“House poor” is more than just a label - when it happens, it’s a real crisis. Quinn Yule is a collections manager at Met Credit, and Zak Abdi is a collections advisor. When debt situations get serious or complex, they’ll refer the file to Jayde Samarzija - a mortgage broker with Canadian Financial Solutions.
Show Notes
If your customers are consumers, this episode is going to be of special interest. We’re going to pull back the curtain and have a frank discussion with debt collection specialists about how they try to resolve people’s debt problems.
Most consumer debts aren’t big - a reminder or call from a third-party collection agency like MetCredit is enough of a wake-up call to get paid. For a minority of people, debt is a big problem. And by big problem, I mean a house-sized problem.
“House poor” is more than just a label - when it happens, it’s a real crisis. This may sound like a nightmare, but it’s a reality for more people than you’d think: You own a house, you have a mortgage, but you spend more than you make every month, credit cards are maxed, banks won’t lend you money, and the bills just keep on coming.
Bankruptcy isn’t a great solution because everyone loses. The creditor may only get a portion of what they’re owed, and the person in debt gets a ruined credit rating that guarantees higher interest rates in the future.
This episode is about how MetCredit’s collectors work with mortgage brokers to recover the maximum amount of your debt and allow them to keep most of their assets and recover their credit rating. MetCredit’s strategy is to turn people in debt back into paying customers.
Quinn Yule is a collections manager at MetCredit, and Zak Abdi is a collections advisor. When debt situations get serious or complex, they’ll refer the file to Jayde Samarzija - a mortgage broker with Canadian Financial Solutions.
Quinn, Zak, and Jayde talk about the current state of consumer debt, how they deal with it, the situations they see, and the kinds of creative solutions and resolution for people who would otherwise have to declare bankruptcy.
What is Overdue Advice: Cash Flow & Debt Collection Strategies to Grow Your Business?
Overdue Advice is the podcast about cash flow strategies to grow your business. Each episode covers an aspect of credit management and accounts receivable. "Legal Collections (and How to Avoid Going to Court)," "Debt Doesn't Die: Estate Collections," and "How Professional Collectors Recover More," are just a few areas covered with rare industry insights. There's no show like it!
Host Bryn Griffiths talks with guests including published authors, veteran collectors, accounts receivable trainers—and Brian Summerfelt, the CEO of MetCredit, North America's leader in ethical business debt collection, to examine all sides of debt recovery. Most importantly, you'll learn how to improve your business' cash flow—and put an end to bad debt forever.