₦airaland Forum

Kennitrust:
please educate me on how recover debt that I'm so confused on how to go about it.

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UNDERSTANDING THE PROCEDURES AND LEGAL AVENUES FOR DEBT RECOVERY IN NIGERIA.

Introduction:

Debt recovery is a vital aspect of financial management and ensuring the repayment of borrowed funds. This article aims at providing an overview of the procedures and legal avenues available for debt recovery.

1. Negotiation and Mediation:

The first step in recovering debts is often attempting negotiation or mediation between the creditor and debtor. Parties can explore alternative dispute resolution methods through legal representation such as negotiation or mediation to reach a mutually acceptable agreement for repayment terms.

2. Issuance of Demand Letter:

If negotiations fail, creditors through their lawyer can issue a formal demand letter requesting payment from the debtor within a stipulated time frame. The demand letter should contain detailed information about the outstanding amount owed, supporting documents, consequences of nonpayment, and details on future legal actions.

3. Filing a Civil Action:

When efforts at amicable settlement prove abortive, creditors may initiate legal proceedings against defaulting debtors by filing a civil action at court of competent jurisdiction. It is pertinent to engage competent legal representation familiar with debt recovery laws.

4. Enforcement Mechanisms:

Upon successful litigation and delivery of judgement in favour of the creditor. Post-judgment order is to be obtained on behalf of creditor to enforce judgments legally through various means such as:

a) Writs of Execution: Creditors can obtain writs authorizing bailiffs and court staff to seize assets belonging to judgment debtors for sale via public auction.

b) Garnishee Proceedings: Creditors may apply to attach funds held by third parties (such as banks) who owe money or hold property on behalf of defaulting individuals or organizations.

Conclusion:

Debt recovery in Nigeria is a comprehensive process governed by legal procedures. It is important for both creditors and defaulting debtors to understand their rights and responsibilities throughout the debt recovery journey. It is equally important for every debt agreement to be drafted in a Legal document and signed by parties to ease the debt recovery process.

S.A Salisu, Esq.✍

saslautaisolicitors@gmail.com

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dandollaz:
Somebody business.Mr lawyer shift abeg

This is how they will use police to pick up for a matter that is purely civil. Don't cry o.

This nonsense happens across the country and people ignorantly think it is normal. What's police business with debts recovery? In the first instance, is owing money a criminal offence? E go tey before this country go get head o.

Kukutente23:
I remember some Zombies then campaigning for Zulum to be made VP to "Starboy"

Zombies are a set of brainwashed mugus useful only for media propaganda

Normally nau. They always package shit and sell it as moimoi.

ObongNkakad:
Nigerian Judges must be very foolish to seek to be respected after all the judgements they've been selling up and down, these past few years.

They deserve whatever they get. Nice one DSS. Let's all be living the Nigerian dream "hustle, pray, and hope notnto die young"!

I totally agree with you. They sold off their honour over the years.

This is why Tinubu would let Fubara handle Wike all alone. Wike is doing exactly what Oshiomhole attempted to do to Obaseki. There is no way anyone with executive power will accept being humiliated and spoken foul of by small boys in his own state.

If Fubara nor fit crush all these idiots en, then let him be pushed out. Having such enormous power and letting minions abuse your office is outrageous. Grind them and their business concerns in the state to powder!

Visit Benin and see what Obaseki did to the businesses and properties belonging to Oshiomhole's political henchmen. He ran them aground. When last did you hear Oshiomhole speak badly about Obaseki? He has been humbled. Shuaibu who wanted to test the waters got served equally. Obaseki goes about his daily business while dealing ruthlessly with anyone that cares to weigh the enormity of his executive power.

Executive729:
The pact to peace is always difficult than destruction Fabura should tow and choose peace for sake of all that work hard to put him in that position. He wouldn't have gone far without them, it was just too early to fight anyone not even his benefactor. If he doesn't loose this fight now he will loose long term.

Does allowing local champions to insult him also form part of the peace you mean? You expect an executive governor to keep quiet and allow a bunch of errand boys abuse him in his state weekly? Something must be wrong with you. Peace time is over. Let him serve them what you are asking for.

He is even too slow. By now, all those idiotic errand boys should have packed their bags and joined night bus to Abuja. Fubara must crush them once and for all.

Fubara, pursue all of them out of Rivers state. Let them find new homes in Abuja. Put the state ministry of works to work. Move state demolition machinery around the city. Pull down all 'illegal' structures especially the ones with dubious certificates of occupancy. Open books oga Fubara.

See if their various business outfits have defrauded the state government of its due taxes. Seal them up if found guilty.

I nor wan dey offer free lesson like this. I nor wan do politics, if not idiots like this legislator go run enter desert for disrespecting a whole sitting executive governor.

Israel must suffocate the terrorists until it proves that they can no longer breathe.

CursedOsuPigs:
Israel is winning the battle but will never win the war. Long after Netanyau and the present generation of Palestinians have all gone, Israel will continue to look over its shoulders. It's never going to end until the Palestinians are granted statehood.

Leave that mumu quote of win battle lose war shit. Battle or war, Israel will continue to crush those bloodthirsty terrorists. Who has time for nonsensical philosophy? Go, Israel!

