With 35 years experience in the legal field, and having dealt with thorny issues like corporate fraud, I'm pleasantly surprised at how easy it was to use XCLAIM to execute this claim transaction.
The process was very easy and convenient to complete a transaction.
At my firm, one side of the business is commercial debt collection. We have commercial clients that place their accounts with us and we collect on accounts past due that range from $50,000 to over $500,000. Some of these clients are in Chapter 11 cases and they end up converting the case to Chapter 7. But most of the clients we represent are in Chapter 11 cases, and they just end up waiting for the debtor to restructure and get reorganized. By virtue of the automatic stay, our hands are tied and we can't collect on the debts of these clients.
I always maintained the thought that we could sell some of our clients' claims, but I was unaware that there was a platform out there that can conveniently match you to a buyer, or help you find a buyer.
For this client in particular, we had gotten a couple offer letters in the mail from firms wanting to buy the creditor's debt held up in Chapter 11. If I recall, I believe I received an email from Xclaim around the same time that first introduced me to the opportunity to use your platform. I pretty much registered right away.
In the back of my mind, I always maintained the thought that we could sell some of our creditor clients' claims, but I was unaware that there was a platform out there that can conveniently match a buyer, or help you find a buyer.
After all, they're creditors, they've filed proof of claims. So why not see if there is potential interest from buying entities?
While doing some research, I put in some calls to different buying entities. One of them asked if we could do the transaction through Xclaim. It was great, I had already registered with Xclaim.
To help this client recoup their loss, I started to explore the prospect of selling their claim. I did some research and put in some calls to the different buyer entities. One of those entities asked if we would like to do the transaction through Xclaim. It was great, I had already registered with Xclaim.
Then on the platform, the Buyer sent the bid. I accepted. The paperwork got signed electronically and two days later the money was wired to our account. The process was very easy and convenient to complete a transaction. And my client was obviously satisfied with the end result of getting their money.
Buyer sent the bid. I accepted. The paperwork got signed electronically and two days later the money was wired to our account.
Although this was my first experience using Xclaim, I see a lot of potential for how it could help my firm to better represent the interests of our commercial clients. As a result, I now have an interest in pursuing buyers who would be interested in buying our clients' claims.
Looking to the future, I would definitely use Xclaim to sell our clients' claims, and even consider using the marketplace as a resource for finding new creditor clients who need legal representation and commercial debt collection services.