Jim Finucan's Guide to Debt Collection: Issue #1

Overcoming the "I Don't Have the Money" Excuse

Firstly, it's crucial to firmly believe that you are entitled to the payment before initiating the call. Remember, you have every right to claim what is rightfully yours. Reflect on your past achievements to boost your confidence. It's vital to project strength and determination during the call, as any perceived weakness can be exploited by the debtor.

When confronted with the "I don't have the money" excuse, start probing into the debtor's financial situation. Ask questions about their current financial commitments. Are they paying their employees? Have they made any significant purchases recently? Could they qualify for a loan? What type of vehicle do they own? What is their average annual income?

The debtor will likely be caught off guard by these questions and may resort to fabricating responses. This provides an opportunity to catch them in a lie, which can then be used to challenge their credibility.

Challenging the Debtor's Credibility

When you spot a lie, don't hesitate to call them out on it. Use phrases like:

• "That's preposterous."
• "How gullible do you think I am?"
• "Who are you trying to fool?"
• "Is this how you conduct all your business affairs?"
• "Are your other business associates aware of your dire situation?"

If the debtor is struggling to pay their bills, it's likely that their other business associates are unaware of their predicament. By exposing their lies, you can make them realize the gravity of their situation.

Turning the Tables

The debtor may attempt to evoke sympathy by portraying themselves as a victim. By creating a scenario where they are forced to lie and then making them justify their lies, they may start to comprehend how their actions are perceived by others. I firmly believe that even the most hardened individuals can be made to see the error of their ways using this approach.

In conclusion, effective debt collection requires a combination of confidence, determination, and strategic questioning. By adopting these techniques, you can overcome common challenges and successfully recover debts.

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