They can all go and squat with Wike in his Abuja residence for good.

yarimo:
Just 100 days in office kogi state governor has done far better than Alex otti who is out to defraud Abia state .

Stop skipping your meds.

ReacherSaidNoth:
They should arrest the idiot before he inspires other idiots to do worse.

He must be arrested as soon as possible to prevent this stupid virus from spreading amongst other gullible idiots.

Israel does not pay attention to sentiments and emotion. They get the job done! Cleaning up the entire surrounding is the goal! All the terrorists and supporters must pack their bags and head to hell, Qatar, Syria and Iran.

englishmart:
They say the Oba of Benin can't be treated the way Sanusi was treated. I wish I were the governor of Edo state, I would have just removed him tentatively.

You are a dreamer who at the same time isn't smart. Are you comparing Emirs and western obas that are picked by politicians to a monarch that ascends by patriarchal heritage? Remove smart from your username.

This one's job is to sniff about for anti-Israeli news, while the other one, writerng, is obsessed with anti-American stories. Who give una work? Jobless loafers!

Fubara, you erroneously thought you could pet a deadly snake? Good you finally decided to treat it as what it is. Kudos, brother. Power fears no one. Wield it!

If Bayern goes through, expect them to lose to Dortmund.

Omo, this is political comeback at its best. I doff my hat for who run this shit. Damn! Bitter Obi go cure all your yama yama BATeria. E loud gan!

Ijustwantto:
Psg fans no dey blame mbappe. Dem go still blame Leo messi

Messi don jazz Mbappe leg make him nor deliver tonight.

emperor4love:
1billi each person oooh God,wen de office go reach my hand

Abeg I nor wan laff.

DeepSight:
Hezbollah is not the government of Lebanon.
I only used the example of a political party sending hoodlums to prove a point. That political party is not representative of all Palestinians. It was a rough analogy.

Hezebollah is the government of Lebanon.

adebowales:
you can’t claim you re fighting terrorism by killing defenseless people, the hate will still continue and the same October 7 will still repeat itself

Repeat October 7th and chop another round of pummeling. You think Israel is scared. It does what it needs to do and damn the consequences. Cure fire with fire. Cure madness with madness. Cure wickedness with a greater measure of it. No time to be docile.

You don't pamper a snake. You destroy it!

DeepSight:
Let me ask you a question. Lets say a political party sends 1000 of its hooligans to attack a neighbouring country. And as a consequence that neighbouring country decides to kill your family, children, who have nothing to do with it. What would you think?

Now this exposes your stark ignorance about Palestine. Hamas is a popularly elected group in Palestine. They have legislators. They practically run all public schools, healthcare centres, media, social system, domestic security, military infrastructure as well as liase with most foreign agencies including Qatar on behalf of Palestine.

No wonder some of you rush here to criticise Israel. Who told you Hamas is a bunch of hoodlums? Hamas is an institution in Palestine like Hezebollah is in Lebanon.

Did the same people not run into the streets celebrating Hamas' October 7th carnage? Hamas and the people are one! No difference! Israel already knows this.

Faposky95:
...but lack the balls to address the myriad of folks along the bADAGRY eXPRESSWAY FROM oKOKo AREA BEGGING.
tHEY COME FROM THE nORTH.
lAGOS ....DO same....let's see.
doing such to our own SW bros.....?!

Those are the real targets. But they must first strategically killed off any tribal prejudice the eventual moves may elicit. Just watch.

ThugCheetah:
I have information that can lead to Ten Hag's arrest

maasoap:
I hope you guys will have guts to repeat the same statement when it happens somewhere else close to home . Hypocrites

It wasn't close home when it happened on October 7th in Israel. Hypocrite! Thank GOD the Jews are teaching Christians how not to be intimidated by Islamic terrorists. Getat!

DCONE1:
You support killing of women and kids ?

SHUT UP! What happened on October 7th? Were they goats and chickens Hamas butchered? Israel knows how to deal with terrorists and its sympathizers. Imagine if it were a docile country that is surrounded by intolerant Islamic Arabians the way Israel is, it would have ceased exist.

Hamas must be flushed out of Rafah as well. I dare you to go and stop them!

God1000:
This is unconscionable, they hate the truth


Al Jazeera has been exposing all the atrocities in Gaza since the start of this war, so I'm not surprised with this development


You call yourself a democracy and you are trampling on free press which is a core principle of democracy

They are doing this before invading Rafah so that there will be no coverage, shame on Israel

I stand for humanity

Keep crying, loser. Take the next flight to Gaza and defend your people. Stop crying on Nairaland. Rafah operation has started, I hope you know. Release hostages or not, Benjamin has made it clear that Rafah special operation is unstoppable.

Get new crying drums quickly.

Long overdue. I wonder why it took this long to cut off Hamas' mouthpiece. Go Israel, do the LORD’S work. Terrorists don't deserve to live!

Hope it won't affect Tuesday and Wednesday Champions League live broadcast. Better explain what you mean by downtime o.

Obiedun:
That is another way. But I have also seen a situation whereby someone just went to the bank to open an account just a day after the bank officials came to verify if he actually lived in the house.

This mostly happens when it's company/corporate account. Banks don't have staff manpower to waste on individual accounts address verification.