Trying to collect money owed to you by bad debtors can become a headache, to say the least. Not only are these individuals often difficult to track down, but enforcing payment can prove to be a challenging (and even costly) affair in and of itself. Rather than take all these responsibilities on yourself, financial debt recovery can help you by allowing you to sell your unpaid decisions and judgements to a third-party company. Here’s how this process works, and how it helps.
Sending Information For Review
Selling off unpaid debts, judgements, and decisions requires sending relevant information to a third company. Because these documents contain important financial information, you should only send this information to a reputable, trustworthy company.
When you provide this information to the judgement collection company, they will conduct a thorough review of each debt. Factors such as statutory limits and debtor solvency will be closely analyzed to determine if buying your debts seems worthwhile to the company.
Receiving an Offer
After the judgement settlement services team reviews your information, they will either approve or disapprove the debts. When the company approves the files you have submitted, they will then send you an offer to buy the judgements and decisions.
You don’t have to accept this offer if you don’t feel like you’re getting a fair assessment. However, keep in mind that accepting the offer will provide a prompt resolution to the debt collection while also relieving you of the costs associated with pursuing legal action on your own.
If you choose to accept the offer from the debt recovery company, the only thing left to do is wait for your payment to arrive (a task that is typically processed in about one to two weeks). With the money safely in your account, the debts and unpaid judgements are no longer your concern.
Instead, the company that purchased these debts will be responsible for tracking down the debtors and enforcing payment. Because you’ve already received money, it won’t matter if the judgement collection company is successful or not. Your role in this process has essentially come to an end.
By selling unpaid debts, decisions, and judgements to a qualified financial debt recovery company, you can avoid the headaches and frustration that come from attempting to resolve these issues on your own. With fast delivery of your funds and passing on the responsibility of debt collection to someone else, you can better focus your efforts on the things that matter most.