Collections
- Thread starter kwither
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- Sep 2, 2007
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- 39
QUOTE (kwither @ Mar 7 2008, 09:40 PM) I have a judgement on an ex tenant and Priority Credit Recovery Inc. were trying to collect. They have now closed the file as uncollected.
What options do I have to try and collect the funds?
Regards,
Ken Wither
Ken,
The first question you need to answer is "Is it worth going after?" The answer to that comes out of : [list type=decimal][*]How much are you trying to collect?[*]What have you already invested in collecting?Do you have enough personal information to effect a collection?[/list type=decimal]The last question is the killer. In most uncollected rent situations, there is no means to enforce collection. If the person has a good and steady job, and you know where - you could get a garnishee order and get a part of the paycheque. If you know where they bank (and if they bank) you could get a similar order to garnishee their bank account. (You`ll only get one chance at this as they will move the account after the first attempt - and very likely won`t have significant funds there anyway).
Sometimes the best thing you can do is move on with your life. In this business it is usually more profitable to move ahead and concentrate on earning replacement income rather than get bogged down in trying to collect what is most frequently uncollectable. Refer it to a collection agency (as you have done) and consider it to be found money if you get it.
What options do I have to try and collect the funds?
Regards,
Ken Wither
Ken,
The first question you need to answer is "Is it worth going after?" The answer to that comes out of : [list type=decimal][*]How much are you trying to collect?[*]What have you already invested in collecting?Do you have enough personal information to effect a collection?[/list type=decimal]The last question is the killer. In most uncollected rent situations, there is no means to enforce collection. If the person has a good and steady job, and you know where - you could get a garnishee order and get a part of the paycheque. If you know where they bank (and if they bank) you could get a similar order to garnishee their bank account. (You`ll only get one chance at this as they will move the account after the first attempt - and very likely won`t have significant funds there anyway).
Sometimes the best thing you can do is move on with your life. In this business it is usually more profitable to move ahead and concentrate on earning replacement income rather than get bogged down in trying to collect what is most frequently uncollectable. Refer it to a collection agency (as you have done) and consider it to be found money if you get it.
I disagree on this.
I am pursuing one of my tenants very hard....much of it based on principle.
You let them get away with it....they`ll just do it again to the very next landlord.
If you can get their SIN #...you have a good chance of tracking them down.
Also - Google "Finding People in Canada".....for a small fee they crawl through many records all over the web to find matching names....can then get their current address
I am pursuing one of my tenants very hard....much of it based on principle.
You let them get away with it....they`ll just do it again to the very next landlord.
If you can get their SIN #...you have a good chance of tracking them down.
Also - Google "Finding People in Canada".....for a small fee they crawl through many records all over the web to find matching names....can then get their current address
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Considering the fact that the collection agency has thrown in the town I would guess your options are practically non existent.
This type of situation, where collection agencies give up, more than anything reinforces the need to do thorough screening to obtain SI#, photo copies of drivers license, vehicle registration info, employer confirmation etc. This info is not just for screening purposes but also for tracking down criminal tenants.
With enough personal info on tenants you can go directly to small claims court and bypass the LTB if necessary. The courts will respect and enforce a lease agreement where the LTB will not.
I can`t help but whatever your course of action good luck.
This type of situation, where collection agencies give up, more than anything reinforces the need to do thorough screening to obtain SI#, photo copies of drivers license, vehicle registration info, employer confirmation etc. This info is not just for screening purposes but also for tracking down criminal tenants.
With enough personal info on tenants you can go directly to small claims court and bypass the LTB if necessary. The courts will respect and enforce a lease agreement where the LTB will not.
I can`t help but whatever your course of action good luck.
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We just collected a $1,700 judgement against a tenant from over a year ago - by simply registering the Judgement at the Personal Properties Registry and waiting until they needed credit to buy a house or car and their lender required they clear off our Judgement from their credit file. This works maybe 25% of the time and costs very little to do.
Their are Personal Properties Registries in each province. Ours in Alberta is found here http://www.servicealberta.ca/8.cfm
Their are Personal Properties Registries in each province. Ours in Alberta is found here http://www.servicealberta.ca/8.cfm