Anyone sold a judgement
Discussion
I received a letter from a company offering to buy a judgement that I have against someone.
Anyone have any experience with this re what sort of percentage to expect.
It's similar to factorising receivables, is a judgement worth more than account receivables or less.
I guess it's less, the more I try to think about it logically the more confused I get.
I asked my acc, he gave me a guestamate but said he had no experience with the resale of judgements
Jeff
Five years old, a couple of grand.
Anyone have any experience with this re what sort of percentage to expect.
It's similar to factorising receivables, is a judgement worth more than account receivables or less.
I guess it's less, the more I try to think about it logically the more confused I get.
I asked my acc, he gave me a guestamate but said he had no experience with the resale of judgements
Jeff
Five years old, a couple of grand.
Whatever they offered you, it's only a first offer - perhaps you can talk them up, if they want it that badly. But apart from that, after 5 years, I'd be inclined to accept - these things are only valid for 7 years IIRC, and I guess you're not likely to get any more any other way...?
I think they will only make one offer, take it or leave it. The buyer that is.
Accountant says probably 25%. (going rate on receivables evidently.)
After a judgement the only recourse is either force into bankruptcy or sell their body parts.
I'm not sure I want to send somebody into bankruptcy for what amounts to a few hundred considering the knock-on effects to others. ( I have a friend totally destoyed by somebody elses bankruptcy, preferential payment law US!)
But then again.
Jeff
Accountant says probably 25%. (going rate on receivables evidently.)
After a judgement the only recourse is either force into bankruptcy or sell their body parts.
I'm not sure I want to send somebody into bankruptcy for what amounts to a few hundred considering the knock-on effects to others. ( I have a friend totally destoyed by somebody elses bankruptcy, preferential payment law US!)
But then again.
Jeff
If you've got nowhere in 5 years my thought is to take the money. IMHO bankruptcy is unlikely to help as (a) everything will be in someone's wife's name (b) the liquidator's bill will be exactly the same as whatever's in the pot... If you're absolutely sure you can't get more money any other way, you may as well accept.
But presumably the company that wants to buy the debt reckons it can get that money and more - so what do they know that you don't?
But presumably the company that wants to buy the debt reckons it can get that money and more - so what do they know that you don't?
simpo two said:
- so what do they know that you don't?
It's possible they have other collectables against this guy and my little bit is just icing.
And on that basis I'll just take what they offer, better than nothing which is what I'm gonna get if I let it go.
Thanks Simpo
Jeff
>> Edited by jeff m on Thursday 1st January 20:31
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