Personal Debt Recovery
The first question is not how can I recover personal debt? You should be asking your self is personal debt recovery worth the time?
How did you become a creditor and who is your debtor? Is there value in trying to recover your debt? By that we men could you earn more money by doing what you do? Is it worth the candle?
Some Basic Information
How Can I Recover Personal Debt – Possibilities
How to recover personal debt depends on what stage you are at. What you should never do is apologize or threaten. It is your money and you want it repaid. We have to assume that a repayment date was agree at the beginning.
Professional debt collectors will not or should never threaten violence towards a debtor. It does not work out in the long term. Do not do it or engage a personal debt collector who says he will.
You now have 2 options. Either you do it yourself or have somebody do it for you.
How To Recover Personal Debt | step 1
The best way to recover personal debt is to start the process before it is “not paid”. This step you can do yourself. Send a text or an email to your debtor one week or so before it is due to be paid. Something quite friendly and innocuous:
Dear Sam, just a reminder that the $300 that I lent you 4 weeks ago is due next Monday. I prefer payment to my bank account which is XXX XXX. IF bank transfer does not suit you, I can pick it up. Please let me know what you prefer
Hi Sam, just a reminder that the $300 that I lent you 4 weeks ago is due next Monday. As agreed, I will pick up the cash. We can meet at your place at 6pm. Cheers
Anything similar will do fine. You must include date and amount plus payment options. The only option is the way it will be paid. The date and amount are not up for negotiation.
How To Recover Personal Debt | step 2
They do not pay you as agreed. Your next step to recover personal debt is tricky. After 5 minutes of reading this article about personal debt recovery. You will know what the best path for your personal debt recovery strategy is.
Personal Debt Recovery Solicitors
Finding a suitable personal debt recovery solicitor can be a minefield. If you cannot get a suitable recommendation for a local personal debt solicitor, you will have to search Google. You are going to be bombarded by 2,950,000 page results! By simply searching for a debt solicitor using allinurl it reduces your choices to a very manageable 10. This is what you copy and paste into Google:
Allinurl: personal debt solicitor
Searching for personal debt recovery solicitor using allintitle gives you 63 firms to choose from. This is far easier than even trying to research through millions of pages. What you tend to do is pick a solicitor from the top 1 or 2 pages using a wide search. They might be great debt recovery solicitors, but what we know for a fact is that they are great at building noticeable websites.
Personal Debt Collection Agency
Provide professional services in dealing with personal debt. If you have lent money to family or friends, they will handle it firmly without emotion.
Now if you thought searching for a solicitor was difficult. Searching for a personal debt collection agency on Google is going to return a whopping 260,000,000 results. You need to narrow this down to find a suitable personal debt recovery agent.[allintitle: personal debt collections agency] search gives you 9 results and allinurl: personal debt collections agency returns a mere 7 results. This might not be enough so here are some additional options
allinurl: debt collections agency
allintitle: debt collections agency
simply copy and paste these search terms in Google without [the brackets]
Lending To Family And Friends
Trying to recover personal debt from family and friends is always going to be stressful. It reminds you of the old saying. The best way to lose a friend is to lend them money.
You need an answer to how do I recover personal debt without upsetting all concerned. Sadly, the answer is not on the optimistic side. Friendships and family ties are going to be stretched to the limit. There is a likely hood that there is not contract. And there is no Judge Rinder or Judge Judy that you can go to.
What appears to be the easiest solution is to write it off and chalk it up to experience. You might lose a friend but its better than being stressed out for years.
Putting the debt into the hands of a professional debt collector takes the emotion out of the situation – for you. The debtor is not going to be best pleased.
What could be positive for everyone. Can you friend or family member use their skills and time to help you? It is then easy to clear the debt without the use of physical cash.
Pay me when you can, is a popular option. However, this usually means that the debt will never be repaid.
You might need to consider writing the debt off. Writing off debt can be cheaper than burning cash
You can make it public through a solution like Resolute Collections. This is certainly not going to create a harmonious bond between you and your friend or family member.
Conned or Scammed
They are not called con artists for nothing. They are skilled confidence tricksters and have gained their experience from many investors. There is no shame in owning up to a con scheme. This is an easier decision on how can I recover personal debt.
You want your money back or a pound of flesh. Using a debt collection attorney is going to be a dubious value. Scammers and con men hide their cash and assets. Or should we day your cash and assets. Often, they will take it offshore and you would require and expensive international debt collector.
Frequently Asked Questions
Will I get My Money Back?
Personal debts which are unpaid, are the hardest to recover. It needs your commitment.
Should I Employ A Debt Collection Agent?
Yes. They will be better than you – no matter what you believe your skills to be. They take the emotion out of negotiations. They have heard it all before.
How Much Will A Collection Agent Charge?
This will depend on many variables. Call one and ask.
Should I Use A Lawyer?
Debt Recovery Strategies
As you can see there are various routes or strategies for personal debt recovery. If it has gotten to a stage where you are not talking, and you do not want to write off. You can review our demand letter suggestions. Should your debtor does not pay you can launch a Resolute Collections Campaign.
Personal debt recovery has zero to do with personal injury claims. Personal debt is when you have lent money or goods to someone with the reasonable expectation of payment. If you have had an accident or sustanied an injury and want reparation, what you need is a personal injury lawyer or attorney.
Find a lawyer or attorney who have made successful claims before. If they say 100% success – be wary.
Personal Debt Recovery Solicitors
If you are unable or unwilling to collect the debt by yourself you need personal debt recovery solicitors. Once they have started the action there will be repercussions. Be sure you can handle this. If you want to take it a stage further there are alternative debt collection solutions.
A solitors 1st letter is only the start of the process. Ask about all the lawyers fees and get them in writing. Remeber they survive on generating fees – not just collecting your money!
We all have a story about personal debt recovery, and we would love to share any suggestions and ideas on how I can recover personal debt. There are many people who would be grateful for anything that worked for you. Or anything you feel did not work in getting your personal debt recovered.
You might be able to recommend a personal debt recovery solicitor or agent. Or you might have done something unusual to get your money back!
#resolutecollections #debtcollection #debtcollector #debtrecovery #debt #debtcollectors