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Understand Your Options for Debt Collection

by Paul Watsdon

Basically, collectors are asked to collect large debts. “In 90% of cases of private individuals, we are talking about debts from 300 thousand to 10-15 million dollars, which were issued for opening or developing a business. He also notes that people, as a rule, do not have sufficient and properly executed documentary evidence of the fact of transfer of money or the terms of the loan and the timing of its return. Usually these are old debts with a delay of two years or more. We undertake this in isolated cases: a maximum of one or two cases per month. The collection business is a wholesale one, and it is very troublesome to take on a separate case. From the Debt Collection Agency London you can find the right deal now.

Collectors prefer to take on such a case when an individual already has a court decision or they themselves are conducting a case in court, that is, in fact, they provide specialized legal services. But if the collectors still undertake to collect the debt, their services will not be cheap.

Legal services

You can also contact a lawyer for the same services. But then the citizen will have to conduct extrajudicial work independently, having familiarized himself with the restrictions imposed by the law. “Citizens are subject to the same restrictions that are imposed by the law on all creditors: you cannot call the debtor to demand collection, more often than once a day, twice a week, eight a month, you cannot bother the debtor if he is in a hospital, etc. etc.

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It is also worth remembering that if the creditor uses the services of a lawyer, then he will have to pay the latter a fee for the litigation. In the regions, the amount of remuneration is on average about 30 thousand dollars, and in Moscow a check can exceed 100 thousand. The cost of the services of lawyers in such cases will be quite high, according to my observations, from 50 thousand collars. Make use of the Debt Collectors London services for getting the debt back now.

Self-enforcement

You can also go to court on your own, according to participants in the debt collection market. But before filing an application with the court, the expert advises to assess the debtor’s solvency. “It makes sense to go to court if he has any property that can be arrested in the future, a car, a summer residence, a land plot, a garage. The only housing is not included here, since it cannot be sold. A complete list of property that cannot be sold can be found in Code of Civil Procedure. It is also important to check whether the citizen is employed and is officially employed. If, according to the documents, the debtor does not have work and any property, it will be pointless to go to court.

Conclusion

If the amount of the debt is less than 500 thousand dollars, then an application for the issuance of a court order is submitted to the court at the place of residence of the debtor. If you owe more than 500 thousand dollars, then a statement of claim is filed with the court. Order production is considered in a simplified manner and lasts about 80 days. The statement of claim is considered for about 160 days.