In Focus Collections
This type of debtor is not exactly grounded in reality. They believe that it will all work out. Tomorrow. Somehow. They believe that the payment date at the end of the month is fine because the money will just appear from somewhere. If they do not have the money today, it will be here tomorrow
Laughing hyena The hyena laughs when being pursued or when dealing with great fear. It is an escape mechanism. The hyena never plans an attack, but likes to take the route with the least effort and risk. This type of debtor is not exactly
grounded in reality. They believe that it will all work out. Tomorrow. Somehow. They believe that the payment date at the end of the month is fine because the money will just appear from somewhere. If they do not have the money today, it will be here tomorrow.
The solution Guide the debtor in the direction that will yield the best results. Begin by asking questions that will allow the debtor to understand the reality of the situation. The debtor must make a workable and realistic plan, and stick to it.
The solution Show respect to these debtors and gently supply them with ideas on how to better budget. If possible or necessary, let the debtors think it was their idea.
May 2019
Pot-bellied pig This debtor will probably throw some sort of temper tantrum. During the conversation, it is most likely that they will fuss, yell, cry, and vent in some dramatic display of
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emotion. Like the pot-bellied pig, they can seem stubborn and unreasonable. For the collections agent, it is imperative
to know where this frustration is coming from. This debtor is likely reacting this way because they are mad at themselves, their situation and their financial inadequacies. They want to take care of the debt but have no idea how.
The solution Explain to the debtor that the frustration is normal, that you empathise with the situation, and that you are willing to work together to find a successful answer.
Conclusion It is important to determine the type of debtor that you are facing in order to be most effective. Once you have determined the debtors’ style, you will be more prepared for the reactions, and you will have a better opportunity to overcome any objections that the debtors present while trying to repay their debt. After we determine which animal we are
dealing with, our chances of collecting the debt will increase. CCR
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