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Plain English Seminar tm on "Business Turnarounds"
Chapter 7, Dealing with Creditors
Chapter 7, Dealing with Creditors
Excerpt from "Communicate – on YOUR terms"
A key step in dealing with creditors is keeping open communication with them. Creditors worry if they don’t know
what’s going on or if they think you are ignoring them. By communicating regularly regarding your situation, your
plan, and steps taken, you will find that the majority of creditors will soon give you more time to accomplish your
turnaround.
Communicating doesn’t mean that you have to tolerate consistent, threatening calls, however. You should take
steps early to control the communication rather than have the callers control you.
Identify one person to deal with ALL creditor questions. Creditors should be given a direct phone number for that
person, if possible, and all calls that go through a receptionist should be automatically directed to that person.
Calls should be taken at the convenience of the credit negotiator when he is prepared to deal with the callers. The
best approach is to identify one phone line for creditors and have voice mail connected to it. The recorded
message should state that you are working diligently to resolve the current financial situation and will return all
calls at certain times (for example, every Tuesday afternoon and Thursday afternoon). The message should ask
them to leave information about the company name, individual name and phone number as well as any other
information that might be helpful.
It will take a while for come creditors to accept the recorded message. They will try to call the receptionist, or the
accounts payable department, or any executive they can find. They will threaten immediate lawsuit, repossession
of any products or anything else they can think of. Whoever receives these errant calls should be polite, but make it
clear that they are unable to help the caller. Then the calls should be forwarded to the extension of the debt
negotiator. After a while (usually a couple weeks), the creditors will learn that they won’t get anywhere otherwise
and will deal with the extension.
The key to making this system work, however, is to actually return calls at the set time.
A key step in dealing with creditors is keeping open communication with them. Creditors worry if they don’t know
what’s going on or if they think you are ignoring them. By communicating regularly regarding your situation, your
plan, and steps taken, you will find that the majority of creditors will soon give you more time to accomplish your
turnaround.
Communicating doesn’t mean that you have to tolerate consistent, threatening calls, however. You should take
steps early to control the communication rather than have the callers control you.
Identify one person to deal with ALL creditor questions. Creditors should be given a direct phone number for that
person, if possible, and all calls that go through a receptionist should be automatically directed to that person.
Calls should be taken at the convenience of the credit negotiator when he is prepared to deal with the callers. The
best approach is to identify one phone line for creditors and have voice mail connected to it. The recorded
message should state that you are working diligently to resolve the current financial situation and will return all
calls at certain times (for example, every Tuesday afternoon and Thursday afternoon). The message should ask
them to leave information about the company name, individual name and phone number as well as any other
information that might be helpful.
It will take a while for come creditors to accept the recorded message. They will try to call the receptionist, or the
accounts payable department, or any executive they can find. They will threaten immediate lawsuit, repossession
of any products or anything else they can think of. Whoever receives these errant calls should be polite, but make it
clear that they are unable to help the caller. Then the calls should be forwarded to the extension of the debt
negotiator. After a while (usually a couple weeks), the creditors will learn that they won’t get anywhere otherwise
and will deal with the extension.
The key to making this system work, however, is to actually return calls at the set time.
CD--Seminars. com
A division of Business Education Network, Inc.
Plain English Seminars tm
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