It is inevitable that colleagues will borrow money from each other. But what if we lend money to others and they never pay us back and keep borrowing money? At this time, we can’t blame ourselves for not cherishing the relationship between us!
Confirm and collect information
First of all, you must confirm the identity of the debtor. Regardless of whether the debtor is an individual or a company, it is best to conduct a data search at JPN (Jabatan Pendaftaran Negara) or SSM (Suruhanjaya Syarikat Malaysia) in advance to confirm their latest address, financial status and other important information.
Next, you need to collect all relevant Norway Phone Number List evidence such as documents, emails or correspondence that you borrowed money from him/her.
Finally, you must make sure that you are still within the statute of limitations. The law requires that the creditor must take legal action to recover the debt within 6 years, otherwise the debtor can apply to dismiss your lawsuit.
Sending debt collection letters to debtors
After appointing a lawyer, the lawyer will first issue a letter of demand, requiring the other party to repay a certain amount of debt within a certain period of time, otherwise legal action will be take.
Although debt collection is not a legal Algeria Phone Number List requirement, it is a very practical operation. Some debtors choose to pay the debt because they are afraid of being sued in court, while others will reply to deny the debt (thus letting you know in advance why the other party does not pay the debt, which is convenient for future litigation preparation).
Start litigation against debtors
If the debt is not pay within the time limit of the demand letter, you can start a lawsuit by filing a Writ and Statement of Claims. The amount of the debt to be recovere will determine which court to file the lawsuit in, as follows.
