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Success with First-Time Debtors - Professional Collector, Spring / Summer 2002

Excerpt

The fact that some consumers never thought it would happen to them can be an advantage for a collector, says Jim Finocchiaro, president of the Iowa-based collections executive placement firm SC Riverside. He offers the following advice:

Listen with sympathy. In recessions, people who can't pay their debts usually outnumber those who are simply avoiding their debts. "'Can't' lends itself to sympathy," Finocchiaro says. "If you listen and you're more human than the next collector, while still asking for payment, you're more than likely to get it."

Leverage embarrassment. The embarrassment factor is a powerful motivator. The Consolidated Credit survey found that 56 percent of consumers are afraid their employer, family or friends will find out how badly they are in debt. These debtors are more likely to respond to strategies that will help them avoid further difficulties. Finocchiaro says that winning strategies include offering payment plans and practical advice about where they might find the money.

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