Debt Recovery Lawyers in Chennai
The term debt recovery is the collection of debt from the consumer when the creditor tries to recover the consumer credit and loans, which is not paid back for an extended period. When the debts undergo unpaid for a longer period, the creditor hires a third party to recover such debt.
Visit Lawyers gives you the best debt recovery lawyers. There are many non-legal and legal ways to recover a debt.
NON-LEGAL WAY
The non-legal way includes sending agents or contacting the borrower personally to recover the money.
LEGAL WAY
Out of court settlement
Criminal remedy
Civil remedy
Out of court settlement
Out of court settlement: Compromise, Mediation, Arbitration is the
easiest way to solve the disputes caused by the recovery outside the court. It is the
quasi-judicial proceedings. They are governed by “The Arbitration and Conciliation Act”,
1996.
Criminal remedy: In the local police station, FIR can be filed to
consider the matter in severe cases. After this FIR, a criminal case can be filed to
carry the legal proceedings.
Civil remedy: A civil case is filed in the court with the relevant
jurisdiction by any suffering party against the defaulter.
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