[Sean Cash]

The magazine had a new advertiser in the latest issue, StreetWide Asset Recovery. Mike Colombo there seems like a good guy and they work with a few funders now. Has anyone tried them?

732-217-3445
http://www.streetwiderecoveryinc.com/
mcolombo@streetwiderecovery.com

This was their ad:
StreetWideAssetRecovery.jpg

[rld]

Everything I have been told is that deals under $75k aren't worth even trying to get your capital back.. paying lawyers and going to court is expensive.

Personally I will invest a 10 spot into a single deal from time to time.. but I always split my money up between several deals so if one goes down I still profit.

I am pretty sure most deals are done this way.. other than the super CA companies (Advance Me.. On Deck.. Etc.) most deals are piecemealed together like this. I have had more and more companies asking me to kick in on my deals lately. I see this industry at some point being 80-90% funded by brokers and agents.

Think about it.. once you get some deals going and get your phone ringing.. the commissions are very nice. Especially when you hit larger deals. Making $20-50k on large deals can make an agent feel pretty rich pretty fast. I only spend so much of it.. so the rest can either sit in a money market and make 1-2% or I can put it in deals and make 15-20% over 3 to 6 months.

No brainer if you ask me.

[jfulle]

Mystery shoppers, letter drop off, or simple site inspection might be a start before getting lawyers. In my opinion.

[Mcalawyers]

I have worked with many Merchant Advance companies that take a different approach on balances between $25K and up. They still send mystery shoppers, conduct a site visit and take excellent notes about the default, especially capturing information about the debtor (including location information and alternative phone numbers).

However, an attorney demand letter from a law firm as well as messages and a legal talk off with the Merchant from an attorney greatly improves the right party contact rate which can improve repayment in certain circumstances.

Additionally, when a person has assets, than taking advantage of a breach for specific performance under the agreement (which kicks in the personal guarantee) gives the litigation step a boost and in certain cases may "flesh" out debtor/debtor entities and get them to get back on track or at least discuss repayment options.

I don't disagree that efforts should be made internally by the MCA, but I strongly believe that representation by an attorney well versed in legal collections can assist in recovery--that is money that can be put back into a new deal. If you have further questions, please do not hesitate to contact at clientservices@mmpslaw.com