“Wire Transfer” or “Overnight” Promises Can Be Scams. Pressure Debtor Until Funds Arrive.

Watch out for assurances of payment by wire transfer or overnight courier. All too often the debtor is attempting to lull you into a false sense of security and resulting inaction. The wire transfer never seems to hit your company’s bank account, no doubt due to a “glitch” which never is resolved. Similarly, overnight deliveries don’t reach your office because the parcel was lost, misdelivered or inadvertently refused by one of your own employees, or so the debtor’s story goes.

There never was a payment wired or sent by courier. The debtor has bought time for himself to close the business, hide or transfer precious dollars to a third party out of your reach. The lawyer you were about to hire has been told to wait because his services weren’t needed, and now he’s on to other clients and cases. The debtor wins because you believed him.

Collections are like baseball. Your team may have a lead but it won’t have a win until the other team’s last man is out. You may have a promise to pay but until the check is in the bank and cleared, the promise is meaningless.

Never rest. Make sure you get that check and don’t let up until it clears. Then, like a ball club with a lead, you will finally have a victory.

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