INFOGRAPHICS: THINGS TO REMEMBER/DO FOR DEBT RECOVERY
The above infographic will give you a few important things to remember or do before you can file a debt recovery claim against your debtors. 1. The time limit to file a debt recovery action is 6 years It's important to note that claims can have an expiration date. The law sets a time limit of 6 years from the due date of payment for creditors to take legal action against debtors. After this period, creditors are no longer allowed to file a lawsuit to recover the debt. This limitation period exists to discourage creditors from delaying action and to ensure that litigation has a definite conclusion. 2. Whom do you intend to file your suit against? To avoid your case being struck out, it is crucial to accurately identify the appropriate debtors who have a genuine interest or liability related to your case. While you have the freedom to name or sue multiple defendants, it is important that they are directly involved in the subject matter....