Debt collection is all about mind games. NotSoDeepSouth blogged about the four magical words that he used to use as a debt collector that acted like a crowbar on people’s wallets, getting formerly relcacitrant people to empty out their pockets.
The four words are:
– “flat refusal to pay”
Example sentence: “Ms. Jameson, are you aware that you owe my client, Ultracorps, $217.23? I’m just calling to confirm one final time that this is a flat refusal to pay before I file this with my office and we take additional steps.”
The psychology is simple, NotSoDeepSouth writes. “If I call up and use the buzz words alleging legal action, and I sound educated enough to perform some sort of legal action, people tended to find money in the budget.”
As an individual debt collector he made 20-35% off all the money he collected. When the original debts were bought for $.0025 on the dollar, that’s quite a profit.
Confessions of a Former Bill Collector [Crasstalk] (Thanks to Laura!)