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Chasing Down Payments for Green Technology Installations

The process of chasing down payments for green technology installations can be complex and challenging. In this article, we will explore a Recovery System for Company Funds that is specifically designed to help companies recover outstanding payments for green technology installations. The system consists of three phases, each with specific actions and strategies to ensure successful recovery of funds.

Key Takeaways

  • Implementing a structured Recovery System can significantly increase the chances of recovering company funds for green technology installations.
  • Phase One involves initial contact with debtors and skip-tracing to gather financial information.
  • Phase Two escalates the recovery process by involving affiliated attorneys to demand payment from debtors.
  • Phase Three offers two options for further action: closure of the case if recovery is unlikely or proceeding with litigation if recommended.
  • Understanding the rates and fees associated with the Recovery System is crucial for companies seeking to recover outstanding payments.

Recovery System for Company Funds

Phase One

Within the first 24 hours of initiating Phase One, a multi-pronged approach is launched to secure company funds. Immediate action is taken to ensure that the debtor is aware of their obligations:

  • A series of four letters is dispatched via US Mail, marking the commencement of the recovery process.
  • Comprehensive skip-tracing and investigative measures are employed to gather optimal financial and contact information.
  • Persistent contact efforts are made through phone calls, emails, text messages, and faxes.

Persistence is key during this phase, with daily attempts to reach a resolution within the first 30 to 60 days. Should these efforts not yield the desired outcome, the transition to Phase Two is seamless, involving the immediate engagement of our affiliated attorneys in the debtor’s jurisdiction.

The goal of Phase One is clear: to establish a firm yet fair line of communication with the debtor, setting the stage for a swift and effective resolution.

Phase Two

Upon escalation to Phase Two, the case is transferred to a local attorney within our network, initiating a more assertive approach. The attorney drafts a series of demand letters on their law firm letterhead, signaling the seriousness of the situation to the debtor. Concurrently, the attorney’s team begins persistent attempts to contact the debtor through phone calls, aiming to secure payment.

If these intensified efforts do not yield results, a critical decision point is reached. We provide a detailed report outlining the challenges encountered and our recommended course of action for Phase Three.

The transition from Phase Two to Phase Three is contingent on the debtor’s response. Below is a summary of potential outcomes:

  • Continued non-payment despite attorney’s efforts
  • Partial payment or negotiation of a payment plan
  • Recommendation for litigation or case closure

Each outcome requires a tailored strategy, ensuring the best possible chance for fund recovery while minimizing additional costs.

Phase Three

Upon reaching Phase Three, the path forward hinges on the feasibility of fund recovery. If prospects are dim, we advise case closure, sparing you further costs. Conversely, opting for litigation necessitates a decision on your part. Should you decline legal action, you may retract the claim at no charge, or permit ongoing standard collection efforts.

Choosing litigation incurs initial legal expenses, typically $600-$700, covering court and filing fees. These funds enable our attorney to pursue all owed monies. Failure to collect post-litigation results in case termination, with no financial obligation to our firm.

Our competitive rates are structured to align with the volume and age of claims. The percentage of the amount collected varies, ensuring fairness and incentivizing successful recoveries.

Here’s a quick glance at our rate structure:

  • For 1-9 claims:

    • Under 1 year: 30%
    • Over 1 year: 40%
    • Under $1000: 50%
    • With attorney: 50%
  • For 10+ claims:

    • Under 1 year: 27%
    • Over 1 year: 35%
    • Under $1000: 40%
    • With attorney: 50%

In summary, our approach is tailored to maximize recovery while minimizing risk. The decision to proceed with litigation is yours, with our guidance ensuring a clear understanding of the potential costs and outcomes.

Frequently Asked Questions

What is the Recovery System for Company Funds?

The Recovery System for Company Funds is a 3-phase process designed to recover company funds from debtors.

What happens in Phase One of the Recovery System?

In Phase One, letters are sent to debtors, skip-tracing and investigation are conducted, and attempts are made to contact debtors for resolution.

What is the next step if Phase One fails to resolve the account?

If Phase One fails, the case is forwarded to one of the affiliated attorneys within the debtor’s jurisdiction in Phase Two.

What actions are taken in Phase Two of the Recovery System?

In Phase Two, the attorney sends letters demanding payment and attempts to contact the debtor to resolve the account.

What are the options in Phase Three of the Recovery System?

In Phase Three, the options include closing the case if recovery is unlikely, proceeding with litigation with upfront legal costs, or continuing standard collection activity.

What are the rates for the Recovery System services?

The rates for the Recovery System services depend on the number of claims submitted and the age and amount of the accounts, with rates ranging from 27% to 50% of the amount collected.


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