Whether you’re a landlord, business owner, or medical provider, unpaid debts can create a serious headache for your finances. The sad truth is that not all people are responsible with their money, and many will go out of their way to avoid paying you what they owe. When your own collection efforts don’t work, you may ask yourself, “Why not contact judgement collection services?” Here’s a closer look at how selling your judgement collections will benefit you.
Tracking down debtors can take a surprisingly long time. This is especially true when trying to collect from renters who didn’t meet their payment obligations. Such individuals may move several times in only a few years, making it extremely difficult to track them down and obtain payment.
This issue is further complicated by the fact that Canadian law gives individuals and businesses only three years to file a court motion to enforce payment. If the search for a debtor takes too long, you might never get any money at all. By selling your decisions and judgements, you will receive a prompt payment.
Avoid Legal Fees
Collecting unpaid debts is a complicated legal process, with many individuals involved. For example, an investigator will often be needed to track down debtors, find their employer, and determine insolvency. Attorneys will then file retainers, prepare procedures, and appear in court on your behalf. Finally, bailiffs will be responsible for garnishing wages, attaching bank accounts, or even seizing personal property to address the debt.
Each of these individuals must be paid a series of fees for their services — but when you sell your decisions and judgements, you won’t have to worry about covering these expenses.
Actually Receive Money
Without a doubt, the greatest benefit to using judgement collection services is that you’ll actually receive money that you are owed. Instead of stressing over whether you’ll obtain the debt payment you need to help cover your own expenses, you can have peace of mind from having cash in hand. This could make all the difference in helping you keep your business afloat — at the very least, it will lend a significant boost to your profit margins.
Hiring a legal team to chase down bad debtors can be a costly and time-consuming process — and you still might not manage to get your money back! By selling your unpaid debt to a reputable judgement collection company, you can eliminate these money headaches and focus more of your efforts on tasks that will help you grow your business.