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Step 1 - Initial Consultation

The document outlines a six-step process for debt recovery, starting with an initial consultation to understand the client's situation. It includes performing due diligence on the debtor, issuing a letter of demand, negotiating responses, filing court papers if necessary, and enforcing court decisions. Each step is designed to facilitate the recovery of debts effectively and legally.

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Jannat Taqwa
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69 views1 page

Step 1 - Initial Consultation

The document outlines a six-step process for debt recovery, starting with an initial consultation to understand the client's situation. It includes performing due diligence on the debtor, issuing a letter of demand, negotiating responses, filing court papers if necessary, and enforcing court decisions. Each step is designed to facilitate the recovery of debts effectively and legally.

Uploaded by

Jannat Taqwa
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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Step 1 – Initial Consultation

The first step is to gain a full understanding of your current situation so we can advise on
the appropriate next steps to follow. If you want to get a sense of your options, just give
us a call or drop us an email. Initial discussion is free of charge.

Step 2 – Perform Due Diligence


At this stage we review the debtor in detail, primarily we want to understand if they
have the financial capability to pay back any debt, particularly if the situation requires
court papers to be filed.

Step 3 – Issue a Letter of Demand


This formal document is designed to warn the debtor of potential legal action if the debt
is not paid back. It can be a very effective tool in promotion a reaction from the debtor,
even if that action is to come to the negotiating table.
The letter of demand can also be submitted in court, and enables us to show that
attempts were made to amicably recover the debt prior to any further action being
taken.

Step 4 – Await Response & Negotiate


We await a response from the debtor after their receipt of the letter of demand. Usually
a time restriction will be applied in the letter of demand, warning the debtor of next
steps should they fail to respond. In many cases the debtor will respond, and we will
support our clients in any negotiations if the debtor requests a payment plan.

Step 5 – Filing Court Papers


If the letter of demand proves unsuccessful or the parties can not reach a common
agreement on payment terms, we can then file a claim with the appropriate court. The
amount and type of claim will depend on the route taken.

Step 6 – Enforcement of Court Decision


Post any successful court decision, its possible the debtor may still not pay up. We will
advise on the appropriate next steps to enforce the collection.

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