Posted by SShoreDude on 10/2/07 12:38pm
Msg #214261

New Collection Idea

Ok,

So I had a collection idea which seems to make sense to me but I thought I would post it here and have you guys and gals tear it down because it seems a bit too simple.

In law, you have the right to sell your "cause of action." If someone owes you $100 dollars, you can sell that obligation of $100 to another person, and that other person can go to court and pursue that obligation of $100 as if it was their own claim.

I have some signing companies that owe me money in far away states. What if I sold those obligations I had to another notary who lives in those far away states who could go to court in those states, get a judgment, and collect from these people? Or what if I was here in Massachusetts, and another notary was in California. We switched debts so that we each had an action against a company in our own state, and could get a small claims judgment in our state.

You could just post "Available small claim suit for a company in California" and a CA notary could take it to court.

Just a thought, as I write this, I am seeing problems that it presents, such as the glut of these being in California, and what notary wants another notary's baggage and deadbeats, but I already wrote it so lets see what you guys think.

Reply by Phillip/TX on 10/2/07 12:41pm
Msg #214265

Sounds good in theory, BUT... then the notary in the "host" state would then be out your fee, with no guarantee that they will be paid. Just obtaining a judgement does not constitute payment.

That is my thoughts, but hey who knows... it could work.

Reply by Todd/OH on 10/2/07 2:24pm
Msg #214290

That's a little like selling to a collection agency. If I were to consider doing this, I wouldn't give you $100. I might give you $80 so that I could make a few $$. It's not something I would do for free. Again, if you are having trouble collecting, the notary purchasing your debt likely will have trouble.

Reply by CaliNotary on 10/2/07 6:34pm
Msg #214339

"I am seeing problems that it presents, such as the glut of these being in California, and what notary wants another notary's baggage and deadbeats,"

Exactly. There's no incentive to do something like this unless you're doing it in volume, who in their right mind is going to pay cash for the right to maybe or maybe not get that cash back?