The Wisdom of the Six D’s of Debt Collection

I learned today about the passing of Art Willard, a well known and well liked banker and special assets officer in the Nashville area with whom I worked on many deals in Bankruptcy Court, in Chancery Court, and at the auction yard.

As a banker, Art was the kind of guy you’d want collecting your debts, because he was smart, tenacious, and could smell money a mile away. As a borrower, Art was the kind of guy you wanted coming after you, because he was smart and knew when a proposal was the best deal he’d get.

In Bankruptcy Court a few years ago, Art and I sat and sat, waiting for a big case to get called. I heard stories of him accepting monthly payments of fifty cents on a Judgment and repossessing airplanes. I also learned the 6 D’s of Debt Collection.