No doubt about it. Any person or professional in the auto finance or even mortgage trade has heard all the excuses. None are new. They are as old as time it. The check is in the mail….. I am waiting for some money. The list goes on and on. Yet what is the finance professional to do and how do they handle these episodes and seemingly endless events?
First of all be firm and consistent. If told that the check s in the mail or post ask for specifics. Ask for precise details – that is date the check was mailed. What the check number was, or if done electronically what the transaction number was, which branch, which bank, what time of day exactly etc etc. The beauty of “electronic banking is that while its 24/7 and available to any consumer as long as they have internet privileges that posting to accounts can take some time. It’s all electronic never never land so to speak. Yet often the bank agents or online tellers / customer service staff often have those information days ahead of what appears on the electronic banking screen of the consumer online – or in your commercial account. Ditto that at your end so that you may have to call your bank yourself or sometimes in this age even visit your branch or converse with your “bank manager.”
If you are dealing with post then it can be said that if the mailing was within normal postal delivery times (which are truly not as bad as for business mail. as is commonly held) and the excuse is not a recurring one, accept this but note and document for follow-up.
Lastly if the amount is large ( in some extraordinary and difficult cases , even if it is not), and the debtor frequently uses this excuse, out- maneuver the excuse by requesting a “stop payment” and instead request an immediate bank transfer of the said amount ( at your expense , cost and fees. This can either be done in person at the bank branch or teller, online via toll free phone (with personal documentation by the bank customer service individual agent), or in this day of 24/7 online bank – via the internet and online internet banking.
Interestingly this action, procedure or tactic is usually only required but one solitary time. The lesson has been expounded and learnt – well at least hopefully. Thus the debtor learns to be honest with you as finance professional. In some special and exceptional cases you may also use the services of a courier to immediately pick up the check or payment itself.
All and all it can be said that in terms of finance, loans and interest practices nothing is new. It all goes back all the way to ancient Egypt and Mesopotamia so to speak. The excuses are nothing original by those in financial arrears. All have been told before. The only difference is the communication and transportation tools that avail us in our modern times of 2010.
