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When one is in the business of lending on a personal basis, there is a whole lot of return on investment involved. The private lenders make sure that they achieve a high level of interest and they usually lend money in a casual manner. However, as per Syndicate Finance there are times when such lenders fall prey to defaulters. These are people who borrow money and then they do not pay the interest or the principle amount on a regular basis. It is a difficult job to be able to make sure that they money is received from the defaulters and those in trouble or those who think they may get into trouble, should follow these 6 simple measures to recover their debt:
Keep security: While one lends money to a private party for various reasons, it is important to make sure that certain assets are kept by the lender as a guarantee deposit for the borrower to be pursued to pay regularly. This security could be in the form of property papers or assets such as good or other valuables.
Lend in phases: When one initially decides to lend to a new borrower, he or she should plan to provide the loan on an instalment basis, where a certain sum is paid before giving the rest. This would give the lender a fair idea about the kind of activities the borrower will carry out with the money and whether they will make a regular payment as it is decided.
Regular follow-ups: It makes sense to keep in touch with the borrower on a regular basis and to know exactly where the borrower lives and works from. This helps in keeping track of the party if they default in their payments. Giving regular reminders for payment and avoiding delay is one of the best ways to manage getting the money back.
Hire an Agent: There are professional agent who help in debt recovery as per the Syndicate finance in Mumbai. These agents make sure that they have a constant follow up with the borrowers in order to recover the money that is lent. These agents have people hired specially for the purpose of going to the door steps of the lender to recover the money.
Having a guarantor: In the process of giving out a loan, it also makes sense to involve a third party who may be able to give a repayment guarantee on behalf of the borrower. This implies that a guarantor should be involved in the process of lending money, so that the money remains secure.
Take legal help: In extreme cases, where money that is lent seems like it may get lost, one should approach police and law agencies to get the right kind of help. The borrower should be taken to account and the money should be taken back through the legal channel.
Keep security: While one lends money to a private party for various reasons, it is important to make sure that certain assets are kept by the lender as a guarantee deposit for the borrower to be pursued to pay regularly. This security could be in the form of property papers or assets such as good or other valuables.
Lend in phases: When one initially decides to lend to a new borrower, he or she should plan to provide the loan on an instalment basis, where a certain sum is paid before giving the rest. This would give the lender a fair idea about the kind of activities the borrower will carry out with the money and whether they will make a regular payment as it is decided.
Regular follow-ups: It makes sense to keep in touch with the borrower on a regular basis and to know exactly where the borrower lives and works from. This helps in keeping track of the party if they default in their payments. Giving regular reminders for payment and avoiding delay is one of the best ways to manage getting the money back.
Hire an Agent: There are professional agent who help in debt recovery as per the Syndicate finance in Mumbai. These agents make sure that they have a constant follow up with the borrowers in order to recover the money that is lent. These agents have people hired specially for the purpose of going to the door steps of the lender to recover the money.
Having a guarantor: In the process of giving out a loan, it also makes sense to involve a third party who may be able to give a repayment guarantee on behalf of the borrower. This implies that a guarantor should be involved in the process of lending money, so that the money remains secure.
Take legal help: In extreme cases, where money that is lent seems like it may get lost, one should approach police and law agencies to get the right kind of help. The borrower should be taken to account and the money should be taken back through the legal channel.
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