Collection Agency Startup
Judgment recovery training is designed so that you have the training and lifetime access as well as support document need to succeed. It is a much needed service business. It's a great opportunity for making a good deal of money.
It's an interesting business finding doable court money judgments online or at the courthouses that haven't been paid and get the assignment. When the judgement is transferred to us, with a little common sense, we collect that principle. After we in the collection agency business collect the money and with the usual contingency of 50%, we get paid our money and then we contact the plaintiff and they gets their portion of our collection efforts.
Civil Cases are public record files that you have access to. These files containing all the information about judgment holders that you need. This allows you to determine who will best benefit from your service business.
Knowing exactly what you are looking at in this jungle maze of information is crucial in cherry picking your prospects. Pinpointing judgment holders from these records is not difficult at all. I'll show you exactly how to identify your perfect customer.
These days many of us are fortunate enough to have free online access to civil case file information, and our marketing research can be done at any hour of the day or night right from the computer. In fact, many new courts are coming online all the time.
Locating debtors and their assets is often the biggest road block for the average judgment holder. This is called 'skip tracing.' Getting this down correctly is going to be one of the main contributing factors to one's success as a judgment recovery specialist. Your cost should only be a dollar or two for the more difficult cases. You'll learn in plain English how to get the information you need to nail down the debtor's location and assets.
Assets that can be quickly turned into cash are the liquid assets. Other type assets such as real estate, personal property and other items take more time to liquefy.
Here is a list of some of the assets that are usually can be taken by a collection agency through the court to satisfy a judgment:
Cash, real estate, rental income, business income which can include equipment and inventory
wages (25% in most states)
Money deposited into checking and/or savings accounts
Property belonging to the debtor held by someone else, judgments or other debts owed to your debtor, and assets belonging to the debtor's spouse (in community property states).
Vehicles such as cars, trucks, motorcycles, boats, RVs, snowmobiles
Stocks, bonds, mutual funds, annuities, lottery payments, royalties, inheritances
Personal property such as jewelry, furniture, coin, stamp or rarities collections, heirlooms, antiques, firearms, etc.,
Business accounts receivable, livestock, crops, security deposits
There are numerous other sources of public records and private financial information for discovering assets held by the debtor. These reports and a little digging into the information they disclose are powerful tools that you have at your disposal.
Solicitation letter to judgment holder should generate a 30% to 35% response. It takes a little bit of A/B testing to find the best format. Learn all of those tricks and secrets that enable P.I.'s to earn $100 an hour and more!