Most lenders cease initiating contact(calls/letters) with the debtor once collateral has been assigned out for repossession. Are there lenders that continue to contact the debtor throughout the recovery process?
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Originally posted by SeaKelly View PostMost lenders cease initiating contact(calls/letters) with the debtor once collateral has been assigned out for repossession. Are there lenders that continue to contact the debtor throughout the recovery process?
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I have a client that will always tell the debtor that they are going on the repo list by "Certain Day" if payment is not paid. The best that I can figure by their calculations is that by doing that a larger percentage of those debtors that would be on that list pay; say 60% and then there is about 25% that believe it is a bluff to hurry up and make payment. Those get picked up and are not very happy. Then 10% hide out, stay with cousin or who ever until they can make payment and the remaining 5% say screw em and run like the wind never looking back. Chances are in their favor thus killing the agency. ie. usually not profitable work. Maybe brake even.
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