Chapter 2: The Gamble of Trust
In the debt collection industry, trust is a gamble, a risky wager placed on the shifting sands of human nature. I had learned this the hard way, through the scars of deals gone sour and friendships that had curdled into enmity.
After the debacle with Big Showboat Mike, my outlook on this business changed. The incident had been a rude awakening, a stark reminder of the underbelly of my chosen industry. A predatory element lurked in the shadows, always on the prowl for the next big score, unencumbered by the constraints of ethics or integrity.
In the aftermath, my phone became both my weapon and my shield. It was my link to the outside world, the conduit through which I could vet potential partners and keep the unscrupulous ones at bay. I spent countless hours on calls, constantly probing, always questioning. But every conversation was a gamble, a bet placed on the person's sincerity on the other end of the line.
A new prospect emerged – a debt buyer/debt collection owner named Jake. He came with glowing recommendations and a track record that seemed solid. But so had Mike. I was cautious of repeating past mistakes. Yet, the business demanded risk-taking, so I took a chance on Jake.
We dove into a new portfolio, combining DDA, auto loan defaults and credit card charge-offs. Jake was enthusiastic, his optimism infectious. But as the months rolled by, a troubling pattern emerged. Jake's reports started arriving late. His explanations were plausible, but they always came with a request for more time to recover funds. The red flags were there, but I chose to ignore them, buoyed by Jake's reassurances.
One day, the calls stopped. Jake went silent. Days they turned into weeks with no word from him. The sinking feeling in the pit of my stomach was all too familiar. I had been here before, with Mike.
I reached out to others who had worked with Jake, and the stories that came back were all too similar. Late reports, delayed payments, and then radio silence. Jake had become another cautionary tale in an industry riddled with them.
The realization was a bitter pill to swallow. I had fallen into the same trap, entrusting my business to another wolf in sheep's clothing. But I was not defeated. If anything, these experiences steeled my resolve. I would not let the actions of a few unscrupulous individuals tarnish my reputation or my resolve.
The industry is fraught with risks, but it also held opportunities for those willing to navigate its treacherous waters. I learned the hard way that trust in this business was a gamble. But it was a gamble I was willing to take, again and again, to sift the wheat from the chaff, to find those few, reliable partners amidst the sea of sharks.
I am a debt buyer, and this was my world. I would not let the Mikes and Jakes of the industry deter me. Instead, I would use these experiences as stepping stones, learning from each misstep to build a stronger, more resilient business and relationships.
Debt buyers have rights too, and I was determined to stand up for mine. I would not be cheated or manipulated. I would continue to share my story, to shed light on the dark corners of this industry, and in doing so, perhaps help others avoid the pitfalls I had encountered. After all, it wasn't just about the money; it was about integrity, about doing business the right way. And that was a gamble I was willing to take.
Chapter 3: https://www.jefferyhartman.com/blog/paper-pushers-story-of-a-debt-buyer-chapter-3