Creditors to Avoid: Be Debt Free

Overview:

Creditors are equally responsible for any judgment as of the debtor. Following are to be avoided by the creditor:

  • Sometimes unreasonable creditors get into legal hassles or troubles because of trying to recover their own judgments.
  • Some of the examples of problem creditors’ mindset are they think their judgment is guaranteed. They will be paid big cash upfront or recovery happens in few weeks, or courts favour creditors or enforcers should retain only 10%
  • Creditors may get into trouble if they recover the judgment. They can either be denied by the court, sued or a sheriff.
  • Another problem is if the creditors outsource their judgment to a recovery expert. An average judgment recovery happens in bundles of money, and each amount comes after several years. Many of the judgments have poor debtors and sometimes the amount doesn’t get recovered at all.
  • In case the debtor has assets, it takes a long time for the court to issue a writ against the debtor.
  • Sometimes creditors try to find out enforcers for expired judgments.
  • Another problem is creditors do not sign any contracts. Since judgments are legal documents, every judgment recovery expert requires a contract and also judgment assignment. Some lenders keep searching for experts by rejecting the contracts that come their way.
  • Another problem is that there is a type of creditor called professional shopper creditor. These creditors keep interviewing several judgment experts because of their mindsets and waste a lot of time. Sometimes a judgment recovery is prevented because of the creditor’s mindset.
Updated: December 1, 2016 — 2:21 pm

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