Anyone getting into our business under the false assumption that debt collection is easy is headed for a rude awakening. There is nothing easy about what we do. You know that first-hand if you have been trying to collect a money judgment on your own. You know how time-consuming and frustrating it can be.
Here’s an interesting question: what frustrates you most about it? We offer a few suggestions below. Regardless of your number one frustration, the key is to not let it deter you. Successful collection depends on new pressing through and remaining diligent.
Frustration #1: A Lack of Information
Information is a judgment creditor’s best friend. Collection strategies are built on it. That’s why creditors and their agents want to know about things like:
- Address and contact information.
- Employment and income.
- Checking accounts, savings accounts, etc.
- Real estate holdings.
- Boats, RVs, planes, etc.
- Jewelry and collectibles.
Without information, you don’t have a full and complete picture of the debtor’s ability to repay. So how do you formulate a collection strategy? It’s not easy, that’s for sure.
Frustration #2: A Lack of Debtor Resources
It can be extremely frustrating to learn that the debtor lacks the financial resources to pay. Maybe he is unemployed or has a low-wage job. If that’s the case, the chances are he doesn’t have a whole lot in terms of real estate. He may not own any type of non-exempt property worth going after.
A debtor with a lack of resources may be deemed judgment-proof. The good news is that being judgment-proof doesn’t have to be permanent. Circumstances change. So holding out is a good strategy for the judgment creditor.
Frustration #3: A Lack of Your Own Resources
As the judgment creditor, you have to invest some of your own resources to collect. First and foremost is your time. You’ll also have to invest money. If you are pinched for both, you might find that you just cannot fit collection efforts in. But the longer you wait to begin collecting, the harder it’s going to be.
Frustration #4: An Uncooperative Debtor
Of all the things that frustrate judgment creditors, uncooperative debtors are often the most frustrating of all. Debtors providing incomplete or inaccurate information only make a creditor’s job harder. Matters are made worse when a debtor tries to hide assets, fails to report assets, or otherwise actively obstructs collection efforts.
What makes this sort of thing so maddening is that you, as the creditor, essentially have a court order compelling the debtor to pay. You invested time and money to win your case with the expectation that the debtor would comply with the order. But after the fact, the debtor still doesn’t seem interested in paying what he owes. It can be enough to drive any creditor crazy.
How to End the Frustrations
There may be other things about judgment collection that frustrate you. Every judgment creditor has a list. But let’s not dwell on those frustrations any longer. Instead, let us talk about how to end them once and for all.
The end of your frustrations comes when you turn your judgment over to us. As a specialist collection agency, Judgment Collectors works exclusively on money judgments. We do all the work; we incur all the expenses; we put in the time to track down debtors and their assets.
Your only responsibility is to sit back and let us do our job. If and when we collect, we charge for the service. But if we fail to collect, you don’t pay a dime. Now that’s a frustration-free experience.