Selling a judgment

[halleesmom]

I have a civil judgment against a former client that failed to pay her bill.  I do not have the time to go after her to actually collection on this judgment.  I was considering selling this judgment to a debt buyer.  Does anyone have any experience with these types of transactions and any advice on what I should expect?  Is there an average percentage that the debt us usually purchased for?  Thanks!

[FishChicks]

A tenant in our rental property owes us several thousand dollars and we have a valid judgment. Our property manager told us that most collection agencies take 50% for this type of debt. We sold the judgment to the agency our PM recommended last July and have not seen a dime.

[chickens987]

I have experience (kind of) with buyers of structured settlements. Is that what you mean or something else?

[ESF]

Mar 4, 2015 16:19:28 GMT -5 FishChicks said:

A tenant in our rental property owes us several thousand dollars and we have a valid judgment. Our property manager told us that most collection agencies take 50% for this type of debt. We sold the judgment to the agency our PM recommended last July and have not seen a dime.

You sold the judgment to them.  Why would you get money if they are able to collect?  

[FishChicks]

Mar 4, 2015 16:22:02 GMT -5 ESF said:

Mar 4, 2015 16:19:28 GMT -5 FishChicks said:

A tenant in our rental property owes us several thousand dollars and we have a valid judgment. Our property manager told us that most collection agencies take 50% for this type of debt. We sold the judgment to the agency our PM recommended last July and have not seen a dime.

You sold the judgment to them.  Why would you get money if they are able to collect?  

Sorry, I misstated. We agreed that they have the right to collect the debt (also had to go through court to officially transfer the debt to them).  In exchange for their work, the firm we used shares any recovered monies 50/50. At least that's the contract DH has in theory signed with them.

[EmilieMadison]

Mar 4, 2015 18:27:47 GMT -5 FishChicks said:

Mar 4, 2015 16:22:02 GMT -5 ESF said:

You sold the judgment to them.  Why would you get money if they are able to collect?  

Sorry, I misstated. We agreed that they have the right to collect the debt (also had to go through court to officially transfer the debt to them).  In exchange for their work, the firm we used shares any recovered monies 50/50. At least that's the contract DH has in theory signed with them.

Has "in theory" signed with them? Or has ACTUALLY signed? That doesn't make much sense. 
Anway, if you agreed to 50% of whatever the agency collected, and they've collected nothing, this makes sense. Some collection agencies will pay you upfront for the right to collect and then they keep whatever they collect. 

[littlemisssunshine]

Mar 4, 2015 18:27:47 GMT -5 FishChicks said:

Mar 4, 2015 16:22:02 GMT -5 ESF said:

You sold the judgment to them.  Why would you get money if they are able to collect?  

Sorry, I misstated. We agreed that they have the right to collect the debt (also had to go through court to officially transfer the debt to them).  In exchange for their work, the firm we used shares any recovered monies 50/50. At least that's the contract DH has in theory signed with them.

I'm a property manager and I've turned over unpaid rent to collection agencies. 50% is standard and I've been told it takes them an average of 18 months to collect. I've never seen positive results, but I haven't had anything in collections for 18 months yet either. 

[halleesmom]

Mar 4, 2015 18:40:59 GMT -5 EmilieMadison said:

Mar 4, 2015 18:27:47 GMT -5 FishChicks said:

Sorry, I misstated. We agreed that they have the right to collect the debt (also had to go through court to officially transfer the debt to them).  In exchange for their work, the firm we used shares any recovered monies 50/50. At least that's the contract DH has in theory signed with them.

Has "in theory" signed with them? Or has ACTUALLY signed? That doesn't make much sense. 
Anway, if you agreed to 50% of whatever the agency collected, and they've collected nothing, this makes sense. Some collection agencies will pay you upfront for the right to collect and then they keep whatever they collect. 

This is what I am talking about. I want to sell it and then they go after the debtor.