Lawful Ways to Recover Debt from an Individual or an Organization

Debt recovery is one of the thorny issues we get to face in our dealings with fellow humans at some point. It could be a close relative or a business partner.

Either way, we need to find a way to get our money while striving to maintain the relationship. If you are faced with the prospect of unpaid debts and you are looking for lawful ways to recover your debt either from an individual or organization, here are the ways.

1. Employ the Services of a Registered Agent

This comes as number one as it is usually the most diplomatic and peaceful way of recovering debt. A good debt recovery agent will act as a mediator and use a combination of persuasion, dialogue, and more dialogue to try to make a debtor pay up their debts.

This is important especially if it involves a business whose relationship you still want to maintain. Agents are experienced and are often the best channel to employ to recover a longstanding debt.

2. Involving the Courts 

Sometimes things get out of hand and even the agents cannot be successful in recovering your money back. Then, you have no option but to go the legal way.

Courts have the final say in debt recovery in Nigeria, and often they will give the debtor a time gap to pay up or get into trouble with the law.

The downside to this route of debt recovery is that often, you end up spoiling your relationship with the debtor or losing their goodwill.

3. Get a Lawyer

While this might look similar to involving the law courts, the difference is that you actually need to hire a lawyer to present and pursue your case in the courts.

4. Alternative Dispute Resolution (ADR)

This is another way of settling debt issues but without the need for the courts or lawyers. Here, you basically visit the alternative dispute resolution where mediation is the preferred method of intercession between the two parties.

They come in between and try to find a way to resolve the issue amicably without the need for the law courts. This often works if the debtor is willing to honor the mediator’s efforts.