Month: July 2018

Three Reasons Why You Should Choose Turbo Debt Recovery

When businesses have outstanding receivables, they often turn to attorneys to sue the debtor, but Turbo Debt Recovery offers a few services that should take place prior to filing suit. With full-service, from start to finish and a sensitive approach, it’s clear why Turbo is the better fit.

We Provide Full-Service Collections

We are a full-service operation, meaning we work and oversee the accounts from soup to nuts. Specifically, we will onboard each client, upload the accounts, and then work the accounts for 60-90 days and hopefully get some traction and results. In the event that we do not have any progress on those accounts, whether it be a promise to pay, adequate communication with the debtor, or making a payment, then we will qualify the account for legal.

Before this, we sniff for assets. We’ll look and see where they’re working, where they bank, what property they own, if they have a mortgage, etc. We’re looking to weigh the debtors’ assets versus liabilities to determine the collectability of the account. In the event we do find some good assets and our client approves suit, we will get that file to our in-house attorney and he starts his process immediately. Hopefully the debtor pays once they find the suit has been filed, before waiting for a judgment.

Attorneys who file complaints and lawsuits can get a judgment, but what’s next? What we’ve found is attorneys that are filing suit for our clients (prior to them partnering in collections with us) aren’t doing the post judgment remedies that need to be done, to liquidate the funds and collect the money. This is something we’re thoroughly trained in.

We Are Judicious with Your Accounts

Other agencies and law firms will file a lawsuit just to file a lawsuit, hoping the debtor will pay. They make one phone call and if the debtor can’t pay in full, an attorney will typically want to file suit. A big question from your end should be, what assets have you found to go after and once you’ve located the asset, what are the chances of collecting on that asset? At Turbo, we get a financial picture so that we’re not wasting time, money and effort on accounts that can’t be liquidated. They don’t investigate the financial picture of the debtor and check for assets. We see this time and time again. Attorneys are wasting time, effort, and your money. Internally at TDR, we will qualify the account.

If we notice they’ve filed bankruptcy, they don’t own any property, we cannot find a common job, etc., then we shy away from filing suit. Attorneys do not search for assets like we do, and this leads to other issues such as lack of payment after a judgment is received.

We Are Cheaper than a Law Firm

We’ve often seen attorneys charge an hourly fee on top of a success fee when filing suits. Clients have come to us after spending hundreds of dollars on [attempting to] obtaining judgment on files that really don’t make sense to sue. The only way we earn money is if we collect money for you. At Turbo it’s simple, if we don’t collect, you don’t pay!