bob – the builder is a real, live Case Study. I am recording what does or doesn’t happen so that you can see the thought processes behind an effective collection strategy and how the three principles of effective account collections are applied in real life.
To see all of bob – the builder as it unfolds/unfolded click here.
Monday, 02 March 2009
Success! The next $10,000 received.
This email was received by Bob as a result of the email we sent on Friday, 27 February.
Please refer to my fax sent this morning to the number below.
The short month crept up on me.
Jane (Dave the debtor’s wife)
After confirming the money was now in cleared funds and waiting a few more days – timing is important – we sent this short email to Dave’s wife
Thanks for last month’s payment.
The balance remaining is now down to $40,000
now that interest is suspended.
The next one will become due in three weeks,
on Friday, 27 March.
What should we do now?
Nothing, until just before the next due date. Just as we did in part 5 of this series.
Points To Note
It looks like Dave has allocated future payments of this debt to his wife. That’s a very good sign. If he did not intend to pay the rest he would not have done so.
So, what do I expect to happen now? I think the next payment will be made just before the due date. Why? Because, generally speaking, people don’t like to be contacted about overdue accounts. They like to save face.