Debt collection can be a bit like marriage counselling. As in a marriage, a business relationship between a company and its customer can have its ups and downs. And saving the relationship isn’t to do with whether you can avoid difficulty, but how you deal with it.
There are two sides to both of these types of conflict, with a lot at stake. And there is often a third party, there to help them reconcile and hopefully come to a compromise. I have seen my fair share of business conflicts be resolved, and to be honest, I have felt a bit like a therapist at times. I take this “mediator” role seriously, and I’ve even had the debtor party come and thank me privately for my impartiality after we all came to an agreement.
The challenge in a debt collection situation is really that nobody wants to be treated like “the bad guy”. And my goal is to come to a resolution where both parties either go their separate ways happily, or decide to continue the business relationship. It’s about understanding the art of compromise, having the expertise and resources to preserve the relationship or minimise conflict, and helping ensure that all parties feel served.