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RandomPancake

RandomPancake

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Spike said:
Folks, just to get some idea here.

Recently, I noted that civil suits involving sums $100K and below can be expensive to pursue given exorbitant fees that lawyers charge. So there are many cases of people writing off bad debts, didn't enforce judgement or recover a neglible amount after deducting legal fees.

I am thinking of starting a structured, enforcement-led approach to recovering unpaid Judgment Debts. To bridge the gap between passive debt collection and expensive legal litigation by focusing on procedural pressure.

In summary, only get paid if there is a successful recovery. 25% of total debt.

Standard law firms will require a $7500 deposit, charge around $2-3K for preparation of each document with no guarantee of success.

How do you guys think about it?
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In the off chance that those who are not paying really can’t pay then your money will be wasted.

The chance of that happening can be quite high, unless you also got other side business that help with employability else most likely not a good idea.

I don’t know though, moi is dumb dumb poor guy who can’t get rich and say everything is impossible :s12:
 
Spike

Spike

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RandomPancake said:
In the off chance that those who are not paying really can’t pay then your money will be wasted.

The chance of that happening can be quite high, unless you also got other side business that help with employability else most likely not a good idea.

I don’t know though, moi is dumb dumb poor guy who can’t get rich and say everything is impossible :s12:
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Not really leh. As a facilitator, there are no monetary risks to me but also no major benefit if there is no recovery.. I actually have one customer signed an agreement already.

This is not my main income la. :s13:

Surprisingly.. there are many people who don't know how to enforce a judgement. Most people just show the judgement and expect their debtors to pay up. :1
 
RandomPancake

RandomPancake

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Spike said:
Not really leh. As a facilitator, there are no monetary risks to me but also no major benefit if there is no recovery.. I actually have one customer signed an agreement already.

This is not my main income la. :s13:

Surprisingly.. there are many people who don't know how to enforce a judgement. Most people just show the judgement and expect their debtors to pay up. :1
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Oh got kumgong customer tank the cost then is just go ahead lor, don’t need to ask us. It’s like spread net, got prey just eat don’t have just move on.
 
Spike

Spike

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RandomPancake said:
Oh got kumgong customer tank the cost then is just go ahead lor, don’t need to ask us. It’s like spread net, got prey just eat don’t have just move on.
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Ai yo. The service I provide is way cheaper than a lawyer for a certain outcome la. It is also not as easy as what it might appear at first glance cos they need to have a judgement first.

If so easy to recover, won't need me liao la. :s13:

Its only doable as a service because the upside vs the amount of work is significant.
 
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