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Claims Recovery Group LLC is a scam and bait & switch operation. Claims Recovery Group contacted my business offering to buy our customer invoices in a Chapter 11 bankruptcy case. Our owner decided to sell the invoices and signed the paperwork on the promise of receiving payment quickly. We signed and returned the paperwork, fully expecting payment within a week as promised. Instead, we were told they were "looking at our claim" and would get back to us shortly. They didn't countersign the documentation or send payment. Then, several weeks later, Claims Recovery Group told us they weren't interested in buying the bankruptcy claim. I later found out that the sale of the business in Chapter 11 didn't happen as expected. So they signed us up on the expectation of big profits and then when the bankruptcy case went wrong they dumped the invoices back to us. Total scam.
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We've received such an offer from Claims Recovery Group, which prompted me to this Google search. We're not a secured creditor and I'm curious to know if either of you are. I don't see how anyone can offer 60% of a BK claim to any company not knowing the specifics of the relationship between the creditor and the debtor. In our case, the debtor filed Chap 11 this past January and owed us over 34k. We are indeed listed on the creditors list, but we are not secured by any type of UCC filing or personal guarantee. We allowed the debtor open terms on our product. I will indeed file proof of claim with the Chap 11 trustee assigned to this case, but do not expect any type of repayment since we are unsecured. Thanks for your time.
I just experienced the same "bait and switch" from Claims Recovery Group, LLC. They made us an offer, we accepted their offer in writing, and then a week later they rescinded their offer with a feeble excuse that they had reached their limit of debt purchase for the bankrupt company in question. The likely send out offer letters as soon as a bankruptcy takes place and only afterward do their due diligence. In the meantime we turned down other offers.