You’re probably reading this blog right now because you have made countless attempts to receive payment from your debtors, and have failed every time. I’ve been there. I know how frustrated you are. What’s even more frustrating is that there doesn’t really seem to be a solution to this problem.
When all of your collection attempts fail, you have two choices: 1) let it go and accept that you won’t receive that money, or 2) take it to court. Neither of those options seem very appealing, do they? It’s difficult to just let a debtor get away with not paying; it’s not fair and you deserve what they owe you. But, at the same time, who wants to go to court? It’s time-consuming, possibly expensive, and it’s simply not always worth the struggle.
So, what’s next? What other options are there if you don’t want to let a debtor off the hook, but you also don’t want to go to court? I’ve asked myself that very question numerous times over the years, and I never found an answer… Until now. It’s all in the final demand letter.
You know what a final demand letter is, but if you’re reading this blog right now, odds are you don’t know what a good final demand letter is.
A good final demand letter is one that results in your debtor paying their debit WITHOUT you taking it to court.
It sells the need to pay while fulfilling the legal requirements.
I discovered what a good final demand letter is once I wrote one that actually worked. After much trial and error, I finally cracked the code and found a method that resulted in payment in as many as one-third of all cases.
Here’s the thing, though… Most people think that the only issue they need to fix with their failed demand letters is how it’s written. Because of that, the only element they’re focused on changing is the way their letter is worded. So, they play with the words a little bit in hopes of finding a winner… And, most of the time, they never do.
I was guilty of the same thing, until I discovered that a good final demand letter involves more than just the words you to use and the order in which you choose to use them. The #1 problem today is that not enough people realize this. That’s the biggest reason I chose to write this blog and, more importantly, this sample demand letter.
Here’s the truth… A successful final demand letter depends on these 3 things:
- WHEN it is sent
- To WHOM it is sent
- WHAT is sent
These 3 elements need to work together to create the best final demand letter you’ve ever seen. That’s the only way to maximize the response you get.
If you don’t send your final demand letter at the right time and to the right recipient, it may not matter how well written it is. By the same token, you can send a letter at the right time and to the right person, but it may not matter if it’s not written the right way.
That being said, there’s an art to the “what” element, which is the way your final demand letter is written. It contains five parts that need to be executed perfectly. You can discover those five parts right here.
While this final demand letter formula has resulted in payment in as many as one-third of all cases, it’s just one part to a three-part solution.
The complete solution includes a bundle of three letters.
I know countless companies—including mine— that have never needed to use any letters other than this sample demand letter, first collection letter, and IRS advantage letter.
Not only has this three-part bundle helped drastically increase the success rate in collecting late payments, but it has also cut the time in half that it takes to do so.
In other words, I’m receiving more money in less time. Yes, it’s as great as it sounds, and all you need are these letters to make it happen.