is not any easy process for anyone. There is usually a lot of emphasis on the pressure felt by debtors, but the reality is that recovering outstanding payments can be stressful for lenders too. Nobody wants to have to aggressively enforce repayment of a loan, but sometimes, there is no other option.
If you find yourself in the position of unpaid lender, having moved through all of the preliminary channels to try and recover payments, it is time to turn to Financial Judgement Recovery. This is a professional service that takes on the responsibility of enforcing court judgments. With the help of a reliable judgement collector, you can get your money back fast.
This guide to the top five things to consider when selecting a judgement collector will help you make the right choice.
The first thing to look for is credibility. Make sure that any judgement collector you work with has a permanent office and a company phone number. It can sometimes be useful to ask friends and relatives for recommendations, particularly if they have dealt with judgement collection in the past. They may be able to pass on the name of a top quality company. Once you find the right company, ask for information about past cases and successes. Look for online reviews from others that have used their services such as Yelp and Better Business Bureau.
You need a judgement collection service that has access to a broad range of resources. From private detectives to lawyers, local leaders, and financial experts; the more connections your agency has, the faster it will be able to track down your debtor and the lost payments. It is common for people in large amounts of debt to leave the state, so the help of a resourceful network can be invaluable.
The most effective financial judgement recovery services are those that engage with their clients. You have a right to tell your story and for it to be heard and understood. Your recovery agent should take a personal interest in your case and do everything in their power to make sure that it runs smoothly. They should easy to contact, pleasant to work with, and willing to keep you updated at all times.
4. Contract Terms
It is important to have a fair and legally viable contract with your judgement collection agency. All costs and fees must be outlined in this document. It is normal for an agency to hold back on an initial timeframe for the recovery, because it is usually not possible to make a decision right away. The agency will likely need to start the project before they can determine how long it will take to locate and enforce payment from a debtor.
5. Charges and Fees
The most reliable judgement collection agencies do not charge a fee on top of the sum that is recovered. So, you won’t have to pay the agency any extra; they will take the fee from the original outstanding payment (once recovered). The terms of this arrangement are variable, each court judgment is different.
This article is my opinion, and not legal advice. I am a judgment recovery expert, and am not a lawyer, If you ever need any legal advice or a strategy to use, please contact a lawyer.