Does your debtor have poor cash flow?
Do they want to pay you, but don’t know when it’ll be possible?
At Ross, Stuart & Dawson, we’ve seen it all. That’s why we’ve compiled some tips for approaching different types of debtors. It’s important to determine what kind of debtor you have, one that can’t pay, or that won’t pay, because the approaches for them can differ.
Here’s how to approach a debtor who can’t pay:
Can’t Pay ‒ Most non-payments result from a real or imagined lack of cash flow. These debtors usually want to pay, but feel like they can’t. If this is the case, act as their problem solver. They have debt, you have solutions! You need to convey to them that you are partners and only want to help them. This will put them at ease and make them far more likely to comply. When negotiating with them, if they have poor cash flow, offer them a structured payment plan to pay off the debt. Once you both agree on the plan of action, get everything down in writing and have the debtor agree to the terms in writing.
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Take Advice from the Trusted Debt Collectors in Michigan
If you’ve done all of the above, and still need help, Ross, Stuart & Dawson can assist you! Certified by the Commercial Law League of America and endorsed by the International Association of Commercial Collectors, Ross, Stuart & Dawson has the know-how to get you the money you deserve.
Our kind, professional-approach is empathetic yet firm and manufactured for success! For a trusted commercial debt collector in Michigan, call RSD today at 888-701-8181 or contact us via our website to start taking care of your delinquent accounts.