- 9878 W Belleview Ave Suite 3139 Denver, CO 80123
- [email protected]
- 866 733 3787
When debt cannot be recovered, it turns into bad debt. Normally the terms “Debt Collection” and “Debt Recovery”, in collection the creditor tries to recover consumer credit and loans that have not been paid back, whereas recovery is when the creditor hires a third party to recover such debt when it goes unpaid for a substantially longer time period. Many times there is a security that is given by the borrower to the creditor, but when that asset which becomes liable to be used as means to pay back the debt is unable or incapacitated to do so, recovery becomes important
1) Out of Court settlement: Arbitration, Mediation, and conciliation is an efficient and quick way to resolve recovery disputes outside the Court. These quasi-judicial proceedings are governed by The Arbitration and Conciliation Act 1996
2) Civil Remedy: A civil suit can be filed in any Court which has the appropriate jurisdiction by any aggrieved party against the defaulter
3) Criminal Remedy: FIR can be lodged in the local police station that can take cognizance of the matter in serious cases. After this, a criminal case can be filed to carry on the legal proceedings
When debt cannot be recovered, it turns into bad debt. Normally the terms “Debt Collection” and “Debt Recovery”, in collection the creditor tries to recover consumer credit and loans that have not been paid back, whereas recovery is when the creditor hires a third party to recover such debt when it goes unpaid for a substantially longer time period. Many times there is a security that is given by the borrower to the creditor, but when that asset which becomes liable to be used as means to pay back the debt is unable or incapacitated to do so, recovery becomes important
IMPAC Solutions collection presents a unique set of challenges. Different jurisdictions, time zones, languages, currencies, cultures, and regulatory regimes all make International collecting a complicated process.
