Overdue debt

We consider a debt overdue if the deadline for repayment has passed and the debtor has not repaid it for some reason. The basis of the debt can be not only a loan, but also an unpaid invoice or any other legitimate receivable .

An overdue debt is a debt for which the payment deadline has already passed and the debtor has not paid. The receivable may arise loan obsession credit due to non-payment, but it can also be considered an overdue debt if the buyer does not pay the consideration for the purchased product or service by the date specified in the contract. The receivable can be against a private person or organizations, with regard to the latter circle, for example, companies, municipalities or other organizations. We deal with claims against organizations below.

There can be many reasons for non-payment, but it is definitely unpleasant that the creditor has to run after your money. When a creditor tries to recover the amount of an overdue debt from the debtor, it is called collection of receivables.

The reason behind non-payment is often simple inattention or carelessness, which we can even remedy with the help of a phone call or e-mail. If the situation is not so simple, we have several consecutive asset at our disposal to collect the receivable . 

The first step is to send the official warning letter, as it is very important to have a written record of the debt claim. The next possibility is a personal inquiry and the pursuit of a negotiated settlement. We can discuss in person what is behind the non-payment. The result of the negotiation may even be the rescheduling of the debt, since it is possible that it is only a temporary lack of funds, cash-flow problem is behind the non-payment, or the debtor also has outstanding debts, which is why he cannot pay.

If the debtor insolvency the payment is not made due to this, there are several procedures possible depending on the background of the insolvency. If the debtor bankruptcy mean, a bankruptcy proceedings you can reach an agreement with your creditors. In this case, the debtor has a certain period of time to a settlement agreement settle your negotiated debt. 

Another asset in our hands is publicity, inclusion on debtor lists. If this does not help, then the other creditor can be notified, then the debtor's customers, and the last asset is the liquidation process initiation.