If we have decided that we will make an attempt to recover the debt from our business partner inside the company, let us use the tips, thanks to which we will increase our chances for return of cash.
What we should mainly remember is that the fact that the debtor owes money to us does not mean that we are the best person for conducting of negotiations.
However, we may bravely start the negotiations on condition that: we are very calm, we can negotiate toughly, we are resistant to manipulation and it is difficult to deconcentrate us.
But if one of the statements presented above does not fit our description, we should better look whether there is another person with proper predispositions in the company.
Effectiveness of negotiations depends to great extent on personal predispositions of the negotiator and on learning of a couple of principles, according to which we should negotiate the terms & conditions of repayment of the debt:
- Firstly: We do not ask whether the debtor will give us the money back but we ask when they will do it. If we have performed a service or sold some goods – they have such obligation. Setting of the time limit and the fact whether the debtor meets it or not will allow us to assess our chances at the beginning.
- Secondly: We should remember that we are interested in specific arrangements since only they may lead us to our objective, i.e. to recovery of money, so payment declarations in written form will be more binding.
- Thirdly: We may record the arrangements in the form of a settlement together with the schedule of payments. Thanks to it, the debtor will be even more mobilised and in case of a need to institute the court proceedings, we will obtain evidence in the form of acceptance of the debt. Such document also interrupts the course of the prescription period.
- Fourthly: We should remember that emotions will not help us in any way but may cause a lot of damage. So if despite our professional approach we have not been successful so far and the debtor does not demonstrate good will or just misleads us, our frustration may only aggravate the conflict but we will rather not cause the change of the attitude of the debtor. Then, it is better to refer the case to professionals; why – you will find the answers in the text: A specialist can do more.
- Fifthly and lastly: Time is money and it is not only about the fact that we unproductively lose our working hours but also about the fact that the value of the debt itself decreases. If we need cash immediately, if we consider the sale, we should remember that the sooner we do it, the more money we recover: When to sell the debt in order not to lose.
Published on: 24 July 2014