Recovery Of Debts With And Without Intervention Of Courts/Tribunal
By Ajeet Kumar, Amity Law School, Patna.*
A debt is the amount of money borrowed for a set period of time and must be repaid together with interest. The amount as well as the approval of the debt are determined by the borrower's creditworthiness. When a loan, such as a credit card amount, goes unpaid, the creditor hires a third party, known as a collection service, to focus on collecting the money. To recover his secured debt, the secured creditor may use one or more of the following methods:
a. Take control of the secured assets
b. Take over business management
* The author is in his 8th Semester and pursuing BA. LL.B. from Amity University, Patna.