The Power of Bank Levy in Judgment Enforcement

Enforcing a judgment is often a complex and arduous journey, but there exists a diverse array of methods designed to ensure that awarded judgments are successfully satisfied. One such method is the Bank Levy, a potent tool that empowers creditors to freeze and seize funds from the debtor’s bank accounts. In this thesis, we will not only explore the intricacies of the Bank Levy but also shed light on DCI’s collection agency services, which play a pivotal role in safeguarding the value of B2B companies’ Accounts Receivable Portfolio within the Small Business Industry of the B2B sector.

Decoding the Bank Levy

A Bank Levy, in essence, is a legal procedure that permits a creditor to access the debtor’s bank accounts with the intention of freezing and seizing funds to satisfy an outstanding judgment. This process involves obtaining a court order that authorizes the freezing of specified bank accounts linked to the debtor.

When the bank receives the court order, they are legally obliged to freeze the funds in the designated accounts, preventing the debtor from accessing or withdrawing the money. Subsequently, these funds are made available to the creditor, helping to settle the awarded judgment.

DCI’s Role in Protecting B2B Accounts Receivable

The Small Business Industry is the backbone of the B2B landscape, contributing significantly to its growth and sustainability. Small businesses serve as suppliers, innovators, job creators, and collaborators, adding immense value to the broader B2B sector. However, they also face challenges, including the collection of outstanding debts owed to them by other businesses. DCI understands these challenges and provides essential services that ensure Small Business Industry companies can focus on their core operations while their outstanding debts are managed efficiently.

The DCI Advantage

• No-Recovery No-Fee Service: DCI takes pride in offering a No-Recovery No-Fee service, where clients only pay if we successfully recover their money. This commitment to results underscores our dedication and accountability, aligning our interests with our clients’ financial success.
• Three-Phase Recovery System: Our proven three-phase recovery system is a structured approach to maximize the chances of recovering owed funds:
  • Phase One: Within 24 hours of account placement, we initiate the process by sending the first of four letters to the debtor via US Mail. We employ skip-tracing and investigation techniques to obtain the best financial and contact information on the debtors. Our collectors engage the debtors through various means, including phone calls, emails, text messages, and faxes, striving for a resolution. Daily contact attempts are made during the initial 30 to 60 days.
  • Phase Two: If Phase One efforts do not yield results, we seamlessly transition the case to one of our affiliated attorneys within the debtor’s jurisdiction. The receiving attorney immediately drafts letters demanding payment and initiates telephone contact with the debtor in addition to the letter series.
  • Phase Three: Based on a thorough case assessment and an evaluation of the debtor’s assets, we offer one of two recommendations. If recovery seems unlikely, we advise closing the case, with no fees owed to our firm or the affiliated attorney. Alternatively, if litigation is deemed viable, the client can decide to proceed. Legal costs, typically ranging from $600.00 to $700.00, are incurred by the client, and our affiliated attorney files a lawsuit on their behalf. If litigation attempts fail, the case is closed, with no fees owed.

Competitive Collection Rates

DCI offers competitive collection rates to accommodate our clients’ needs:

• For submitting 1 through 9 claims within the first week, rates are as follows:
  • 30% of the amount collected on accounts under 1 year in age.
  • 40% of the amount collected on accounts over 1 year in age.
  • 50% of the amount collected on accounts under $1000.00.
  • 50% of the amount collected on accounts placed with an attorney.
• For submitting 10 or more claims within the first week:
  • 27% of the amount collected on accounts under 1 year in age.
  • 35% of the amount collected on accounts over 1 year in age.
  • 40% of the amount collected on accounts under $1000.00.
  • 50% of the amount collected on accounts placed with an attorney.

A Strong Recommendation

In conclusion, enforcing a judgment is a multifaceted process, and the Bank Levy represents just one tool in the toolbox. Before considering expensive and time-consuming litigation, we strongly recommend exploring the third-party debt recovery services offered by DCI, also known as Debt Collectors International. With our proven track record, No-Recovery No-Fee service, and three-phase recovery system, we are the preferred choice for B2B companies in the Small Business Industry. For more information on how DCI can assist your business in recovering outstanding debts, visit our website at www.debtcollectorsinternational.com or call us at 855-930-4343.