Case Study 1: Can Your Collection Agency Perform These Services?
Client: Medical Device Manufacturer, MA
Debtor: Outpatient Surgery Center, CA
Amount owed: $85,583
Case Study Summary: Debtor was an out of business LLC. Medical equipment was being used at the Doctor’s newly formed surgery center. There was no legal basis to collect on this claim as the client did not file a UCC. We went to work on it anyway as this was a substantial client for us. Our house private investigator dug up information and contacted a partner of the new entity. Our Collection Attorney then skillfully negotiated a payment arrangement with $10,000 down and balance paid in full via payment plan using a Repurchase Agreement “Acknowledgment of Debt and Repayment Agreement.” Liability was re-established by having the debtor assume ownership of the equipment.
Conclusion: The ability to go “outside the box” using contingent Collection Attorneys with strong negotiation skills can turn debts into dollars where others cannot. A contingent Collection Attorney model is far superior to the standard collection agency process for commercial accounts of any size in all 50 states.