How to recover money from bad debtor

[Snazzy001]

But debtors can be difficult to handle especially in the case where the money involved is much. The law will have to intervene and the period to reach the person is supposed to pay back will be extended to fit into his capacity

 

[Josemendez]

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?

Well , if you have no collateral collected from them when give them the credit , then it will be an issue for you. But you can try by mount pressure on them through the threat of involving police or collecting their valuable

 

[Heatman]

In most cases, it's very difficult to recover your money from such bad debtors because they don't really fancy paying for what they owe until it becomes a very big problem.

 

[Snazzy001]

With the way that is have become very stubborn with a repayment of loans these days I am beginning to get convinced that we can only get our doctors to pay us if we get them locked up the security operatives

 

[Bousine123]

I can't offer you a sure solution my friend. You know we are all humans and we have our shortcomings. It's best you report to the relevant authority when it's getting too long

 

[Kingstone]

My friend has fallen back on collecting something as collateral for someone who borrowed money from him. To trade with debtors, you need to be patient but some misuse the opportunity to swindle you.

 

[Dashpiku]

My friend has fallen back on collecting something as collateral for someone who borrowed money from him. To trade with debtors, you need to be patient but some misuse the opportunity to swindle you.

If you want to take loan when providing collateral is mandatory. It is therefore not a fault of providing collateral for taking money. It is the Normal procedure actually.

 

[Mayox25]

There is no friendship in business. If you are just starting out in business never give out credit to anyone,if people default in repayment it can ruin the business.

 

[Ralphjoe]

This can be very hard especially when it's a huge sum of money. Do we have to involve the service of a lawyer. Tell him everything about the duration and the duration. You will know the next line of action to take in order to recover the debt. While you are doing this, make sure you involve law enforcement agency about the whole issue.

I think the only way that he can recover any of the bad debt is by threatening the debtor with a court case and serving that debtor time for that him or her to be able to settle him or heard it takes the matter to the court.

 

[Shigobad20201]

1. Send a gentle reminder​

The first thing a creditor should do if a debtor has missed a repayment date is to send a gentle reminder. The reminder can be sent via email or over the phone. If the debtor does not make the payment, you can send a follow-up email, referring to the reminder.

2. Discuss or negotiate terms of payment with the debtor​

Sometimes, debtors respond positively after a reminder has been sent to them. They can also request to have meetings with their creditors to discuss and negotiate payment terms. Some debtors have the desire to pay their debts but are unable to do so because they are bankrupt or do not have access to funds at a given time.

3. Review your agreement if there is one​

The creditor should review any written agreement with their debtors to ascertain whether the debtor has defaulted in making payment and whether the creditor is required to follow any other steps before resorting to litigation. Examples of such contracts include a Sale of Goods Agreement, Retainer Agreement, Promissory Note, Loan Agreement.

4. Send a monetary demand letter​

If a reminder has been sent to the debtor, but has failed to make payment, the creditor can serve a monetary demand letter on the debtor.

Sending tne debtors a friendly reminder telling them and reminding them concerning their debt is a good act of recovering debt from debtors and also discussing and negotiating then terms of payment with the debtors before borrowing them money .

 

[Niftyyem]

I didn't understand why any one would sell on credit in the first place until I was into my business. Those debtors are unfortunately people close to you that you may have to apply wisdom in dealing with them to avoid strife.

 

[Grandeur]

One way of recovering your money from debtors is by convincing them and holding a leverage against them so we use that as a means.

 

[Setho]

There are some lawyers that are known to be professional debt collectors and these are the people that I normally and play whenever somebody that I lend money don't want to pay back.

 

[Solutionav]

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?

The most important thing as a business person know your customers before thinking of given them things on credit because so debtor can be crazy and they can frastrate your business

 

[Kane]

The bad debt can be recovered only through a legal action. I was once in a situation where I had to recover the bad debt. I coerced him and was able to receive partial payment. However, for the remaining debt, I had to choose a legal action.

 

[Kvngsammy]

In climes like mine, some debtors can be so stubborn and not want to pay or would want to on their own terms. In that case, it would be nearly impossible especially if there's no written document pertaining that matter earlier drafted.
You'll just be patient and then keep pressuring and hope that the person complies

 

[delnovem]

Using force to go about debt recovery can bring you the money but can as well land you in jail. I understand that emotions to take laws into your hands as people can be totally insensitive and selfish especially when paying back their debt. So what actually can you do to recover your business debts.
1. Change the debtor’s perception
2. Involve a legal practitioner
3. Diplomacy is key
4. Take preventive measure
5. Weigh your relationship with them.

 

[Richard92]

Who knows what kind of commitment document they sign. In my country, this payment commitment is in such a way that if they do not respond to the payment, they lose the product, since the company goes to the client's house and withdraws it. In addition, when they sell on credit they leave something in guarantee with a price equivalent to the product, in case of non-payment they lose the guarantee.

Very easy for you to recover money from a bad they're so if you actually use a collateral when giving that dip to the loan but if there is no collateral it will be very difficult.

 

[Sariana23]

Very easy for you to recover money from a bad they're so if you actually use a collateral when giving that dip to the loan but if there is no collateral it will be very difficult.

It is so @Richard92 , the best way to recover a loan, is when there is a signed document (guarantee). This binds those involved to comply in a binding way, what has already been signed and accepted at the time of the loan.

 

[Setfragil]

To recover debts from a debtor depends on the personalities of the debtor that you are dealing. Some people needed to be handle with iron hands before they pay back debts. When your customer is proving difficult to pay back his debts, you will have to charge him to court.