Debt collection for beginners

There are an array of mechanisms available to aid in the recovery of outstanding debt. While these legal tools are effective, when utilised correctly, pursuing any debt is a daunting experience. Read this story from Schindlers Attorneys with more insight and advice.

DEBT COLLECTION FOR BEGINNERS

Recovering outstanding amounts can be done effectively through various debt collection mechanisms.

Drafting and dispatching a letter of demand has become a prerequisite to any debt collection proceeding. A letter of demand not only sets out the basis of the creditor’s claim but also creates an opportunity for the matter to be resolved amicably. Furthermore, in some instances, a letter of demand serves to complete the cause of action before any proceedings can be instituted in Court.