How to recover money from bad debtor

[Sake]

Perhaps you shouldn't accept those kind of payments in the first place, if they refuses to pay can't you start asking the authorities help? Because here in my country you can do that and they'll be given a period of time to payback what they owed. But they wouldn't be arrested though it will embarrassed them.

 

[jimmann247]

Collecting money from your deptors has to go with gentility, you need to follow them up gently, remind them of the agreement date in a joke way and encourage them to pay you, also pray for them in their presence and at their back.

 

[Smithkid]

Some of the problems entrepreneurs often faced especially the offline business owners is dealing with debtors. Some customers will buy things on credit some will even pay half and sign undertaking to pay the remaining but will not pay. How do you deal with debtors? How do you recover your money back?

 

[Azam786]

Some of the problems entrepreneurs often faced especially the offline business owners is dealing with debtors. Some customers will buy things on credit some will even pay half and sign undertaking to pay the remaining but will not pay. How do you deal with debtors? How do you recover your money back?

You are right but I think if we buy anything from any shop anywhere.We should buy that thing with someone, for example, brothers and sisters, parents, we should do the same thing with any of them.

 

[Emma Aneni]

people like you described aren't outsiders or new customers, they're either long time customers, families, friends, and acquaintances. A stranger won't come to you for credit atall, or get it and not pay. Most of this debtors are wicked family members and friends.

 

[Profuk57]

meeting a bad debtor is one of the reasons why I don't give out money as loan but if para venture I should meet a bad debtor I think one of the best ways to take care of these is reporting such to a witness who was there during the day of the loan transaction but if there is no witness then it is to report him or her to the appropriate authorities.

 

[Adegbindin Abdullahi]

Recovering your money from a debtor isn't an easy thing to do, first you have to send a gentle reminder,discuss terms of payment with the debtor, review your agreement if there is one,send a monetary demand letter, consider using a debt collection firm. Sometimes when you sell on credit most creditor will ask the debtor to put something down as loan so when you pay you collect your property back

 

[redpogi16]

I don't have a clue how to recover from a bad debtor but i have a suggestion for you. Don't ever borrow on money debtor because theres a lot of interest. So it just a friendly advice please don't borrow money from them.

 

[Aniwhyte]

If you're in a country like us and UK it would be a lot easier to recover your money from debtors but if you're in Nigeria this seems really impossible as you would get lots of insult when you're asking someone to pay you money he or she borrowed from you or for something you sold to them. The only way to recover such money is by involving the police other than that it would be a very difficult task to recover your money back.

 

[Khezo]

Recovering money from a bad debtor is really not an easy thing to do list especially when the debtor as no.means of.payment. you just have to be patient with that kind of a person if not one would just give his/her self trouble

 

[Milz]

Once you are in business, you are going to meet a lot of bad debtor who refuse to pay up even when they have the money. Well, your money can be collected in many ways depending on your agreement. You can send a subtle remainder to them

 

[Keibah]

Oh, some people are terrible debtors and the truth is, such people will never make a move to repay what they owe you unless you suck it up and ask for what belongs to you. After I successfully get my money, I never lend such people money again.

 

[Modupe]

There are many ways of recovering money from a bad debtor. One of the way to do that is by following such debtor, back-to-back and convincing him to do the needful. But if he refuse to yield to pasuation, then you need to report such to the law enforcement agency and the credit bereau of your country.
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There are many ways of recovering money from a bad debtor. One of the way to do that is by following such debtor, back-to-back and convincing him to do the needful. But if he refuse to yield to pasuation, then you need to report such to the law enforcement agency and the credit bereau of your country.

 

[Akinwale701]

Some of the problems entrepreneurs often faced especially the offline business owners is dealing with debtors. Some customers will buy things on credit some will even pay half and sign undertaking to pay the remaining but will not pay. How do you deal with debtors? How do you recover your money back?

Depending on how much or little the amount in question is, you can choose to either file a lawsuit against the debtor via a magistrate court. Appropriate legal actions will be taken against him or her and your money will be recovered. But if you cannot do all this due to fear of losing friendship or customer, you can simply write off the debt.

 

[Abbas ali]

Debt recovery procedure

1. Contact with a friendly payment reminder. ...
2. Contact with an overdue payment reminder. ...
3. Contact your customer with a final notice. ...
4. Try to make direct contact with your customer. ...
5. Send a formal letter of demand. ...
6. Consider using a debt collecting agency as a last resort.

 

[Erik4150]

Dealing with debtors can be very difficult. Sometimes you can never recover your money unless you take drastic actions like seizing the property of your debtor or sue them in court. It is easier to avoid debtors than dealing with them.

 

[Noor khan]

Hmmm, if you say better not to sell on credit at all to people than sell and don't get paid eventually. Some people like members of your family or close friends, you not selling to them on credit can lead to family problem don't you think so?

Recovering money from bad debaters has long been a difficult and not good task. In my opinion there are two types of debaters acknowledge that he owes you a money and always apologize for not being able to pay back on the other hand he owes a money buy is not ready to pay back from his attitude. I always not following a legal process recovering money from bad debaters because I know that may take time to yield result.

 

[marky]

Indeed, it's been similar to this for quite a while and I have seen this multiple occasions in my mother's business which I later needed to oversee for quite a while. Adequately clever, individuals like you portrayed aren't untouchables or new clients, they're either lengthy timespan clients, families, companions, and colleagues.

 

[Thosynho]

The following steps can help to recover bad debt.

1. Contact with a friendly payment reminder. ...
2. Contact with an overdue payment reminder. ...
3. Contact your customer with a final notice. ...
4. Try to make direct contact with your customer. ...
5. Send a formal letter of demand. ...
6. Consider using a debt collecting agency as a last resort.

Wow, this amazingly great contribution. These six step highlighted up here are truly brilliant was to recover your money from bad debtors. I just hope it does not get to the last stage or resort before the debtor pays.

 

[Zamaney]

Collect the right customer identification information. “When people sign up for utility services, collect information such as a social security number, a copy of the customer’s driver’s license, a phone number, a place of employment, and contact information for references (such as next of kin). Having this information makes it easier to track delinquent customers.