Case Study - 3rd Party Psychology
I am going to explain how 3rd party psychology can totally change the dynamics from the picture above to getting paid.
I recently had a meeting with a potential client who explained that he had a few debts that he needed my assistance with. The client explained the scenarios for each case which gave me a clear understanding of what was required. I went on to explain our services and how we could assist. The client had clear admissions of liability in writing, but the debtors had just stopped communicating with the client. I explained to the client that in these situations a clear plan of escalation was required and that 3rd party psychology along with continuity and consistency was critical to get the desired result, getting paid.
I advised the client to write to his clients explaining that unless they contacted him to discuss repayment of the outstanding debts then he would have no other alternative other than to pass the debts to a debt collection agency who would add costs and interest in accordance with his terms and conditions and then follow through with that course of action if needed. 3rd Party psychology is a simple yet effective method of getting someone to engage with you.
The client sent his customers an email (copying myself) outlining the aforementioned process. Within 10 minutes both debtors contacted the client direct to arrange a meeting to discuss the outstanding balance owed. One of the debtors even went so far as to point out he had noticed that the client had copied into the email a debt collection agency. Simple 3rd party psychology, just the fact I had been copied into the email was enough to get his clients to engage with him. So far I've not been instructed so I can only assume that matter has been resolved.
Sometimes 3rd party psychology is enough to get the desired result. From the debtor’s perspective if they did not reply then the next communication would be from me and further costs and interest would have been incurred. Very simple but very powerful. I would always recommend naming the company you intend to use in your last communication that way if you do end up instructing the debt collection agency then the debtor is already aware of the company and whatever the company says is likely to happen because continuity has occurred and there is no reason to believe otherwise.
Whilst I could have quite easily persuaded the client to pass the accounts straight over to myself, I believe by giving the above advice builds a relationship based on trust and whilst I have not benefited in this instance but going forward the client is most likely to be loyal and trust my judgment in the future.
Outcome: Selfless advice, Integrity, continuity, long term relationship, 3rd party psychology