Getting Back the Money Owed To You

Many people nowadays are badly in need of money. Some people are finding financial relief from taking out payday cash loans while others borrow money from other people - friends, family, colleagues and acquaintances.

Melbourne, Australia (prHWY.com) November 3, 2011 - Nov 04, 2011/CashAdvance.com.au, Many people nowadays are badly in need of money. Some people are finding financial relief from taking out payday cash loans while others borrow money from other people - friends, family, colleagues and acquaintances.

Cash advance loans providers have become a popular way of getting instant cash for emergencies just like payday loan Australia providers as they have a much more lenient requirements than banks.

Unlike a bank, a provider of advance cash loans doesn't require mountains of personal data and a proven credit history - though they do a credit check but the credit history doesn't have to be blemish free. Instant cash loan providers have easy application process and affordable payment schemes, making them a more favored way of getting cash during emergencies.

It has been an observable fact that people find it most easy to borrow money (though not all) while when it is time to pay what is owed, it is very difficult to collect debt payments as these borrowers find it difficult to part with their money.

If you want to get back the money that is owed to you, read some of the tips below:

Give Notice Of The Debt
Contact the individual or company who owes you money. Contact them by phone or in person and speak to them. In this way, you might be able to informally come into an agreement and recover the debt.
If contacting them does not work, you can give them a written notice or letter. In the letter or notice, write the:
- amount of money owed
- what it is owed for
- when payment is required
- dated copies of all paperwork relating to the debt
- the steps that has been done to try recovering the money
- parties involved - the name and address of both you and the person who owes you money (debtor)
- a request for them to put in writing any issue or dispute they have with your statement
- details of the steps you will take if payment isn't received

Settling Debt Dispute through Mediation. If an agreement over the debt is not settled, don't go to court yet - for the court will expect you to try to solve the dispute through negotiation or mediation before going to court - get help negotiating a solution from a mediation service. During mediation, a mediator (a person from a mediation service) will help the two involved parties in finding a solution to the dispute. It can be quicker, cheaper and less stressful than going to court. If this doesn't work, you can still take the case to court.

Using a Solicitor. You can also approach a solicitor who has experience in debt recovery to discuss your case. For a fee, a solicitor can send a letter to the debtor and inform them that legal action may be taken if they don't pay. A solicitor's letter can produce quick results. A solicitor can also help define your case in legal terms and help identify further action that may be available to you.

Making a Claim in Court. In cases where all avenues are exhausted, you might proceed with court action as a last resort. However, seek independent legal advice first. Take note that a court action could take months, there is no guarantee you'll win the case and if you win but the other party is bankrupt or not working, it will be hard to get the money back.

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Tag Words: payday advance loan, payday cash advance

Categories: Finance

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