Key Takeaways
- The article discusses a successful commercial claim payment exceeding 100% of the principal balance.
- The client informed that his customer was about to be sold, allowing for strategic advantage in debt collection.
- Instead of waiting for a demand letter response, they filed suit and included the Summons and Complaint with the demand letter.
- This proactive approach resulted in full payment, including interest and court costs, within two weeks.
We recently concluded payment of a commercial claim for over 100% of the principal balance. It doesn’t happen very often in debt collection, so excuse me if we brag a little.
While conducting the client intake interview for the new commercial claim, the principal of the client told us that his customer was about to be sold to a very large company, for a large sum on money. The closing, he told us, was to be within one month. Based on that information, we knew that we could leverage the sale to our advantage.
Rather than sending out a demand letter and waiting for a week for a response, we went immediately to suit and attached a copy of the filed Summons and Complaint to the demand letter. It worked beyond expectations and we received wire payment in full of the principle figure, together with accrued interest and court costs spent, within two weeks of the date of the letter.