Have you recently received a judgment in your favour and are looking for the best way to effectively manage it, such as selling a judgement debt?
If so, you may be relieved that you have won the matter but are beginning to be concerned about the process of enforcing it.
In case you are unaware, winning a matter in a tribunal or a Court is far from the end of it for you and the other party alike!
It is your responsibility after a judgment has been made to ensure the judgment is enforced effectively; tribunal or a Court will not enforce the judgment, only make it!
If you are having trouble dealing with this process or have other items that you need to focus your energy on in your business, there is another option. Selling your judgment!
You see, your judgment is worth something, as there is money to be collected from it, so there are debt purchasers who will be interested in this investment!
But how will this look for you and why would this help your business?
In this article our professional debt buyers will discuss several of the benefits of selling a tribunal or a Court judgment to a third-party buyer and how this process may help to improve and grow your business!
Selling a Judgement Debt can Improve Cash Flow
The first way that selling a tribunal or a Court judgment may be of benefit to your business is by improving your cash flow.
Cash flow is a key element of any business. It can be an essential element in maintaining financial growth and health and keeping your business running and successful!
Cash flow describes the flow of money coming in and out of your business in income and expenses respectively.
A positive cash flow is essential to a functioning business, as it means that there is more money coming in than there is going out.
By selling your tribunal or a Court judgment, you provide a direct and fast plug of money into your business which can drastically improve your cash flow and ultimately be used to grow and improve your business in the long term.
Selling a Judgement Debt can Reduce Legal Costs
Another great advantage of selling a tribunal or a Court judgment to a third-party buyer is that it can reduce the legal costs associated with enforcing your judgment.
Once you have received your judgment, the enforcement process will begin.
This can require a lot of money in legal costs, especially if you have a particularly difficult party that the judgment was made against and whom you expect will put up quite the fight when looking to enforce your judgment.
By selling your tribunal or a Court judgment, you will be paid upfront and in a simple and no-pressure process that will not require legal action, as you will not provide them with the enforcement rights until after a payment has been made!
It can Eliminate Enforcement Concerns
Another great advantage of selling a tribunal or a Court judgment to a third-party buyer is that it can eliminate the concerns associated with enforcement.
Dealing with enforcing a judgment is an infamously difficult process.
It can lead to some serious anxiety in all involved parties and can take its toll on the enforcing parties’ mental well-being.
Being concerned about enforcing your tribunal or a Court judgment can result in your mind being taken away from your business and other clients, which can lead to a dip in the maintenance and quality of your other areas of business.
By selling your judgment, you can eliminate these concerns from your mind focus on your business and move on from this process.
Selling a Judgement Debt can Mitigate Risk
Another great advantage of selling a tribunal or a Court judgment to a third-party buyer is that it can mitigate the risk element of enforcing your judgment.
There is an element of risk associated with the enforcement of a judgment in several areas.
For starters, there is the risk that the other party somehow escapes payment in one way or another, ultimately resulting in you having spent money on obtaining a judgment and looking to enforce it without being paid what you are owed.
There is also the risk that you act in a way that is in some way illegal or otherwise not permitted, affecting your legal standing and reputation as a business.
By selling your judgment, you remove this risk so that your business is entirely protected.
Professional Treatment of Clients
Another great advantage of selling a tribunal or a Court judgment to a third-party buyer is that it can result in a higher level of professionalism for your clients.
Sometimes, even after the judgment process, keeping a client that has been otherwise good to your business may be something that you want.
However, tensions can be high when enforcing a judgment and it can all get a little out of control.
By selling to a reputable buyer, you can ensure that your client is receiving professional treatment and that the less-than-fun process of enforcing a judgment is not a source of tension between the two of you.
Selling a Judgement Debt can Improve Financial Flexibility
Another great advantage of selling a tribunal or a Court judgment to a third-party buyer is that it can provide your business with an added element of financial flexibility.
As we discussed prior, selling a judgment provides your business with an immediate plug of money.
If your business has been struggling with money, sometimes due to the enforcement or judgment process, selling your judgment can provide you with that extra boost of cash to free you up financially.
Selling a Judgement Debt can Avoid Legal Battles
Another great advantage of selling a tribunal or a Court judgment to a third-party buyer is that it can allow you to avoid legal battles with the other side.
When a judgment has been made, it is not necessarily final if the other side does not think that it should be!
Sometimes there can be a dispute or further legal battle associated with the matter, even after the judgment has been made.
If you wish to avoid another lengthy and complicated legal matter, selling your judgment can be the best way forward!
Selling a Judgement Debt – Key Takeaways
Dealing with the enforcement of a judgment can be a difficult and long process.
If you wish to be rid of this weight, want to move on with your business, or wish to reap another of the benefits associated, selling your tribunal or a Court judgment may be the right move for you!
It is, however, important to ensure that this is the right move for your business, as it may not be the best step for every business, depending on the circumstances of the judgment.