Now that you have obtained a judgment worth a significant dollar value. The next step is to take the necessary measures for collecting judgment money owed to you. There are a number of exciting avenues through which you can make efforts to accomplish this goal. Then you can cash in on your judgment.
Read up on the FDCPA Laws
When it comes to collections, you are required by law to operate in accordance with the Fair Debt Collections Protection Act (FDCPA). Becoming familiar with what you can and cannot do by law when collecting judgment money is not just smart to know, it is the law. Fortunately, the FDCPA is a fairly straight forward document to read. It is intended to help collectors and debt owners know their rights and responsibilities under the law.
Petitioning By Mail
When it comes to collecting money owed to you through an acquired judgment, sometimes it is best to jump right into the process. You can do this by sending the person who owes you money a letter. First contact is a very important step. You just want the person who owes you money to know that you are very approachable and are ready to receive payment. In the letter you will want to introduce yourself or your company, establish that according to your records they owe you money. Let them know you have acquired from the name of the original party, state the amount owed and invite them to contact you if they have any questions or issues that need to be addressed. This includes providing the recipient of the letter with your contact information at the end. When you send this letter, be certain to send it by certified mail with return receipt. This allows the recipient to know you mean business without being negative towards the recipient. Remember, in this business you have to be firm, but you want to also keep it professional!
Make an Offer They Cannot Resist
Another letter you can send to entice a person to pay up quickly on a judgment is to offer the recipient a discount. Sometimes, simply making the goal of paying off a debt more attainable for the recipient, is just the ticket to getting paid. While you are still retaining enough profit for your efforts. Never underestimate the power of an enticing debt discount to a person. The person in debt typcially want to avoid being bothered with further collection efforts. This might just be the easiest way to get people to pay up and pay up fast. Remember, when sending out mail offers to a person who owes you on a judgment, always make it easier for them to pay you by including a self addressed, stamped envelope for them to use. The trick to collecting on a judgment is to remove as many barriers as possible to encourage rapid payment.