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You can start a judgment recovery by taking ones claim to court. A judgment for the plaintiff is a court order giving legal rights to claim a debt owed. This legal recompense for a loss gives rights to the plaintiff to attach the judgment debtor’s property or assets.
Since the court does not get involved in collection, his will be a task for the plaintiff. Most plaintiffs do not know how to go about collecting on a judgment.
By conducting investigation, judgment recovery can seize the debtor’s property, putting liens on homes, garnishing wages and other similar tactics. It is the job of a judgment recovery professional to locate these assets and proceed to seize them for their client.
Starting As A Judgment Recovery Business Agent
As a debt collection professional begins rendering service, a fee or percentage of the total amount owed is charged to the client. The judgment recovery business continues to be in high demand since households have begun to assume more debt. However, real wages have been declining.
As the business grows, you can partner with other small debt collection firms to leverage your time. There will always be clients across the U.S. who need your services and professional help.
There is not special type of equipment or technology need to run this business. You will need a computer, telephone, fax machine and a desk to work from.
This ideal work from home business will be conducted as part-time or full-time. You can locate a judgment online or from investigating judgment cases in the court house for no cost. Clients are plentiful.
On the other hand, one can buy judgments outright or purchase them on a “future payment basis” where you’ll pay 50 percent what your recover to the original judgment creditor.
Under the FDCPA or The Fair Debt Collection Practices Act (which is federal law), debt collectors purchase debt with information that they are required to share with the debtor. This is basic information that inform the debtor of the nature of the debt.
That information consists of the names the creditor, the amount owed, that one can dispute the debt and that one can request the name and address of the original creditor, if different from the current creditor. When a creditor representative contacts a client, within 5 days, they are required to send written information of those basics
This way, debt collectors can purchase debt and pursue debt collection without written consent from a consumer. Older judgments are more valuable and have more interest tied to them, however, they require more scrutiny and investigation. How to start a judgment recovery business begins by conducting an investigation. A judgment recovery specialist can seize the debtor’s property, putting liens on homes, garnishing wages and other similar tactics.