JOJO BIG DATA + LEGAL
JoJo BIG DATA + LEGAL
JoJo BIG DATA + LEGAL (PAY to CLIENT) methodology helps in-house Accounting, Accounts Receivable, Collections, and LEGAL Department of commercial & retail property owners, and business products and services prioritizing delinquent accounts with a higher likelihood of payment, streamlining the collection process, business creditworthiness, risk assessment, pre-legal data, commercial credit, defaults, breach of contract, and trade credit. Focusing collection efforts on the most promising accounts, saving time and resources, identify relationships within a corporate family, alternative contact information and locations for debtors, making it easier to reach them.about their current financial obligations and provides payment instructions. identifying potential collection issues early to optimizing collection efforts. and improve recovery rates by combining industry experience with deep data and analytics.
- Commercial debt arises when one business owes money to another business for goods or services provided, typically outlined in contractual agreements or invoices.
- Examples include unpaid invoices for products, services, or contractual breaches.
- Contract Law: The foundation of commercial debt collection lies in the original credit agreement, purchase order, or service contract. This defines payment terms, interest rates, and consequences for default
"Pre-legal" commercial collections refers to the stage of debt recovery that occurs before formal legal action is taken. It involves a series of structured communications, like letters, emails, and phone calls, aimed at encouraging the debtor to pay what is owed voluntarily. This process often involves negotiation and can be a cost-effective way to resolve disputes and recover debts without the time and expense of litigation. Here's a more detailed explanation:
- Purpose:Pre-legal collections aim to achieve a resolution without resorting to court, saving time and money for both the creditor and the debtor.
- Methods:It typically involves a series of communications, including demand letters, phone calls, and potentially even in-person meetings with experienced debt collectors.
- Negotiation:The goal is to reach a payment arrangement or settlement that is acceptable to both parties.
- Benefits:Successful pre-legal collection can lead to a high percentage of recovery without the need for legal action.
- LEGAL@JOJOBIGDATA.COM
- If pre-legal efforts are unsuccessful, a creditor may decide to proceed with legal action, which would involve filing a lawsuit.