Getting into the mind of your debtor! What makes them tick?

Hi guys. So for the last 3 months I have been doing some research on debtor behaviour and what makes them tick. I bet you’ve always wanted to get into the mind of someone who is not paying you, and so did I so I did! Since November last year I asked every debtor that paid us in full within 24 hours of us receiving the debt what changed- clearly they had the funds all along- why didn’t they just pay before it came to us. And the results are truly startling. Here they are:

-62% said they didn’t pay because they didn’t understand how serious the matter had become and only paid us because we are a debt collection agency and they didn’t want to get sued.

-22% said they forgot.

-9% said didn’t want to part with the funds and liked seeing money in their account.

-7% said they had been waiting on money themselves and always intended on paying when it arrived.

So there you go guys- my advice to you all as a result is this: Follow up regularly- ring them from different numbers, dial 1831 to hide your number, SMS and email them 3 times a week.
Stress the urgency- give them very tight deadlines to make a payment and follow through on your demands. Being indecisive can be deadly

Getting into the mind of your debtor! What makes them tick?

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