How to List a Judgment for Collection
1. List a Judgment for Collection
This is the step where you post your judgment or portfolio for collection purposes. You will receive contingency offers from verified judgment enforcers in Judgment Marketplace's, Judgment Collection Network.
2. Receive Contingency Offers
Verified members in our Judgment Collection Network will send you contingency offers. A contingency offer will arrive in the form of a percentage. For example, Joe Shmo Law Firm sends you a contingency offer for 35%. This means that whatever Joe Shmo Law Firm collects for your judgment, they will take 35% as their fee. In some cases, members in our Judgment Collection Network will advance money to you to get you as a client.
3. Accept Contingency Offer
When you are satisfied with a particular judgment enforcer, you can accept their offer and start the collection process.
4. Leave Feedback
You will be able to write a review on the judgment enforcer.
How Collection Works
1. Browse or Search for Judgments listed for collection
You can search and browse judgments that have been listed (“Listings”) based on many different parameters. You can search for judgments by State, by cheapest judgments, by largest judgments and more.
2. Send Letter of Interest
The objective of the Letter of Interest (“LOI”) is to establish dialogue between the Collector and Lister. It is NOT a commitment by a Collector to make an offer for collection. Communications between Listers and potential Collectors are very limited before a LOI is issued. After the LOI is issued by the Collector, they are free to communicate and upload documents.
The LOI helps to protect Collectors while enabling the Lister to obtain the best contingency deal possible for his/her Listing.
First, as negotiations between parties begin, we remind both sides as to what their respective responsibilities are and will be. For example: DO NOT SHARE CONTACT INFORMATION WITH THE OTHER PARTY! Secondly, a lot of information exchanged or researched by the Collector may relate to private information about the Judgment Debtor. Unless the Collector has a legitimate business interest, accessing those records creates legal risks for everybody. To help circumvent the problem, we require potential Collectors to issue the LOI and thereby establish their legitimate business interest. Thirdly, the LOI is designed to lock down the Listing so that no changes arise during the time the parties are negotiating. Listers are prohibited from changing any information during the LOI phase.
Finally, the LOI benefits the Listers too. Listers may maintain an open LOI dialogue with as many Collectors as they like on any particular Listing. When the Lister receives a LOI, a notice goes out to all other potential Collectors who have an open LOI dialogue on that Listing. That notice informs all prior Collectors that the Lister has a new potential Collector who has entered the LOI phase with the SLister and creates urgency for the all of the Collectors to act quickly and/or increase their offers so that they do not lose the Listing to another Collector.
3. Make Offer
Collectors have the option of making a contingency offer to the Lister. The contingency offer can include a percentage of successful collections as a fee and/or a payment in advance plus a percentage of successful collections.
4. Complete Transactions
A Lister who agrees to the Collectors contingency offer may contact the Collector directly and sign any required forms to initiate the collection process.