After receiving a writ of execution in court, the creditor must contact the Federal Bailiff Service. Then one of two scenarios is possible. If the debtor has a source of income that can be foreclosed, the creditor will begin to receive money under the writ of execution. If the debtor has nothing, you need to prepare for the fact that the creditor will receive a decision to end the proceedings due to the impossibility of collection, lawyers warn. From the debt collection agency nottingham service, you can have the right options now.
The best way to avoid the problem with the return of funds is to lend money on receipt, according to experts interviewed. The receipt must contain all the basic information indicating the passport data of the lender and the borrower, who gives money to whom, for how long, for what amount, how much to return and what should happen if the debtor does not return the funds on time. “Ideally, you need to have two witnesses who will write in the same receipt that the transaction has been completed, the money has been transferred, etc. In this case, even if you go to court without lawyers, with a high degree of probability, close to 100%, you will receive a decision in your favor. No notarization of the receipt is required.
An even more reliable way is to draw up a loan agreement
Such a document must contain the date of conclusion, the date of entry into force of the agreement, the names of the lender and the borrower, registration addresses of the parties, dates of birth, passport details of the parties, the amount of debt and the loan repayment period. A good contract can take about 20-30 pages. A lawyer will also have to pay for the competent drawing up of this agreement. You cam make use of the debt collectors nottingham service in this case.
- The agreement describes in detail the structure of the debt, the consequences of non-payment, methods of collection and sanctions in different scenarios. The loan agreement may contain interest on the debt, information about guarantors, guarantees of collateral security. The documents can also provide for the place of consideration of the dispute. Thus, the agreement gives the lender more guarantees than a universal receipt, the expert concludes.
- A loan agreement can be notarized, which gives additional protection in court. In this case, the document is drawn up in three copies, one copy for each of the parties, and the third one – to the notary. “It will not be superfluous to transfer money in the presence of a notary, then in the person of the notary the borrower will have a reliable witness confirming the fact of the transfer.
No matter what document the creditor formalizes his financial relations with the debtor, you need to be extremely careful about its content, partner of the bar association. Otherwise, even in an obvious situation for you, due to unfortunate circumstances associated with unqualified paperwork, the court may not be on your side.