Debts recovery

Debt recovery refers to the process lenders use to collect money owed by borrowers who have not repaid their debts. This can involve sending reminders, negotiating repayment plans, or engaging collection agencies. If these efforts fail, lenders may seek legal action to reclaim the debt through court proceedings. Different methods, like garnishing wages or placing liens on property, can be used to enforce payment. The goal of debt recovery is to recover the owed amount while adhering to legal guidelines and respecting the rights of the borrower.