Business Asset Recovery
Frequently Asked Questions
- How can I be sure this is legitimate?
- It is understandable that you would be cautious when a company that you have never heard of contacts you about a check that you didn’t know your company is owed. However, Parr Recovery, Inc. has been in business since 1996 and has always been in good standing which can be verified through the The Commonwealth of Massachusetts Corporate Database as well as the Better Business Bureau.
- What does signing a Limited Power of Attorney give you authority to do?
- The Limited Power of Attorney only allows us to go after the amount or amounts clearly stated in the Limited Power of Attorney form and nothing else financially on your behalf. It is clearly stated in the Limited Power of Attorney that it becomes null and void upon your receipt of the funds.
- Where are my funds being held?
- The funds are being held in by a government agency that issued the funds in the United States. After the Limited Power of Attorney and Agreement and Fee Memorandum are signed then we will disclose which agency is holding the funds. Some examples of agencies that we work with but are not limited to state, city, county and federal agencies. We however do not work with State Abandoned Property Departments so if we have contacted you about outstanding checks you can be sure that the funds are not with a State Abandoned Property Department.
- How did my funds get lost?
- Some of the reasons that the funds may have been lost are due to incomplete or incorrect mailing address with the issuing agency, no forwarding address if there was a move, mergers, acquisitions, liquidations or postal error.
- How can I initiate the claim and have my funds returned?
- In order to have the funds returned, please have an authorized representative of your company fill out the Limited Power of Attorney form and have it notarized. The Agreement and Fee Memorandum just has to be signed. Once that paperwork is sent back to us we can start the claim. A lot of times this is the only paperwork that we will need to have the funds returned to you. Some agencies require additional information once a claim is filed. This may be documentation showing that you are authorized to represent the company in these matters such as being an officer of the company or having a letter from an officer authorizing you to collect funds on behalf of the company. They may ask for a driver’s license, a W-9 or proof of address. In these cases once the additional information is submitted they will release the funds.
- Can I claim the funds without using Parr Recovery, Inc.
- You can claim your funds without using Parr Recovery, Inc. if you know where the funds are but because we contact you well after the check has been issued we assume that your funds have been lost. Because we know where the funds are and have the contact people in place with the issuing agencies and understand the complex procedures, it may be easier to use our services to have the check returned to you. Also it may be like finding a needle in a haystack if you do not know where the funds are and how to have them returned to you. Even if you do know where the check is it may be beneficial for you to use our services so that we can do all of the work for you.