*Name has been changed to maintain confidentiality
Background:
Swift Debt Recovery Private Limited was approached by a client who had extended a personal loan of $10,000 to an acquaintance. Despite repeated assurances of repayment, the borrower failed to honour their commitment, causing financial strain and frustration for the lender. Determined to recover the outstanding debt and alleviate their client’s burden, Swift Debt Recovery took on the challenge.
Approach:
Client Consultation: Swift Debt Recovery Private Limited initiated the process by conducting a thorough consultation with the client. They gathered essential information regarding the loan agreement, repayment terms, and any communication exchanges with the borrower.
Investigation and Verification: Utilizing their expertise in debt recovery, Swift Debt Recovery conducted a comprehensive investigation into the borrower’s financial status and background. They verified the authenticity of the loan agreement and gathered evidence to support their case.
Direct Communication: Armed with verified information, Swift Debt Recovery initiated direct communication with the borrower. They sent formal notices and reminders, clearly outlining the outstanding debt and the consequences of non-payment.
Legal Intervention: As the borrower remained non-compliant, Swift Debt Recovery escalated the matter legally. They prepared and filed a legal claim against the borrower, seeking repayment of the outstanding debt along with accrued interest and associated costs.
Negotiation and Settlement: With legal proceedings underway, Swift Debt Recovery engaged in negotiation with the borrower’s representatives. They leveraged their expertise to facilitate productive discussions and secure a mutually agreeable settlement.
Outcome:
Despite initial resistance from the borrower, Swift Debt Recovery’s relentless pursuit yielded positive results. Within a reasonable timeframe, they successfully negotiated a settlement wherein the borrower agreed to repay the $10,000 debt in full, along with accrued interest and legal fees.