Litman Law offers our clientele a unique and advantageous collection strategy in comparison to a standard and traditional collection agency.
We have analyzed every aspect that we feel is crucial to successful recovery and by doing this we have significantly improved our client’s chances to become a debtor’s priority. The following are four key reasons why Litman Law is the solution to your collection needs:
- Rates and Legal Representation– Litman Law provides client representation of a Law Office at comparable rates to that of a traditional agency. The use of a lawyer presents a far more serious situation to the debtor, creating and maintaining the sense of urgency that is critical to a successful collection;
- Pre-Collection Letter – A pre-collection letter is a fairly standard feature offered by third party collectors. Litman Law offers our client one that looks more professional and is free of charge. As always, there is no commission on payments made during the 7 day pre-collection period. Our client always gets a copy of this letter for their records. Another significant difference with our Pre-letter are that we fax it to your debtor ensuring prompt receipt and providing ample time for recovery without being billed a fee.
- Costs – If the pre-collection letter is not successful, we actually gain more leverage and create a higher sense of urgency by having the ability to ask for costs over and above the principal balance. Collection agencies are unable to ask for anything other than the principal balance owed to their client. Demanding costs opens up negotiation leverage, virtually eliminating lowball settlement offers. In about one in five mattes we are actually able to collect most of our clients’ costs. In other words our client has two reasonable opportunities to gain conclusion by way of payment essentially without paying a fee (pre-collection letter stage or if we collect costs over and above the principal balance). This particular feature of our design is one of the main reasons clients willingly switch from their third party collection agent to our offices and end up staying clients for many years.
There are many other advantages we have designed to benefit our client, such as faster payouts on trust monies received, user friendly online software where our client can track their accounts and we work without boundaries, meaning we can recover accounts worldwide. Our goal is to improve on every aspect of third party recovery by taking advantage of our capabilities and executing on them to recover accounts assigned to our office.
Below shows a comparison chart between our design and a traditional third party.
| Traditional Collection Agency | Litman Law | |
|---|---|---|
| Boundaries | Yes | No |
| Pre-Collection Letters | Free and Mailed | Free, Authentic Lawyer letter; faxed |
| Costs Added | Unable to ask for or recover | Able to ask for and sometimes recover |
| Online Access | Maybe | Yes, our clients will always be informed |
| Payouts | Usually around 30 days | Around every 15 days |
| Litigation (if needed) | Farmed out | Already in-house |
| Relationships | Lots of turnover | Rare turnover ensuring confidence |
| Professionalism | Sometimes | Always professional, which looks better for our clients at the same rates |
The information contained in this resource is provided for general informational purposes only and should not be construed as legal advice on any subject matter. No reader should act or refrain from acting on the basis of any content included in this resource without seeking appropriate legal or other professional advice on the particular facts and circumstances at issue from a lawyer licensed in the reader’s jurisdiction. Litman Law expressly disclaims all liability in respect of actions taken or not taken based on any or all of the contents of this resource.