What’s the Rate of Recovery for NY Debt Collection?

Money in a money clip.The disclaimer “past results do not guarantee future performance” is true of many things including the recovery rate for commercial debt collection.

A prospective client asked if I maintained statistics of our past NY Debt Collection claims. Whether he wanted to size us up, confirm the likelihood of collecting his claim, or both, the question was direct and a good one.

If you try searching collection rates for collection agencies and attorneys or general statistics of debt collection recovery, you won’t find many results.

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What a Successful Commercial Debt Collection Process Looks Like

Image of a secret room behind a wall of books.Having navigated the commercial debt collection process for over 80 years, we are always learning how to improve and get a better rate of return on our calls. Experience has taught us that it’s important to have processes and procedures in place in order for success.

In this discussion, we’ll talk specifically about how FFGN handles commercial claims. Every case is unique and some clients prefer to bypass the demand phase and proceed directly to litigation, arbitration, or mediation.

Understanding FFGN’s commercial debt collection process can help both parties be on the same page as well as meet client expectations.

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Unclaimed Funds and NY Debt Collection

lit up dollar signUnclaimed funds, consider them to satisfy your NY debt collection claim. 

Voluntary payment is not happening and you want your money. Generally to get paid money owed, you must obtain a judgment. The next step is to locate assets to satisfy the judgment. One way of satisfying a judgment is through unclaimed funds.

“Lost or unclaimed money gets turned over by organizations required to report dormant accounts to the New York State Office of the State Comptroller. This money includes things like forgotten savings accounts, lost paychecks, and stocks or bonds.”

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New York Debt Collection Claim Practices

one hundred dollar billsNew York debt collection claim practices have been in the news. There’s been publicity recently about debt collection practices of the merchant cash-advance industry. It can shed light on how to avoid legal disputes in your debt collection claim.

It doesn’t matter whether it’s money loaned, services rendered, or goods sold and delivered. You want your money. When seeking to enforce your right to get your money, the borrower/client sometimes looks to delay. They may vehemently thwart the debt collection claim by creating issues where none existed. They may also file baseless counterclaims. Continue reading “New York Debt Collection Claim Practices”