Time: A Friend of the Workout!

Many clients get upset when time passes without a showy result.

What they do not understand is that a significant result is taking place behind the scenes.  When a Credit product such as a loan or credit card goes past due, it looks terrible for the creditor who issued the product.  These defaulted liens sit in files with an account manager and he is charged to collect on them as fast as possible and resolve them.  One of the most effective tactics I use is to keep in touch with a creditor using a very passive hands off method of conversation.  This let’s the pressure to resolve the lien build to a breaking point.  When this happens they must move the file no matter the cost.

These delay tactics are responsible for my settlement today.  The card issuer had been unmoving on a 50% settlement since October.  This morning the peak was reached and the settlement was confirmed.  We settled for 25%.  The fact we chose our time to strike rather than beating against the “wall” saved our client 25% of the total default value.

Be patient as a client or even if you are working out your own debts.  Timing is important and you must dictate the pace of all negotiations.