ESL Podcast ep. 1152 in Japanese

1,152 - Collecting Debt

If someone owes you money, how do you get them to pay you back? Find out what happens if they don’t pay you in this episode. 

to collect debt: to get money back from someone who doesn't want to pay you back or perhaps is slow in paying you back
owe: to be expected and, in fact, require to pay someone to something or do something for someone else

Ken: Look at this list of customers who still owe us money. How is this business supposed to survive if we keep extending credit?

to extend credit: to allow someone by something now and pay for later

Marjorie: We started doing it because some of our best customers didn’t have ready cash. They’re good for it.

to be good for it: to be trustworthy, or to be reliable

Ken: I know they’ll eventually pay their outstanding debt, but what are we supposed to do in the meantime? We need that cash to buy stock.

outstanding debt: money that hasn't been payed on time
in the meantime: while we are waiting for the people pay us back
stock: the things the store buys

Marjorie: We can call in the debt and set a deadline for repayment. We can give those who are really hard up an extension on a case-by-case basis.

to call in a debt: to demand that person who owes money pay you immediately, as soon as possible
hard up: in difficult situation, especially financial situation
case-by-case basis: looking at the details each person or each situation making decision on that information, not on just rule for everyone

Ken: What if they still don’t pay? We’d have to turn it over to a collection agency. We’d only get 40 cents on the dollar, but we’ll have to close our doors if we don’t collect.

to close your doors: to close your business, or to go out business

Marjorie: Using a collection agency would be a last resort. I’ll call each of our major debtors and have a talk with them. I’m sure they’ll come through.

a last resort: a choise or an option that is the least favorable, one that you least want to do
debtors: people who owe money
to come through: to eventually do what you promise to do

Ken: I hope you’re right or we will be the ones asking for credit!