Are you owed money, or do you owe money? You may find yourself facing criminal charges if you don’t pay up.
Getting into debt is a worrying experience. None of us like the feeling of owing someone something that we don’t have yet. However, there are times in your life when debt is necessary. For example, when you purchase a new home or car. It is often these big purchases that see us pushed into debt and in potential need of representation.
Life sneaks up on you. Things happen beyond your control. You might lose your job the day after you get your new mortgage. You could borrow or lend money from a friend or loved one, only to then fall out with them. This article will explore what you can do to recover sums owed to you, even if you’re no longer in contact with the person who owes you said funds.
How to Get What’s Owed to You?
When someone owes you money, the first port of call should be to try and get it back on your own. However, there are cases when this is not possible. For example, if you were dealing with a violent ex-partner. Requesting that they repay you in writing makes a formal record. Sending an email is an effective way to do this because it gives you an electronic record.
If you have already tried to recover the money yourself, fruitlessly, then a debt recovery lawyer might be able to help you. You can find one by searching your local area, but we would recommend that you read reviews and testimonials on lawyers to help you recover your debts on your own.
What if You Owe Money?
If you owe someone money and they write to you to request it back, you should repay them. If you choose not to repay them, you run the risk of dealing with debt recovery lawyers on the opposite end of the system. The step to recovery of that debt is usually a letter from the lawyer’s office demanding that money be repaid.
If you choose to ignore the demand letter sent to you from a lawyer’s office, you should expect that the matter will escalate. Once you have received the letter, the next step is to enter negotiations. The lawyers will visit you at your home or work address. You’ll be invited to attend a meeting that will allow you to create a payment plan that works for you. If you can negotiate payments, this will keep you out of jail or away from the court system. However, if your negotiators cannot reach a decision, or if you refuse their offers of payment plans, then you could find yourself taken to court.
Why Would I Need a Debt Recovery Lawyer?
You will need a debt recovery lawyer if you have outstanding debts that the borrower refuses to repay. You can also hire a debt recovery lawyer as a specialist, should you be taken to court over non-payment of debts.