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Pages 6 (1506 words)
The finance system of a country needs to be designed in such a mode so that the businesses and commercial transactions are not crippled with debt; rather, those dealings can go with full speed for the promotion of the existing economy. These days, the issue of debt recovery has been one of the growing concerns in particular context of UK…
In most cases, people intentionally do this, while some others face difficulties because of their poverty or personal inconveniences. Debt collection indicates a means which helps in collecting individual debts and reminds the debtors of their requirements to pay outstanding debt. "The matter of debt collection comes into the issue when procuring debt payment from debtors through ordinary credit control process is proved ineffective" (Getting Paid by Debtors, 2006).
"Debt recovery policy is concerned primarily with the recovery of debts prior to legal action being taken but the principles should still be applied wherever appropriate even if litigation has commenced (Debt Management, 2007, p.3). A fair and sound debt recovery policy is a sine qua non for the effective and working finance regime in a given country. "Debt recovery policy should be fair to everyone, particularly for the well- being of low incomes people" (Corporate Debt, 2005, p.3). People are to suffer much hardship in collecting debts. However, in order to win the legal battle in recovering debt money, concerned party or creditor is to arrange sufficient documents and evidences for the courts satisfaction that the said creditor is entitled to have the disputed debt money. ...
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