Services
Personal Debt Recovery refers to the process of attempting to collect money owed by individuals who have borrowed money or have an outstanding debt. This can occur when someone owes money to a creditor, such as a friend, relative etc.
If the debtor (the person who owes the money) fails to repay the debt as agreed upon, the creditor may initiate a debt collection process to recover the funds.
Corporate debt recovery refers to the process of collecting outstanding debts from businesses or corporations. When a company owes money to another party, such as suppliers, creditors, or lenders, and fails to make timely payments, the creditor may pursue debt recovery actions to recoup the owed funds.
A letter of demand is a formal written communication sent by one party to another, requesting the fulfillment of a specific obligation or demand. It is typically used in legal contexts, commercial transactions, or other situations where one party believes that the other party has not met their contractual or legal obligations.
Sending a letter of demand is often the first step in attempting to resolve a dispute or obtain compliance before considering legal action. It gives the recipient an opportunity to rectify the situation before further escalation.
Personal Debt Recovery
Corporate Debt Recovery
Letter Of Demand "LOD"
Procedures
1
Sign Debt Recovery Contract
Debt recovery contracts typically outline the terms under which the recovery process will take place, including the fees, timeline, and responsibilities of both parties involved.
2
Payment of Administration Fees
Administration fees to cover the paperwork and processing involved in assessing the application.
3
Contact Debtor
SDRS will proceed to contact the debtor by phone, email, or through written correspondence.
4
Issue Letter of Demand "L.O.D" to Debtor
A letter of demand (“LOD”) will indicate claims for the debtor to adhere with as the debtor breached his/her contract agreement between Creditor & Debtor.
Before the start of the outdoor operations, the SDRS will send the debtors a LOD.
If there is no positive response from the Debtor,
SDRS will execute operations.
5
Debt Recovery Operations
Debt recovery operations refer to a process of trying to recover debts not repaid by individuals or undertakings who have failed to meet their obligations. The creditor shall initiate debt recovery operations to recover the amount due if the borrower fails to repay the sum of money.