Have you seen how difficult it is to recover your money from a Debtor?

[Praaizz]

This is a discussion that I can relate with, I have been in a position in which I was selling my products in which my customer base was comprised of both friends, family friends, referrals, and co. the issue of having debtors in business cannot be avoided completely but can only be minimized as much as possible because it could have an adverse effect on the business finances and if not handled properly could eventually collapse the business. in my case, i try as much as possible to minimize it by laying down strict rules and terms of conditions from the onset and could be a little bit understanding and lenient with customers that I know have earned my trust in the past and will always avoid defaulting payment beyond the stipulated time.

 

[Edward2]

Go to court always, inform the creditor if they can't settle the debt. Tell the creditor if you receive proof. And if you don't have the money to settle the debt, do go to court. Even if you are penniless, a creditor or debt collector can win an action against you.

 

[Tundeoguns1]

Concerning how difficult it is for an individual to recover debt from customer. This is always happening in business with small or large and it is not always fair to the business owners because it kills the business from growing and developing, what most business owners do now is to tell such customer to drop something valuable as a collateral then it would be released to the customer when he has completed payment

 

[Sheun450]

I discovered that collecting money from debtors is really just a form of salesmanship. ... as you don't discuss their debt with anyone else there or don't do anything that could be reasonably seen as jeopardizing ...

 

[Blackjay]

Indeed it is very stressful to recover money from a debtor especially one who is facing tough times or one who borrowed to trade forex without using proper risk manager there by losing all the money.

 

[Koredsman]

To recover money from debtors isn't a very easy task because as an entrepreneur you will have to watch your ways, the way you talk and do things..
You just have to do it with sense in a careful way so as not to lose customers. It requires wisdom

 

[Ezzyoj]

It is very difficult for them to refund but when they are coming to collect it is easy for them. A guy has been owing me 100k for some months now, always coming up with different excuses when ever I ask him for my money. I am still looking for ways I can collect the money from him

 

[Ub40]

I share in your thoughts. Apart from someone owning you as a result of buying goods or services from you, there is this other one that they will borrow physical cash from you and promise to pay back but they will disappoint you. Like me I have decided to give someone money that I can afford to loose in case I can't get it back.

 

[Sariana23]

In my country every business uses its methods. Some use a guarantee before the customer withdraws the product from the store, this guarantee is proportional to the purchase. Others use a legal document, endorsed by the banks, in case of incompetent payments the bank retains the cost of the account payments.

 

[Yewande]

Recently I sold my coin to someone and getting my money has become an issue. Probably because we are close. I really do not like this. So I would confront him tomorrow and tell him that he's taking me for granted.

 

[Emirons]

It's indeed very difficult to recover money for goods and services rendered which was given out on credit facility. It's advisable that business owners adopt they pay as you buy system, it's helps to curb unwanted debt from friends and family

 

[Damismiling]

You will notice that in every business, it is hard and almost impossible to complete a transaction without advancing loans or delivering goods and services on credit. The most painful aspect of it all is this, the smiling face the customers wore when buying on credit, seems to change into a very mean one when it's time for payment. Please how do you handle such customers so as to recover your money without losing the customers too.

You are absolutely correct, it's always difficult to recover your debts back, and this is always a set back to the company progress, I will suggest you don't give out goods on credit at all

 

[Nuonuh]

You will notice that in every business, it is hard and almost impossible to complete a transaction without advancing loans or delivering goods and services on credit. The most painful aspect of it all is this, the smiling face the customers wore when buying on credit, seems to change into a very mean one when it's time for payment. Please how do you handle such customers so as to recover your money without losing the

You will notice that in every business, it is hard and almost impossible to complete a transaction without advancing loans or delivering goods and services on credit. The most painful aspect of it all is this, the smiling face the customers wore when buying on credit, seems to change into a very mean one when it's time for payment. Please how do you handle such customers so as to recover your money without losing the customers too.

Every business has those transaction that is based on credit mode type of transaction but having to keep the balance of the business is best to have terms and conditions that will keep both seller and buyer at a safe spot by having a Collateral package where the buyer brings in a valuable to use as collateral for the goods his purchasing
customers too.

 

[Godleads1]

I have not only seen debtors change when it's time for redeeming their pledge. I have experienced it. They are very annoying and at that, I don't give or sell on credit. When I do, I sell something I know if asked to pay and they don't, I forgo it. But for the sake of retaining customers, be polite and tell them there is no credit again.

 

[zahidhussain]

Concerning how difficult it is for an individual to recover money from debtor. Well, I must say that this aspect is very hard and frustrating, some customers are just privileged to collect goods or products on credit but they misuse those opportunities by not paying as at when due and this kills the business finances. It is better for the person to drop valuables worth the amount of goods he purchases.

Yes it is very difficult to recover money from a debtor's because you cannot have a source or proper channel to use to recover you can makrmake a promper stretge to cover them

 

[Eodine]

That is why you have to create bad debt for any transaction month just in case debtors are not willing to recover the debt. It is easy to get something on credit for some people but redeeming the debt will now become an issue.

 

[Ridorz]

I can say the only way you can stop or prevent a difficult debitor is to not sell credit product for customers. Because if you want collect your money from a debit customers you don't have choice than to collect it in gentle ways if you don't want to lose the customer, then some customers will prefer to pay pre-one and collect Another credit.

 

[Jobiezue]

One of the most difficult task to do is to get your money from a debtor. Most times, you loose your friendship of your friend who is your debtor because some of them may not really like to pay and the way you try to get back your money might be offensive to them

 

[btaliat]

It is not easy to collect money from debtor. That's why it is always advisable to borrow what you are ready to lose. And it is not advisable to borrow debtor from the business money.

 

[FreshKaz11]

You will notice that in every business, it is hard and almost impossible to complete a transaction without advancing loans or delivering goods and services on credit. The most painful aspect of it all is this, the smiling face the customers wore when buying on credit, seems to change into a very mean one when it's time for payment. Please how do you handle such customers so as to recover your money without losing the customers too.

Am sorry to say this, customer that want to send me back to our village I don't care of loosing each other,because what is the essence of having a customer that refuse to pay his or her debt,that's unfair because where I also get my goods to sell to customers I wasn't giving credit either. So why will my own customer will now refuse to pay me back is debt..I will rather loose the customer for life than to be owning me..