Our Proven Process

(What you can expect)

1. Partner Identification:

   • A caring staff member of Balance Recovery Solutions identifies potential debts to pursue, typically through our partners (you) submitting delinquent accounts via an intake form.

   • This involves reviewing lists of overdue accounts, purchasing debt portfolios, or receiving referrals from original creditors.

2. Intake Process:

   • Balance Recovery Solutions receives detailed information from the partner, including debtor name, address, debt amount, account number, and supporting documentation like invoices or contracts.

3. Debt Validation:

   • Balance Recovery Solutions verifies the debt’s accuracy, ensuring the amount owed is correct and there are no disputes or errors in the account.

   • This includes checking the statute of limitations, which in Florida is 5 years (Texas is 4 years), as noted at Florida Debt Collection Laws and Texas Civil Practice Code.

4. Debtor Localization:

   • Balance Recovery Solutions updates and verifies the client’s (debtor) current contact information.

   • This step is vital for effective communication, especially if the debtor has moved or changed contact details.

   • It may involve checking credit reports, social media, or other databases to locate the debtor.

5. Send Validation Notice:

   • Within 5 days of first contact, the company sends a written notice to the client (debtor), as required by FDCPA (15 U.S. Code § 1692g, at Validation of debts).

   • The notice must include the debt amount, the name of the creditor, and instructions on how to dispute the debt within 30 days.

   • In Florida, this aligns with FCCPA requirements, ensuring compliance with state-specific protections, as outlined at Consumer Collection Agencies.

6. Initial Contact:

   • Balance Recovery Solutions attempts to contact the client (debtor) via phone, mail, email, or other means to discuss the debt and request payment.

   • This must adhere to FDCPA and FCCPA regulations, such as not contacting before 8 a.m. or after 9 p.m. without consent.

   • The goal is to establish communication and understand the client’s (debtor’s) financial situation.

7. Negotiation:

   • Balance Recovery Solutions discusses possible payment plans or settlement options with the client (debtor), such as monthly installments, lump-sum payments, or reduced settlements.

   • This step may involve offering flexibility based on the debtor’s ability to pay, aiming for a mutually acceptable solution.

   • Research suggests negotiation is key to avoiding legal action, with some clients (debtors) preferring settlements for less than the full amount owed.

8. Payment Collection:

   • Balance Recovery Solutions collects payments from the debtor according to the agreed-upon plan, using methods like bank transfers, credit card payments, or checks.

   • All transactions are recorded for compliance and tracking purposes, ensuring transparency.

9. Follow-Up and Reminders:

   • Balance Recovery Solutions sends regular reminders and follows up on payments to ensure the debtor stays on track with their repayment schedule.

   • This may involve automated emails, text messages, or phone calls, depending on the debtor’s preference and legal limits.

   • The evidence leans toward this step being critical to prevent defaults and maintain collection momentum.

10. Dispute Resolution:

    • If the client (debtor) disputes the debt, Balance Recovery Solutions investigates the claim, reviewing documentation and communicating with the partner (you).

    • If the dispute is valid, collection efforts must cease until resolved, as per FDCPA requirements.

    • This step ensures compliance and protects against potential legal challenges, especially under FCCPA, which extends protections to original creditors.

11. Escalate to Legal Action:

    • If the client (debtor) fails to respond or make payments, Balance Recovery Solutions may initiate legal proceedings to collect the debt.

    • This involves filing a complaint in court, following Florida’s civil procedure rules, as noted at Debt Collection - Montesino Law. In Texas as outlined in the Texas Civil Practice and Remedies Code, Section 16.004 (https://statutes.capitol.texas.gov/Docs/CP/htm/CP.16.htm#16.004

    • Legal action can be costly and time-consuming, so it’s typically a last resort, with Balance Recovery Solutions assessing the likelihood of success.

12. Judgment Enforcement:

    • If a judgment is obtained, Balance Recovery Solutions takes steps to enforce it, such as wage garnishment, bank account levies, or placing a lien on property.

    • In Florida, note that homestead property is exempt from liens, as mentioned at Florida Debt Collection Laws, which is an important consideration for enforcement strategies.

    • This step may involve working with process servers or sheriffs to seize assets, ensuring compliance with state laws.

13. Case Closure:

    • Once the debt is fully paid or determined to be uncollectible (e.g., due to bankruptcy or statute expiration), Balance Recovery Solutions closes the case.

    • This involves updating internal records, notifying the partner, and possibly reporting to credit bureaus, ensuring all documentation is complete.

    • It seems likely that closing the case includes a final review to ensure no outstanding issues remain.