Receipt On Account Of Payment Of All Debts Due

Receipt On Account Of Payment Of All Debts Due

Debt recovery and debt collection are similar terms with one small, but very important distinction. The difference is who is trying to retrieve a debt.Debt collection is a creditor’s attempt to recover consumer credit and loans that have not been paid back by a customer.Debt recovery is when a loan—such as a credit card balance—continues to go unpaid, and a creditor hires a third party, known as a collection service, to focus on collecting the money.

Debt recovery is important because it is directly correlated to your credit score. If you are being contacted by a debt recovery service, it means there is a record that you have defaulted on a loan and currently have delinquencies. These delinquencies get reported to the credit bureaus, damaging your credit score, which can potentially hurt any future loan opportunities.

There are several steps in the debt recovery process and it is important to know what to expect when you are contacted by a debt recovery agent. In fact, because financial debt can be a sticky situation, legislation has been established to guide the debt recovery process and ensure that consumers are protected from harassing debt recovery practices

  • Debtor: person obligated to pay back money that was borrowed
  • Creditor: person who extends credit with an agreement that the money loaned will be paid back

the document whic is attached to the person who taken a money is paying the person to whom he takes it his all debts are payed 

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