Augusta
VIP Contributor
There are debt that you classify as bad debt when you are not sure if getting your money back from the debtors. Before you write them off as irrecoverable debts you can still try to recover them. Until you have tried all avenues you can't be too much that you can't recover your money.
You can adopt three 3 strategies to try in recovering your debt.
Change the borrower perception: Some people just believed that the lender has more money from where they borrowed money came from, so he shouldn't bother with collecting back the money borrowed out already. You would need to jsve a meeting with these borrowers to enlightened them on the havoc they will be causing it they still refsrs to pay. Let them know you need the money to continue with your business.
Use the law; You can contact a lawyer to help you retrieve your funds. At this point you wouldn't be wrong to institute a suit against the debtors and make claims. it would be as simple as that
seize their Assets: You can get hold of their assets to make them make payments before realeasing to them. you might have to bring in the police You need to stop being diplomatic at this point.
How were you able to recover your bad debt?
You can adopt three 3 strategies to try in recovering your debt.
Change the borrower perception: Some people just believed that the lender has more money from where they borrowed money came from, so he shouldn't bother with collecting back the money borrowed out already. You would need to jsve a meeting with these borrowers to enlightened them on the havoc they will be causing it they still refsrs to pay. Let them know you need the money to continue with your business.
Use the law; You can contact a lawyer to help you retrieve your funds. At this point you wouldn't be wrong to institute a suit against the debtors and make claims. it would be as simple as that
seize their Assets: You can get hold of their assets to make them make payments before realeasing to them. you might have to bring in the police You need to stop being diplomatic at this point.
How were you able to recover your bad debt?