Unlocking Lost Debts
We buy old debts, even debts that our clients have written off, and often succeed in making a satisfactory recovery. How?
Well, there is some magic behind unlocking lost and old debts, what we do but it isn’t difficult magic to understand.
Three things that we do, that our clients usually do not.
First; we are skilled at skip-tracing. This is looking for where people have gone. Often, when people fail to pay a debt to you, they have also failed to pay many others as well. Then they go to ground, drop off social media, and keep a low profile.
The problem is it is hard to get completely ‘off the grid’. Even the most low-profile individual will leave breadcrumbs if you know where to look, and at Tempest we have spent years knowing where to look. Not that we have access to any secret records, but we do have experienced investigators who know what rocks to look under.
Usually, finding the person is all it takes. Once we get the debtor on the phone a resolution comes quickly.
Second, it is all about that phone call. Certainly calling a person who owes you money is not easy. Let’s be honest, most of us do not like making that call. Also, sometimes it is easier to write the debt off than endure the unpleasantness of having a difficult conversation.
But, with practice, these get easier. We understand, and we are very good, at making the debtor feel at ease, in letting them know we are not interested in going over the past, but in working out a solution. At Tempest, we also invest heavily in training. Our staff learn what works, and what will cause the debtor to dis-engage.
Every call with a debtor is a sales call; either they will make a sale and get off the phone without making a commitment to pay, or we will make the sale and get a result. This is a skill. It takes time to develop. These soft skills are valuable.
Third, and perhaps most importantly, we bring a credibility to the process. Tempest is part of a larger group, and we have a team of lawyers employed by us. While we are polite and respectful, we also back up what we say with actions.
If the debtor fails to engage, we can escalate through litigation. This knowledge gives our collectors the confidence to push for a resolution, to not take ‘no’ for an answer, and also to refer the debtor our legal team for enforcement if no progress is made.