Collective consumer debt in America hit $4 trillion at the start of 2019. Moreover, consumer borrowing is at an all-time high, and the number of defaulters is also rising steadily. This means that creditors face a high risk of overdue debts on funds given to clients.
One of the most common methods that’s used by creditors to recover money is getting a judgment on the debt. They spend a lot of time and money to win court cases and get a judgment in their favor.
Most creditors feel like it’s all over once they get a judgment against the debtor. However, collecting on the judgment is equally difficult—if not more so!
Why Should You Sell Your Judgement?
Just because you won the case against your debtor doesn’t mean you’ll be paid in full. Collecting the judgment payment is a complicated process. You have to assess the nature of the debtor’s assets, their wage status, and the terms of the judgment. The process can be long and tedious, and can end up costing more than the actual debt in some cases.
Selling the Judgement
Creditors who do not want to go through the hassle of collecting the judgment have the option to sell their judgment to a collection agency. Collection agencies offer quick cash for a discounted value of the debt. Most agencies offer payment before they have collected the judgment, but some only pay after they have collected the money from the debtor.
The process is quite simple. The collection agency will make their own assessment of the amount they expect to recover from the debtor. They will offer creditors a part of that amount to compensate for the time, effort, and cost of collecting the payment from the debtor.
This is usually acceptable to creditors, as it gives them guaranteed cash for a debt they had probably written off as lost funds.
Sell Your Judgment in Minnesota Today!
Escape the dangers of lost funds and the hassle of chasing after a debtor getting in touch with us at Judgment Minnesota. Sell us your judgment today and let us worry about getting the money from the debtors in Minnesota. We offer guaranteed quick cash for judgments which means you no longer must worry about tackling the debtors and recovering your money.
Find out more about us here!