The recovery system for tech exports to South Korea involves a three-phase process that aims to recover company funds through a systematic approach. Each phase is designed to address specific aspects of the recovery process, from initial contact and investigation to legal action and recommendations, and finally, recovery options and rates. This system provides a structured and comprehensive strategy for companies seeking to recover payments for tech exports to South Korea.
Key Takeaways
- The recovery system consists of three phases: initial contact and investigation, legal action and recommendations, and recovery options and rates.
- Phase One involves sending letters to debtors, skip-tracing and investigation, and attempts to contact debtors for resolution.
- Phase Two includes forwarding the case to affiliated attorneys, drafting demand letters, and pursuing legal action if necessary.
- Phase Three offers recommendations for closure of the case or proceeding with litigation, with associated costs and rates for recovery.
- The recovery rates vary based on the age and amount of the accounts, as well as whether they are placed with an attorney.
Recovery System Overview
Phase One: Initial Contact and Investigation
In the first phase of our Recovery System, we act swiftly. Within 24 hours of receiving an account, we initiate a multi-channel communication blitz. This includes the dispatch of the first of four letters and a comprehensive skip-tracing process to uncover the most up-to-date financial and contact information.
Our collectors are relentless, employing phone calls, emails, text messages, and faxes to engage with the debtor. We’re committed to daily attempts for the first 30 to 60 days, aiming for a swift resolution. Should these efforts not yield the desired outcome, we seamlessly transition to Phase Two, engaging our network of skilled attorneys.
Our goal is clear: to establish contact and lay the groundwork for payment recovery. We leave no stone unturned in our pursuit of what’s owed to you.
Here’s a snapshot of our initial contact strategy:
- First of four letters sent via US Mail
- Skip-tracing and investigation for accurate debtor information
- Persistent collector engagement through multiple communication channels
Persistence and precision are our watchwords in this phase. We understand the importance of a strong start in the recovery process and are fully equipped to handle the complexities of international tech exports to South Korea.
Phase Two: Legal Action and Recommendations
Once we’ve exhausted initial recovery efforts, we escalate to Phase Two, where the stakes are higher. Our affiliated attorneys step in, armed with the facts and a clear understanding of the debtor’s assets. They draft a series of demand letters and make persistent calls to secure your payment.
If these attempts falter, we’re at a crossroads. Here’s what we recommend:
- If the likelihood of recovery is low, we advise closing the case. You owe us nothing.
- If litigation seems promising, you face a decision. Should you choose to proceed, upfront legal costs will apply, typically between $600 to $700.
Upon successful litigation, the debt owed, including filing costs, is pursued. Failure to collect results in case closure, with no further obligation to you.
Our rates are competitive and vary based on claim volume and age. Here’s a snapshot:
| Claims | Under 1 Year | Over 1 Year | Under $1000 | With Attorney |
|---|---|---|---|---|
| 1-9 | 30% | 40% | 50% | 50% |
| 10+ | 27% | 35% | 40% | 50% |
Remember, these are tailored to the number of claims within the first week of your first account placement. We’re committed to transparency and efficiency in recovering what’s rightfully yours.
Phase Three: Recovery Options and Rates
We’ve reached the final stretch: Phase Three. Here, we weigh our options based on the debtor’s asset investigation and the likelihood of recovery. If the odds aren’t in our favor, we’ll suggest closing the case, with no fees owed to us or our affiliated attorneys.
Should litigation seem viable, you’re at a crossroads. Opt out, and we part ways without charges, or choose to press on with legal action. Bear in mind, this path involves upfront costs for court proceedings, typically between $600 to $700.
Upon deciding to litigate, we’ll advance with filing a lawsuit to reclaim the full amount due, including filing costs. Failure to recover doesn’t incur additional fees; we close the case, and you owe us nothing.
Our rates are competitive and vary based on the number of claims and their age. Here’s a quick breakdown:
| Claims Submitted | Accounts < 1 Year | Accounts > 1 Year | Accounts < $1000 | Attorney Placed |
|---|---|---|---|---|
| 1-9 | 30% | 40% | 50% | 50% |
| 10+ | 27% | 35% | 40% | 50% |
Remember, these percentages reflect the amount collected, ensuring our goals align with your success.
Frequently Asked Questions
What is the Recovery System Overview?
The Recovery System is a three-phase process designed to recover company funds from debtors. It includes Phase One: Initial Contact and Investigation, Phase Two: Legal Action and Recommendations, and Phase Three: Recovery Options and Rates.
What happens in Phase One?
Phase One involves sending letters to the debtor, skip-tracing and investigating to obtain financial and contact information, and attempting to contact the debtor for resolution using various communication methods.
What occurs during Phase Two?
In Phase Two, the case is forwarded to an affiliated attorney within the debtor’s jurisdiction. The attorney drafts letters demanding payment and attempts to contact the debtor. If no resolution is reached, recommendations for the next steps are provided.
What are the recommendations in Phase Three?
Phase Three recommendations include closure of the case if recovery is not likely, or proceeding with litigation. If litigation is chosen, upfront legal costs are required, and the attorney will file a lawsuit on behalf of the company.
What are the rates for recovery?
The rates for recovery depend on the number of claims submitted and the age and amount of the accounts. Rates range from 27% to 50% of the amount collected, with variations based on different account criteria.
What happens if attempts to collect via litigation fail?
If attempts to collect via litigation fail, the case will be closed, and the company will owe nothing to the firm or the affiliated attorney.
