Insights to Debt Recovery Process
The failure of a debtor to pay a creditor on time.
The creditor will try to communicate with the debtor through phone calls, emails, etc in order to know the reason behind delay in payment.
Then the next step is to send the debtor a formal letter of email warning of potential legal action.
In the absence of any response, the next step may be legal action through a specialist law firm.
A 'letter of demand' may be sent stating that legal proceedings may commence if the debt is not paid by a certain due date.
If still the debt is not paid the debt enforcement process commences.
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