The Best Tips on How to Recover Money From a Person
How to Recover Money From a Person
If friends or family members have borrowed money from you and not paid it back, this can be very stressful.
You may be needing advice on how to recover money from a person that has failed to pay. Sadly, this is a situation that a large number of individuals across the globe face on a daily basis.
Issues related to finances are one of life’s biggest challenges, and being owed money by a person can be extremely frustrating.
A few examples of ways in which a person can owe money to you are:
- A friend or relative has borrowed money from you, only to not pay this back.
- An employer has underpaid you after you have finished the work.
- A tenant that has unpaid rent arrears.
- An ex-partner has disappeared with money they owe.
It can be challenging to say no when a person you care about asks to borrow money. Refusing to help someone you have a good relationship with when they are struggling financially presents a difficult situation.
In most cases, the money will happily be given to the person with the intention for this to be paid back. These good intentions may fall back on you if the person suddenly can’t pay what is owed.
The Options – How to Recover Money From a Person
When the creditor and debtor have a positive bond, knowing how to proceed with recovering the money can be difficult.
Any consumer credit debt-related situation needs to be actioned in an effective manner.
Communicate with the debtor
The obvious first step is to contact the person that owes you money to remind them of the repayment. A payment reminder is a good way to show the debtor that you are serious about being paid.
It is worth noting that all communication with the debtor should be in a professional tone, regardless of who they are.
Should you need to escalate this further, we recommend keeping records of any texts, emails, letters etc.
Issuing a letter before action or county court judgment against your debtor is commonly the next step should communications fall flat.
Threatening legal action against someone close to you to recover a debt may seem like a harsh method. Legal proceedings can be successful to collect the amount owing, however, this will no doubt damage the relationship.
Due to the costs involved, this can result in being an expensive task, which will further leave you out of pocket.
Despite this, most legal advice sites will advise you to take court action, however, there is a more beneficial method.
How to recover money from a person by using a debt collection agency – Frontline Collections
Frontline Collections provide the most proactive debt recovery solution for those who are owed money by individuals.
We are known as the UK’s leading private debt collection agency, with success rates as high as 90% and above. Our high calibre service is unrivalled, and we are members of the Credit Services Association.
Our specialists have dedicated experience on how to recover money from a person without jeopardising existing relationships.
If you need to know how to recover money from a person, contact our team of experts today.
How to Recover Money From a Person – Common Questions
Can money be recovered from an individual as well as a business?
Debts can be recovered from anyone, regardless of whether they are an individual or part of a business. We specialise in private recovery, whereas other agencies have expertise in commercial debt collection.
Can I collect money from someone independently?
The success of recovering money by yourself is known to be low and can take up a lot of your time. We recommend using a professional method with specific experience in doing this.
What if the debtor has moved overseas, can this be recovered still?
At Frontline Collections, we have experts that are specifically trained to recover international debts. No matter where your debtor is based, we can locate and recover the money that is owed.
How much will it cost to use a debt collection agency?
All debt collection cases are priced according to their specific circumstances. By speaking to one of our friendly debt collection experts, we can provide you with an accurate cost.
Why should I use a debt collection agency to recover my money?
A professional debt collection agency, such as Frontline Collections, provides the most affordable yet effective service. Out of all the methods available, this is the most beneficial for you.