Dear Friend,
One of the reason debtors experience escalation during debt recovery process is because they do not know what a notice of demand is, why they are served and the implication of being served a notice of demand.
In this blog post, I am going to explain in simple terms what a notice of demand is and why you should really care.
So, let’s get to it, what exactly is a Notice of Demand?!
🔵A notice of demand in debt recovery is a formal written letter sent by a creditor (that is, the person, bank or company one is owing) to a debtor requesting the repayment of a debt.
Aside that it is usually written by a lawyer or sometimes a debt collector or recovery agency, it also serves as a FINAL WARNING to a debtor before further legal action is taken against him to recover the outstanding amount.
🔵In other words, once a “Notice of Demand” is served on you, it means that the debt recovery process has been escalated against you
And a Notice of Demand is just the first stage of Escalation in Debt Recovery
🔵The main purpose of a “Notice of Demand’ is to clearly communicate the creditor’s intention to pursue the debt and to provide the debtor with ANOTHER opportunity to address the issue before any legal or other actions is taken
As someone that is owing, you should properly understand what a Notice of Demand is, its effect and aftermath so that you can make a well-informed decision
🔵So, if you like to ignore, dodge or not sign a Notice of Demand because (in your mind) you actually think that by so doing, you have evaded responsibilities or any liabilities – please be notified!
That is a dangerous move and anyone that advises contrary is only doing you more harm than good.
If you have taken a loan, you must understand that it is not your money in the first place and you definitely owe a legal/civil duty to pay back.
🔵Anything short of this is a breach of contract which can be given different interpretations during debt recovery.
So my dear Friend,
Always remember that “………he who owes must pay!”
HAVE YOU BEEN SERVED WITH A “NOTICE OF DEMAND” LATELY AND YOU DO NOT KNOW WHAT NEXT TO DO?
Schedule a Debt Counselling Session with me right away and let us get right at it.
Never forget that “a debtor is a slave to a creditor, save and until he pays all that he owes”
This is worth thinking about.
Yours legal,
Precious Toju, Esq.
(Debt Recovery & Credit Risk Coach)
Visit www.asklawyerprecious.com to read more insightful blog post
