Our collection services include:
- Taking information from the credit information bureaus (Credit Bureaus)
- Updating of contact information
- Establishment of probability indexes:
- To collect the debt
- To obtain credit
- To declare bankruptcy
- Sending a formal notice
- Collection efforts adapted to probability indices
- Assignment of the debtor’s credit record
- Following a 15-day grace period
- Recommendations to the creditor
- Settlement offer
- Deployment of the legal procedure
- Sale of the debt (judgment)
Communication is the oxygen of business, Maîtres du Recouvrement helps you breathe!
Unsecured Debts
An unsecured debt is a type of debt where the borrower provides no specific collateral to support repayment of the debt in the event of default. Unsecured debt is riskier for lenders than secured debt because it is not attached to a security interest.
This means that the lender has no claim on the borrower’s assets to offset the debt in the event of default.
Typically, a debtor who defaults or falls behind in payment is in this situation because of a lack of funds. In most cases, the debtor is willing to pay the debt, but lacks the ability to do so. Limited by its financial situation, it will prioritize secured claims first and then those that present a greater risk of escalation, in terms of worsening its credit reputation and legal action. It is imperative that the creditor act immediately on any claim that is more than 90 days past due.
Simple late payment often masks larger financial problems. The creditor who has no lien on the debt must act quickly. The debtor understands that the creditor is serious in his desire to collect when he assigns his debt to Maîtres du Recouvrement.
Our solutions allow us to identify the probability of collecting the debt and to act before it becomes insolvent.
Secured claims
A secured claim is a type of claim where the borrower provides specific collateral to support repayment of the debt in the event of default. This collateral may be a mortgage on real estate, a pledge of financial assets, a security interest or any other asset that can be sold to repay the debt in the event of default. Secured debts are considered less risky for lenders than unsecured debts because they have recourse to offset the debt in the event of default.
An attorney is the expert in legal matters and therefore in the best position to advise a creditor on their options and rights to collect a secured debt. Maîtres du Recouvrement offers collection services for all secured debts.
Judgment Management
An enforceable judgment is a court decision that authorizes the enforcement of the award by appropriate means. This means that the party against whom the judgment has been entered must carry out the award decreed by the court. This may include the payment of a sum of money, the surrender of an asset, or the performance of some other measure determined by the court. An enforceable judgment may be implemented by a judicial authority to enforce the court’s decision, such as the attachment of property or wage garnishment.
When the creditor has a judgment, there are 3 options:
- Retain the services of a bailiff
- Sell the judgment
- Entrust it to a specialized company
The creditor who retains the services of a bailiff assumes all the risks and must pay several hundred dollars with no guarantee of recovering his debt. This option should only be considered if the debtor’s employment is known and there is little or no risk of bankruptcy.
The creditor who wishes to sell his judgment can expect to receive approximately 5% of the amount of his claim. This option should only be considered once the claim has been assigned to a specialized company or if the risk of bankruptcy is high or imminent.
Companies specializing in the management of judgments generally request that the claim be assigned to them for a minimum period of one (1) year and will assume all risks. This solution should only be considered when the creditor does not know where his debtor is or does not know anything about his financial situation.
Maîtres du Recouvrement proposes another alternative: the express mandate.
The express mandate consists of an assignment of your judgment for a period of ninety (90) days and includes:
- Reporting of the debt to the Credit Bureaus
- Establishment of probability scores (payment and bankruptcy)
- Complete management of the judgment
- Deployment of collection efforts
- An expertise report
At the end of the ninety (90) day period, Maîtres du Recouvrement will provide you with a report with recommendations for the rest of the process. If your best option is to sell your claim, we can do it for you.
Assigning your judgments to Masters of Collection is the smart choice.
