- October 1, 2017
- Posted by: Benjamin
- Category: CPD
Are you late with payments? Know that credit recovery can take effect. Here is what this is and what is the rule that regulates this activity and how to defend itself from any threats.
Credit Recovery: What Is It
Credit recovery is a real asset. Whether you are a debtor or creditor for an amount whose maturity has been exceeded for some time, you will know that debt recovery requires a great deal of commitment and often the skills devoted to this business. Who wants to recover a credit in the hope that this does not become unmanageable can move essentially in three ways:
act on its own, by writing to the debtor or by trying to contact him by telephone or in person;
turn to a lawyer, now credit recovery is a specialization of the forensic profession;
contact a company specializing in debt recovery, in fact.
In the second and third cases, of course, the recovery of the credit becomes a burden. It will therefore be necessary to think about the amount of credit to be charged to decide what to do. In essence, if you need 100 euros you may have to decide that you will proceed alone and maybe for a limited number of attempts, so you will not lose more money in trying to recover a low credit.
Retrieving extra-judicial credits and recovering court claims
The various activities carried out to try to get paid for unpaid credit are usually divided into two phases: at a first stage, out of court, there is a good credit recovery attempt. If the activities carried out during the out-of-court period did not lead to a solution, the court proceeded to the court, with the use of the court and the consequent start of legal action for the recovery of the credit.
When the creditor has not received the payment within the terms and the reminders have remained unanswered, they may request the intervention of a credit recovery company. This usually will try to recover as much as the debtor comes to an agreement. Typical attempts to resolve the dispute are solicitation letters, phone calls and, ultimately, blackmail.
By default, notified by registered A / R, we inform the debtor that if he does not pay his debt by the date stated in the document, he will proceed with the recovery of the claim by court.
The appeal to the court serves to obtain an enforceable title authorizing the creditor to forcible recovery of the credit, through the property foreclosure of the debtor’s assets.
Recover Credits: The Legislation
The first thing that can be done at the legal level to recover a credit is the so-called constitution in the morale: the creditor writes to the debtor intimandogli officially to pay as much as it owes. The constitution in the sea causes a series of effects:
- marks the beginning of the moratorium interest;
- interrupts the credit limit;
- obliges the debtor for any damages.
- Let’s see the other possible actions:
In the case of credit certificates (such as checks or bills of exchange), the recovery of the credit becomes immediately enforceable at its expiry, which means that procedures are devoted to those securities which reach the point of foreclosure and forced sale of the goods of the debtor;
for credits that are not incorporated in the titles above, but still documentable, you can activate the injunction (which we will discuss in the next paragraphs);
Finally, it is possible to resort to ordinary lawsuits, but with the awareness that the times of Italian civil justice, despite the efforts of recent years, are still very long.
Letter for credit recovery
As mentioned, the first step to recover an expired credit is to write formal letter to the debtor. Generally, a first solicitation is written, then a second reminder, and finally, if the debtor does not pay the due, a last resort with the constitution (referred to in the preceding paragraph) is sent. Below are examples of the three reminders to be sent by registered mail with return receipt; For example, we will talk about overdue invoices.