We published a blog post over a year ago that asked the following question: how much time does your company spend chasing bad debts? We used the post to make the case for hiring professional debt collectors to help you get paid. Now we want to go one step further by specifically addressing that last judgment collection case your company faced.
How much time did you and your accounting team spend on it? More importantly, did you eventually reach a successful resolution? And if so, did the amount of money you received justify the time and expense you invested in collection?
We are posing a lot of questions here. Sometimes it is necessary to ask them so as to fully understand how a company’s collection efforts are going. Enforcing judgments is not easy. It is tricky business. And when a company spends too much time to get too little in return, judgments become a losing proposition all the way around.
We put such a great emphasis on the amount of time spent on collection for the simple fact that time is your enemy when you’re dealing with judgments. Successfully getting a judgment entered against a debtor is certainly a victory to some degree. However, the clock starts ticking the moment the judge’s gavel falls in your favor.
In that last judgment case that you and your team worked on, a certain amount of time was invested in communicating with the debtor and their attorney. Time was invested in paperwork and court filings. You even put time into tracking down the debtor’s employer, living arrangements, and assets.
We invest time in the exact same things. The difference is that collecting outstanding judgments is what we do for a living. It is how we make our money. The same is not true for you and your accounting team. Your business is built on providing some sort of product or service to your customers. Your company was never intended to be a judgment collection firm.
Time is your enemy because every minute spent on chasing an outstanding judgment is time that you are not spending on your core products and services. It’s time you aren’t devoting to your customers. Adding insult injury is the reality that you only have a certain amount of time to collect. At some point, your state’s statute of limitations kicks in.
One of the big advantages of hiring Judgment Collectors is that we make the most of our time. We have to. We work on consignment, which means we only get paid if we succeed. It is in our best interests to do everything we can to collect. Moreover, we and our clients both benefit from collecting in as short a time as possible.
The longer it takes to collect, the greater the debtor’s advantages. Where time is your enemy, it’s your debtor’s friend. This reality is not lost on our experienced judgment collection team. Time is a precious commodity that needs to be maximized at every step of the judgment collection process.
We make the most of our time by relying on proven strategies and technologies that enable us to do what we do. We further maximize our time by applying years of experience and knowledge to every case. We get to work quickly with a goal of resolving every case as speedily as we can.
How much time did you spend on that last judgment case? Regardless, we want to encourage you to let us handle any future judgments. Spend your time on something else.
Published June 27, 2023