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You know fear is there. Every call you make to a debt troubled borrower is dripping with it. They don’t answer the phone because they think you are a collector. They reject your offer of help because it feels like another scam. They resist your advice because Uncle Harry said something different.
All the while, they are being crushed by stress and their problem is getting worse. The best way to break through this barrier to service is to understand the fear. Here are five of the biggest fears I observe in debt customers.
1. Knowing Less Than You – These people are not good with money. And generally that has everything to do with a lack of knowledge. They don’t know how debt works, they are ignorant of the basic principles of financial management, they lack the understanding to evaluate various money options.
The worse part is they know it. They know they are not equipped to handle these decisions. They know that they know less than you and that puts them on the defensive. They have probably already been taken a time or two by scammers (knowing more than they did) that offered to “help.”
2. Are You Real? – They’re afraid of what you are, or worse what you might not be. They know that websites can obscure real size and stability. They may even have been taken by the perception of Web legitimacy on their way to their debt problems.
They are fearful of companies they think are Web only. Companies that don’t have addresses, telephone numbers, and people to talk to when things go wrong.
3. Are You Qualified? – Troubled borrowers’ telephones are constantly ringing with people who want money. Most are reminders of past bad financial decisions. How are you different? What makes you qualified to show them out of their hopelessness? This is going to be a big barrier. This is perhaps the most fundamental step of trust you are going to have to take with any debt lead.
4. Do You Care? – No one else has, why would you? Debt customers are constantly beat on by collectors and preyed on by scam artist. You are running straight into a phone conversation with someone that doesn’t trust anyone talking about money. Big barrier to solving a debt problem, huh?
5. Are You a Scam? – You can assume this is the first assumption on every debt customers’ mind when you make that call on the debt lead.
Bottom line: Are you a stable and reliable business?