::Legal services for recovery of bad debts and loans in Pakistan
Handling issues related to bad debt can be both a frustrating and a time consuming endeavour for most creditors, whether they are individuals or businesses. Given the harrowing state of circumstances, most creditors prefer to let the delinquent funds simply go by. Though this is a wrong approach to the situation, it is an often adopted one, because people don’t have knowledge regarding recovery of bad debts and loans.
Dealing with debtors, who choose not to pay can be a sensitive endeavour. In such cases, it is advised to approach cautiously, since you don’t want to further antagonize the customer(s) who owes you money. Whether you choose to collect the debt yourself or through a legal process, the initial reminders should be polite reminding the debtor of his/her overdue accounts.
Whatever the causes for non-payments are, you need to be aware of them. This will actually help you in deciding what type of debt collection action you need. In case you think that you could resolve the matter yourself, you might offer incentives for fast payment, by discounting the total amount due or waiving off penalties or fees for the same.
If such initial attempts are disregarded or bring about no response, there are other methods of serious debt collection that you might opt for. Some of the tools that can be used in this regard are:
•Agreeing to loan settlement agreement
•Maintaining correspondence through letters, email, sending notices, etc.
•Taking legal action
Of course the last option for debt collection assistance often comes in the form of suing a debtor. While implementing most of these methods you have to be careful of following rules laid by the law too.
If you need legal services for recovery of bad debt and loans, our law firm will help you in recovery of your money back by initiating civil and criminal proceeding against defaulters in very efficient manner.