THE DEBTOR

      The Basic Technique for Motivating Action

      Writing Effective Letters

      Major Pointers for Good Letters

      Organizing Your Letter

      Using Telephone Techniques That Work

      Organizing Your Call

      Follow-Up

      CHAPTER 5: EARLY CONTACTS WITH THE DEBTOR

      The First Notification

      Sending Out Reminders

      Types of Reminders

      Additional Reminders

      Moving On

      CHAPTER 6: APPEALS THAT MOTIVATE THE DEBTOR

      Initiating the Appeals Process

      The Importance of Follow-Up

      The Basic Steps of Motivating the Debtor

      The Major Appeals

      Deciding What Appeals to Use

      Examples of Statements that Back Up Your Appeals

      CHAPTER 7: EFFECTIVE USE OF THE APPEALS

      Appeals to the Need for Self-Fulfillment

      Appeals to the Need for Self-Esteem

      Appeals to the Need for Belonging

      The Desire to Gain Love and Affection

      Appeals to the Need for Comfort and Ease

      Appeals to the Need for Safety and Security

      Combining Your Appeals

      Combining Your Appeals with an Opportunity for Discussion or Negotiation

      RESOURCES AND REFERENCES

      OTHER BOOKS BY THE AUTHOR

      AUTHOR CONTACT INFORMATION

      INTRODUCTION: THE DIFFICULTY OF COLLECTING DEBTS

      For many people, the process of successfully collecting debts is fraught with conflict and uncertainty. You ask for the payment you have coming, the debtor gives you an excuse, and you don't know what to say next. Is the excuse really true? And even if it is, how do you convince the debtor to pay you?

      Many creditors give up on collecting debts before they should because they fear the debtor's ill will. Some stop trying because they assume the debtor is a won't-pay deadbeat who has no money, when this is not the case. Still others give up because they aren't aware of the legal remedies available to them, and don't know how to show the debtor they are really serious.

      On the other hand, some creditors become so emotionally involved and pursue their debt so energetically that they may end up owing the debtor money when the debtor sues for libel, slander, harassment, theft, assault, extortion, or other illegal collection practices.

      If you want to collect the money people owe you, you need to know the rules of the collection game; then you can be creative within these general guidelines. Indeed, in many instances, it is necessary to be resourceful; you will be competing with other creditors for payment from a debtor who doesn't have enough to pay everyone, or who uses a priority system to pay the more important debts first. In that case you have to find a way to make your claim come to the top of the pile—or perhaps look for non-monetary alternatives to getting paid.

      Of course, collecting what you are owed is only half the story. The other half involves taking preventive measures in advance to protect yourself from collection problems. Depending on circumstances, these measures can range from writing up effective loan agreements to making decisions about when to extend credit and to whom. A strong credit policy will help you decide under what circumstances you will extend credit—and how much you will risk.

      The Credit-Collections Connection

      As discussed in Secrets for Protecting Yourself from Bad Debts, anytime you make an exchange with anyone and don't immediately get cash, you are extending credit. And that includes working for someone, accepting a check (in reality a promise to pay), billing someone for a product or service, or making a loan.

      If you think about it, you'll realize that every society operates on some form of credit. Even a simple society that uses barter instead of money incorporates a credit system. Say a person performs some activity for another, such as working in a field sharing food from a hunt. That activity establishes a debt whereby the other person is expected to perform some reciprocal action in return--perhaps doing work in the future or sharing later from his own supply of food.

      Thus, credit is, in a sense, the grease that keeps the wheels of society moving. Credit facilitates relationships: not every transaction can be immediately concluded with a payment in money, services, or products in return. But because the parties to a transaction agree or expect that reciprocal activity or payment will occur at or by a certain time, they can proceed with their current business, trusting that they will get paid.

      In any situation where you extend credit, you have to determine an acceptable risk level. You must also realize that you are making a trade-off between your investment of time and energy in the transaction and your expectation of getting paid. In effect, there is a trade-off between sales and credit; if enough people refuse to buy from you without credit, your conviction that you are saving money by refusing credit to your customers may come back to haunt you.

      Extending credit can indeed increase the likelihood of making a sale. But the very act of extending credit brings with it a measure of risk--however small--that payment will not be forthcoming. Accordingly, you must weigh the value of making a transaction that can increase your business, help a friend, or strengthen a relationship with the possibility that you will not receive the expected payment.

      Being too conservative in extending credit can lose you sales (or even damage some of your personal relationships, though personal borrowing is not the province of this book). On the other hand, being too liberal can create severe financial problems for you and possibly lead to a business or personal bankruptcy if you don’t get paid. You must strive for a balance that works for you and decreases your risks by maximizing the chances that you will effectively collect the money people owe you.

      Thus, Secrets for Protecting Yourself for Bad Debts discusses how you can establish a good credit policy so you can make the best decision about whether to extend credit (in the form of money, work, or sales).

      Persuading the Debtor to Pay You

      But what if you have extended the credit and the debtor hasn’t paid you? Secrets ffor Persuading the Debtor to Pay You Now is designed to help you collect this money by persuading the debtor to pay you using various types of appeals. Generally, these policies will work – though if the debtor still hasn’t paid, the final book in this series – Secrets for When and How to Get Tough With A Debtor– will help you in dealing with debtors who feel they can’t or won’t pay.

      While this book is designed especially for the small business person owed a small amount of money (up to about $5,000, which is the limit on small claims cases in

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