FAQ

Q. How long is the Statue of Limitation to collect on a Judgement.

A. The Statue of limitations for each judgement is 10-20 years depending on the state your client is in.

Q. What happens if your client closes their business and goes works at a 9-5 Job?

A. Not to worry our software gives results of the Employer who did a background check on your client for that job and it goes back 60 months. We also have access to payroll individual services that indicates where your client is working. We keep constantly checking before and after the judgement as well. Once found The Federal Judge will demand your clients Employer to Garnish their wages so that you can recover your funds in that manner.

Q. What happens if your client has a restaurant or store, or some type of Asset what’s different there?

A. The Legal department asks the US Marshall or Sheriff once file is domesticated to start liquidating their assets. For example, a restaurant would get shut down by the Law Enforcement so that the Legal department could liquidate the assets for recovery.

Q. Why are your services more expensive than the other Collections companies or Attorneys?

A. Most of the Collections and Debt attorneys have a simple one-way process. There is usually one head attorney and some representatives who do not care about the specifics and details of the file (they are looking for the low hanging fruit). We understand that rampant deception is on the rise with clients avoiding to pay their debt that is owed to you. We respect every dollar and unless the client has declared for bankruptcy, we have an excellent chance of recovering your funds. Our recovery rate is a staggering 78% compared to the national average rate of 40%. At 555 COLLECTIONS we pride ourself on the hybrid collections process. The research and AI software that we have developed for Asset recovery is State of the Art. We greatly assist the Legal department or attorneys that are filing in your client’s state. Your client will not be able use any Banking institution or Credit union in the United States, which makes our services very effective.

Q. How long does it take to recover the assets or funds?

A. We usually have a typical timeline of 2 months before starting recovery.

Q. Can I still be involved with collections if the clients reach out?

A. Unfortunately, once the file is sent to collections you cannot be involved anymore and we forbid all communications with the client at that point.

Q. Why are all lawsuits first filed in New York State Courts?

A. We assign the legal department or attorneys to first have a lawsuit in New York as it is the fastest for an Automatic Judgement (based on your agreement). This means that your client cannot respond to the lawsuit with their lawyer since there is a Confession of Judgment attached in your contracts. After this is completed the Law firm assigned in the client’s state will DOMESTICATE the Judgement in their State (saving time and being more effective).

Q. What is the exact timeline of the Asset recovery?

A. When your client is unresponsive and has missed debits, you will send the file to us. Upon the arrival of the file our automated system will send your client notifications that way they are aware that their file is being transferred to us before litigation takes place, the client does have 24 hours to respond to you before we officially pick up the file.

Q. What happens if the client calls and wants to settle or go on a payment plan before the Judgement takes place but lawsuits been initiated?

A. The client unfortunately still has to pay the default fee and additional legal fees which are in your contract. The client has a week or so to call the assigned law firm so that their attorney files a “Stipulation”. Once an agreement takes place the client notarizes the agreement and also the Stipulation which is then filed with the Federal Court. This would avoid the client from the getting their banks frozen, which ultimately becomes a process because the bank can take weeks or so to unfreeze their account.