Frequently Asked Questions about The Murkin Group
First, I want to be clear that our rates are contingent, meaning they only apply if we successfully recover the debt you place for collections. They are as follows:
- 20% of the amount collected on accounts that are 0-89 days delinquent
- 25% of the amount collected on accounts that are 90-365 days delinquent
- 33% of the amount collected on accounts that are over (1) year in age
- 50% of any Account placed that has a principle value less than $500.00
- 40% of the amount collected on any Account that is forwarded to an outside attorney
- 50% on the amount collected that are second placements, judgments or international claims
An attorney’s objective is to file suit against the debtor company and look to obtain a judgment which typically can take up to 1-2 years in the already packed legal system…period. We offer a process geared towards the recovery of your money prior to any form of litigation. Our proven method of asset & liability investigation and diplomatic approach towards debtors offers a liquidation rate of 94% of all claims received prior to litigation if the receivable is placed timely…day 80-90 is ideal. Not to say lawyers don’t have their place in debt recovery. They clearly do. However, litigation should always be the last course of action.
Here at The Murkin Group, we understand the frustration of not having up to date information on your collection accounts. That’s why our clients enjoy the convenience of having access to our client portal. Here they can view our collection efforts in real time on their desktop, tablet, and mobile devices. They also have the ability of uploading additional documentation, leaving notes for our collectors, post payments, and generate status reports.
There are several things that can deem an account uncollectible, such as the company going out of business, personal bankruptcy, and lack of backup documentation to legally substantiate the debt to name a few. However, generally, the account is reviewed at 180 days to either close our efforts or recommend litigation.
The Murkin Group cannot accept accounts that are or have been through a bankruptcy or any other account that would violate the Fair Debt Collections Act (FDCPA).
The Murkin Group truly appreciates the efforts our clients put into collecting their receivables in house prior to involving a 3rd party. It is our goal to be considered a valuable extension of your internal collection team. When an account reaches an age of 80 days, our clients enjoy support of that only a 3rd party can bring. Through our investments in state of art investigation technology and cutting edge collection process, The Murkin Group yields the highest results.
If The Murkin Group is unsuccessful collecting, we will close our file and communicate our result to our client. We will recap our efforts and make it clear as to why we were unsuccessful.
The Murkin Group is a member of the CLLA and The General Bar. This means we have direct access to the best collection attorneys in the country that all work on a contingent basis. Not only do these governing bodies insure that the attorney’s that represent our client’s cases are held to the highest professional and ethical standards, this will provide 2 million dollars’ worth of bonding and insurance to protect our clients.