Resolving unpaid bills in consumer goods exports to Taiwan can be a complex process that requires a strategic approach. In this article, we will explore a three-phase recovery system for recovering company funds in such situations. The system involves initial contact and investigation, legal actions and recommendations, as well as collection rates and fees. Let’s delve into the key takeaways from this recovery system:
Key Takeaways
- Timely initial contact and investigation are crucial for successful debt recovery efforts.
- Legal actions, including working with affiliated attorneys, can escalate the recovery process effectively.
- Understanding collection rates and fees is essential for budgeting and decision-making in debt recovery.
- Thorough investigation of debtor assets is key to determining the likelihood of recovery and making informed decisions.
- Consideration of litigation as a last resort option requires upfront legal costs and careful evaluation of potential outcomes.
Recovery System Overview
Initial Contact and Investigation
Upon receiving an unpaid bill, we spring into action. Within 24 hours, our team initiates Phase One of our Recovery System. We dispatch the first of four letters and employ skip-tracing to gather the debtor’s financial and contact details. Our collectors then engage in a relentless pursuit, utilizing calls, emails, texts, and faxes to secure a resolution.
Daily attempts are made to reach the debtor, with the goal of resolving the matter swiftly and efficiently.
If these efforts don’t yield results within 30 to 60 days, we don’t hesitate to escalate to Phase Two, involving our network of skilled attorneys. Here’s a quick breakdown of our initial contact strategy:
- Send the first letter via US Mail
- Conduct thorough skip-tracing
- Persistent collector engagement
- Utilize multiple communication channels
Our approach is designed to maximize the chances of recovery before considering legal action. We’re committed to a resolution that serves your interests, ensuring that the process is as smooth and effective as possible.
Legal Actions and Recommendations
When we’ve exhausted all preliminary efforts, we face a critical juncture. If the debtor’s assets and case facts suggest low recovery odds, we advise case closure—at no cost to you. Conversely, should litigation seem viable, a choice looms.
Opting out means no fees owed, with the option for standard collection pursuits. Choosing litigation necessitates upfront costs, typically $600-$700, covering court expenses. Post-payment, our attorney initiates legal proceedings to reclaim the full debt, including filing costs. Failure to collect post-litigation results in case closure, again, without fees to you.
Our fee structure is competitive and varies with claim volume and age. For instance, accounts under a year old are charged at 30% of the collected amount for 1-9 claims, and 27% for 10 or more. Older accounts or those under $1000 incur higher rates, while attorney-placed accounts consistently attract a 50% fee.
Here’s a quick glance at our fee schedule:
| 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 rates are tailored to ensure fairness and efficiency in the recovery process. Our goal is to provide a clear path forward, whether through continued collection efforts or decisive legal action.
Collection Rates and Fees
We understand the importance of transparency when it comes to collection rates and fees. Our rates are competitive and tailored to the volume and age of claims. For instance, accounts under one year in age are subject to a 30% fee for 1-9 claims, and a reduced rate of 27% for 10 or more claims. Older accounts and smaller balances have different rates, reflecting the increased effort required to collect.
Here’s a quick breakdown of our fee structure:
| Claims Submitted | Accounts < 1 Year | Accounts > 1 Year | Accounts < $1000 | Attorney Placed Accounts |
|---|---|---|---|---|
| 1-9 | 30% | 40% | 50% | 50% |
| 10+ | 27% | 35% | 40% | 50% |
Litigation is a last resort, and we only recommend it when there’s a reasonable chance of recovery. If you decide to proceed, upfront legal costs will apply, typically ranging from $600 to $700. However, should the litigation process not result in recovery, you owe us nothing further.
We’re committed to a no-recovery, no-fee policy. This ensures that our interests are aligned with yours, as we only succeed when you do.
Frequently Asked Questions
What is the Recovery System for resolving unpaid bills in consumer goods exports to Taiwan?
The Recovery System consists of three phases: Initial Contact and Investigation, Legal Actions and Recommendations, and Collection Rates and Fees.
What happens during Phase One of the Recovery System?
During Phase One, the debtor is contacted via mail and various communication methods, skip-tracing and investigation are conducted, and daily attempts are made to resolve the account within the first 30 to 60 days.
What occurs in Phase Two of the Recovery System?
In Phase Two, the case is forwarded to a local attorney who sends letters demanding payment and attempts to contact the debtor. If unresolved, recommendations for the next steps are provided.
What are the recommendations in Phase Three of the Recovery System?
The recommendations in Phase Three include either closing the case if recovery is unlikely or proceeding with litigation, where upfront legal costs are required.
What are the rates for the Recovery System services?
The rates vary based on the number of claims submitted and the age and amount of the accounts, ranging from 27% to 50% of the amount collected.
What happens if the attempts to collect via litigation fail?
If collection attempts via litigation fail, the case will be closed, and there will be no payment owed to the firm or affiliated attorney.
