Psychological section: know thyself

DEBT-COLLECTION professionals estimate that at least 80% of people have terrible problems asking for money. Even if there’s no squabble. They just hate asking. They can’t stand the idea of walking up to someone and saying, “You owe me such and such. May I have a cheque please?”

Are you like that? Worse yet: is your credit manager like that? (Many are.)

Here’s a simple test: you’re in a queue and someone pushes in. Do you grumble under your breath and let him in? Or do you pipe up and say, “Hey! There’s a queue here. Go to the back.” Eighty percent or more would let the person push in. The same 80% are the ones who have trouble asking for money (from anyone — even their own brother).

If you’re honest and think you aren’t a natural debt collector, take account of the fact. Hire someone who finds it easy. This is precisely what many debt-collection agencies try to do themselves: pick people who are psychologically right for the job. There’s no point in them hiring someone to collect debts if it takes the person half an hour to calm down each time he phones someone.

And back to you: think of your health. If debt collection rattles you, you won’t be able to sleep at night. Is it worth it? Can you run a business that way?

You have to know how much debt-collection you can stand, then hand over the job when you reach your threshold.  Let the professionals go after them. The peace is wonderful.

 

*an extract from “The Debt Collector” published 1990