What immediate actions are taken within 24 hours of reporting non-payment?<\/h3>\n

Within 24 hours of placing an account, our recovery process includes sending the first of four letters to the debtor, skip-tracing and investigative measures to obtain the best financial and contact information, and persistent contact attempts by our collectors via phone, email, text, and fax.<\/p>\n

What happens if initial collection attempts fail in the plastic manufacturing industry?<\/h3>\n

If all initial attempts to resolve the account fail within the first 30 to 60 days, we escalate to Phase Two, which involves forwarding the case to one of our affiliated attorneys within the debtor’s jurisdiction for further action.<\/p>\n

How does engaging a local attorney help in recovering debt?<\/h3>\n

An affiliated local attorney will draft a series of demand letters on law firm letterhead and attempt to contact the debtor via telephone to demand payment, adding legal weight to the recovery efforts.<\/p>\n

What are the possible outcomes after legal intervention in debt recovery?<\/h3>\n

After legal intervention, if the recovery is deemed unlikely, we may recommend closing the case with no cost to you. If litigation is recommended and you choose to proceed, you will need to pay upfront legal costs for filing a lawsuit.<\/p>\n

What are the typical legal costs if I decide to proceed with litigation?<\/h3>\n

If you decide to proceed with litigation, you will be required to pay upfront legal costs such as court costs and filing fees, which typically range from $600.00 to $700.00, depending on the debtor’s jurisdiction.<\/p>\n

How are collection rates determined in the plastic manufacturing industry?<\/h3>\n

Collection rates are competitive and tailored based on the number of claims and age of accounts. For example, accounts under 1 year in age can have a rate of 30% of the amount collected, while accounts over 1 year in age may incur a 40% rate. Special conditions such as accounts under $1000.00 or those placed with an attorney may have different rates.<\/p>\n","protected":false},"excerpt":{"rendered":"

In the plastic manufacturing industry, facing non-payment from clients can be a significant challenge. To mitigate the impact of such financial setbacks, it is essential to have a structured recovery system in place. This article outlines a three-phase Recovery System designed to maximize the chances of recovering company funds. From immediate actions within 24 hours […]<\/p>\n","protected":false},"author":1,"featured_media":91746,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[19],"tags":[],"class_list":["post-91747","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-debt-recovery"],"yoast_head":"\n