Debt Collection…. Uncollected or doubtful collection
The delay in “repayment of debts” is a concern for many companies, institutions and individuals alike, and although it is not a phenomenon in the academic sense, it is a problem that needs to be solved especially as it leads to the loss of the rights of others and the looting of creditors’ money.
The debt collector needs knowledge of the procedures and stages of negotiation and good experience in this area to enable him to study each case on a case-by-case basis and develop a procedural plan and timetable to be followed up on a daily basis so as to collect bad debts as soon as possible. Advocates have excellent experience in this area and the Legal Services Section of the Law Firm often handles cases of default, in cooperation with the Cases Division at the initial stage.
After a thorough study of the case and a procedural plan and a timetable for dealing with the case, the debtor data is collected at the initial stage, which includes the address, contact numbers and names of those influencing the repayment process. Debt to be repaid and urged to pay amicably as soon as possible. If he is willing, the understanding will be on the method of receiving the amount of the debt and the drafting of a peace and reconciliation agreement afterwards.
However, if the debtor does not respond in such amicable ways, legal proceedings are commenced, and the procrastinator is often not given any additional time limit. An instrument of acceptance of execution, resorting to the court competent to issue a court ruling on the amount of indebtedness and then resort to the execution of the debtor from his bank account directly or implementation on the movable or immovable property owned by him.
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