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8 February 2017, 09:03 PM | #1 |
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What would you do with a slow paying customer who's a friend?
I'm struggling with getting payment out of a customer who's someone I've become good friends with over the last few years. I know he's struggling with his business and payments with other suppliers have been very slow. I operate in a small world where a lot of the wholesalers all know each other and we share information to a certain degree. I knew that it will affect me sooner or later and sadly, that day has arrived. He owes me too much to just write him off. I've been trying to get him to pay as he goes but the total just creeps up and up. He comes up with all sorts of excuses and now starting to avoid taking calls. I really hate chasing money from customers. I just wish people would just do the right thing. This world would be just that much better to operate in.
What would you guys do? Cut him off? Send in the debt collector? |
8 February 2017, 09:11 PM | #2 |
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First thing I'd do is have a very open and frank conversation.
Share your feelings and concerns. I would base my next moves on my the responses I received.
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8 February 2017, 09:12 PM | #3 |
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Collect and lose a friend or write off and keep the friendship going.
I would collect.
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8 February 2017, 09:15 PM | #4 |
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Step 1 is to terminate your business relationship. In terms of getting him to pay -- I doubt he will. If he's not paying while you have ongoing business, he'll be even less likely to pay after you cut him off.
In terms of debt collector vs. lawsuit, that would depend on amount for me. Something $5000 would go to collections... for $100k+ I'd rather sue him. |
8 February 2017, 09:16 PM | #5 |
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I had a guy stop making payments on a car he bought from me when I was 20. Sadly I had signed the title over to him as I was not a licensed car dealer and I had known him for years. After 6 months of no money I figured I wasn't getting it anyway so I might as well have fun. I modified my paintball gun to shoot marbles and did a couple slow drive bys. The poor car looked like someone spent hours with a ballpeen hammer beating it. I was paid off within a month and I never even had to say a word! I don't recommend you try this but it's the only story I have about people owing me and not paying sans a few kids in high school who bummed $5 and never repaid. So if nothing else live vicariously through my STUPID act in my early adulthood and get a laugh, maybe it will help.
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8 February 2017, 09:17 PM | #6 |
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He's not your friend and you're clearly not his priority.
Collect the debt if possible and move on. |
8 February 2017, 09:37 PM | #7 |
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Stop calling and talk to him face to face. See what he says and move from there. I would not extend any more credit or services. He is not your friend if he has not communicated with you the challenges he faces and what he is going to do to fix them. In the end he will be gone and so will your money. Get paid.
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8 February 2017, 09:41 PM | #8 |
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Why is the total creeping up and up?
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8 February 2017, 09:43 PM | #9 | |
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8 February 2017, 09:48 PM | #10 | |
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I do agree with the post above me saying that he is not a friend as he has been ignoring your calls, BUT I will bet he is also embarrassed about the situation which is why he is avoiding the calls. Not justifiable in any case, but I would do what needs to be done AFTER I see no progress or improvement once an open and frank conversation was had. I hope he pays up soon OP! You seem like a good guy. |
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8 February 2017, 09:51 PM | #11 |
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8 February 2017, 09:55 PM | #12 |
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1. Meet with him face to face.
2. Stop selling any more products to him. 3. Never do anything business related with him again, since he is clearly going to leave you high and dry. 4. Your choice weather you want to continue friendship or not. |
8 February 2017, 09:58 PM | #13 | |
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8 February 2017, 10:03 PM | #14 |
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8 February 2017, 10:09 PM | #15 |
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What I do know if he goes under is that he'll suffer a great deal. He's got a lot of family members depending on him. It's not my problem, I do know that too. Anyway, I really hope he'll meet with me face to face next week. I'm thinking about giving him a 30% discount on the total if he can pay up in one hit, which I doubt. Then I'll move on from doing any more business with him. Bad debts hurt, no matter how large or small the sum is.
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8 February 2017, 10:09 PM | #16 | |
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It doesn't sound like an insurmountable amount of money you're talking about. A open discussion about your terms and payment expectations along with his reply, will dictate your next steps. Don't let him use the friendship to take advantage of you. |
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8 February 2017, 10:12 PM | #17 | |
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8 February 2017, 10:14 PM | #18 |
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8 February 2017, 10:17 PM | #19 |
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I think it's time to sit down and negotiate a settlement. Debt collection and lawsuits will cost against the debt anyway, so take the time to negotiate how he will pay off the debt. You are competing with other businesses who are owed money and his business isn't doing well. Take these things in consideration and try to establish a payment plan that clears the debt without distressing his business.
Does his business have real property or equipment that you can apply a lien on to protect your interests? |
9 February 2017, 01:21 AM | #20 |
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I would talk to him face to face and go from there. If you want to try to help him you can keep selling to him for cash at time of delivery, assuming he's willing to negotiate a payment plan acceptable to you. If he won't even meet with you by next week, cut him off and go hard after the debt. In that case, he's not your friend and is trying to take advantage of your relationship.
His hard times are his problem, don't make them yours.
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9 February 2017, 01:29 AM | #21 |
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If he still makes you money deal with him. If he no longer makes you money cut him off he is just going to find another supplier and you loose you as a friend which is worth more.
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9 February 2017, 02:17 AM | #22 | |
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yes cut him off. you don't chase bad money with more money. if he needs you he will pay you if he doesn't you're SOL but at least you learn a lesson and stop the bleeding. if you say it is too big to write off then why did you let it get so behind? really your fault. although he may be a good friend and intend to pay you protect yourself. otherwise you'll get sucked into the black hole.
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9 February 2017, 02:22 AM | #23 | |
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This. Good luck.
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9 February 2017, 02:24 AM | #24 |
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Your friend isn't doing anything deliberate. I think he is caught up in either a failing business or one stuck in a bad rut. You could be a faceless vendor like the rest and still not get paid. Friendship aside your pal is in a tough spot.
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9 February 2017, 02:50 AM | #25 | |
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9 February 2017, 02:58 AM | #26 |
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Try explaining to your bank that you can't make payments and stop taking phone calls. See what happens then. Imagine if you had multiple clients like him. Then the bank will start taking everything you have for those clients you were too worried or feel sorry to do anything. Time to not give a crap and get what's yours.
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9 February 2017, 03:44 AM | #27 |
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Not paying your "friend" back isn't friendly behavior. I'd stop donating things to him until he makes you whole at a minimum.
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9 February 2017, 04:59 AM | #28 |
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I think a face to face to attempt a lump sum discount would be ideal. Sooner the better as it sounds like he is going to fold soon. You may already be too late and if you sense the time is near take whatever percentage you can get.
25% is better than 0. |
9 February 2017, 05:32 AM | #29 | |
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Good luck.
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9 February 2017, 05:33 AM | #30 |
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misread
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