No one wants to have a debt judgment issued against them and settling a debt claim is often quicker and more effective than waiting for an arbitration award or civil court judgment.
Debt is a strange animal and there could be many reasons why people have not followed up on their legal obligations to repay the sum.
Brief is a 100 percent online dispute resolution platform that can be used to file debt claims against bad debtors without the hassle and cost of going through a broken court system.
The system involves submitting your claim to the Brief portal, after which you will be presented with a flat upfront fee to pursue it.
The six-step Brief process is simple and can result in cost savings of up to 70 percent compared to a Civil lawsuit.
Resolution of the claim is usually 80 percent faster than traditional litigation means.
Online arbitration is a formal legal proceeding and if the plaintiff prevails, an award is issued, which may be reduced to an enforceable judgment by the local courts.
So far so good.
Why would a bad debtor propose settling a debt claim and why should I accept it?
As we touched upon earlier, there may be a multitude of reasons why someone did not pay a debt they owe.
Many times, it is just a case of kicking the pebble further down the street in the hope that the problem goes away.
It could also be the case that paperwork got buried, or a team member in a small business leaving to pursue another job without leaving a handover.
A business may have hit financial hardship and simply could not afford to pay the whole amount or it could simply be bad debt management.
In the past, with civil lawsuits costing an arm and a leg and only giving a return of pennies to the dollar, it was simply not worth the time, effort and cost to seek debt recovery.
So what has changed? Brief is a no-nonsense, no-frills online arbitration platform.
Businesses recognize that they can file their claims through Brief, submit their evidence, and simply wait for an impartial, speedy, and cost-effective resolution.
There is no need to engage a collection agency or a debt settlement company, which would probably result in a meager return on investment.
But what if you wanted an even faster debt recovery process?
As we said earlier, you can never guess the reasons why people have defaulted on a loan.
Brief, without prejudice, recognizes that when presented with an official legal claim, bad debtors may often have a change of heart with a view of settling a debt claim.
If an award is issued against a debtor, the plaintiff can apply to the Civil Court to have it reduced to an enforceable judgement.
This is not ideal for the defendant because it will have several undesirable effects such as the possibility of their home, property or bank accounts being seized.
They also face the prospect of the judgment flagging up on background or credit reports, affecting their credit score.
This is why we offer plaintiffs and defendants the opportunity to settle the claim. In relation to the plaintiff, we ask them for an acceptable range of what they are willing to accept as settlement.
Negotiating a settlement involves asking the defendant to make an offer within a range they would find to settle on the spot.
If the defendant’s debt settlement offer is not within the range specified by the plaintiff, Brief will invite them to present their counteroffer in a bid to seek resolution to the claim.
The system also allows for balance transfers through monthly payment plans with or without an interest rate applied.
Why choose Brief?
The benefits of using Brief’s platform make the choice a no brainer. It’s much cheaper than filing a lawsuit or engaging a debt collector and you are given an upfront fee for the whole process end to end.
In a pandemic ravaged world, Brief allows businesses to recover their debts without needing to be physically present for any proceedings as everything is online.
It also saves you the headache of briefing attorneys, dropping everything to respond to discovery requests, booking court dates and the inevitable disappointment of recovering a fraction of what you are owed.
On the human side, it also avoids the money owed by the defendant being swallowed up by the legal system.
Our settlement facility allows the flexibility for both plaintiff and defendant to strike a deal quickly, avoiding the fallout of the arbitration process.
What are you waiting for? Don’t leave money which is owed to your business on the table. Recover it the Brief way.
How can my business benefit from Online Dispute Resolution services?
Brief has helped businesses recover debts that were simply not worth chasing up because of the time, effort and costs involved.
Why leave money on the table when it is owed to you? Our satisfied clients include eCommerce sites, factors, banks, MCAs and other lenders.
We also offer online dispute resolution services for quiet title, warranty claims, other types of monetary disputes, and other declaratory relief actions.
Brief has a screened network of Ejudges spanning across all 50 states.
The number of states and cities which are embracing ODR solutions is continuously growing.
Each case Brief receives is assigned to an Ejudge to match jurisdiction and subject matter expertise.
You can request a demo from our homepage or call one of our arbitration consultants today on tel: +12134443794. Alternatively, drop us an email at [email protected] to book an obligation-free consultation.
Brief is a market-leading online arbitration platform in the United States. Our 100 percent online alternative dispute resolution platform helps businesses protect their contracts and agreements through online arbitration. Follow us on LinkedIn or Facebook for updates and news about online arbitration and more.
*Brief cannot and will not give legal advice on any matters, financial or not.