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Recovery of debts: definition<\/h2>\n\n\n\n
\u00a0 The termrecovery of debts<\/strong>refers to all the various actions that acreditor<\/strong>must initiate in order to obtain payment of hisdebt<\/strong>from hisdebtor<\/strong>. This definition, while clear enough, may sometimes perplex the layperson who does not necessarily understand the jargon of the recovery sector. In other words,recovery of debts<\/strong>is a procedure that is set in motion when acreditor<\/strong>has not entered into accounts the payment that is due to him as valuable consideration for a service provided. That creditor therefore proceeds to the necessary measures to recover that amount. It should also be noted here that the term“recovery”<\/strong>comes from the verb“to recover”<\/strong>(and not from “re-cover”), meaning “to come into possession of what was once lost” and, therefore, in the case of a debt, to receive payment of a due sum. \u00a0 \u00a0<\/p>\n\n\n\n \u00a0 To acquire a good command of the codes of recovery it is necessary to make distinction between the terms that apply to the objects of recovery. A sum of money may be described as aclaim<\/strong>or, equally well, as adebt<\/strong>according to whether looked at from the creditor’s or debtor’s perspective. \u00a0<\/p>\n\n\n\n Aclaim<\/strong>represents the right for the creditor to demand the remittance of a sum of money owed to him by the debtor. It should also be noted that a claim may berecoverable<\/a>,doubtfu<\/a>l orirrecoverable<\/a>.Complete definition of the debt<\/a>\u00a0<\/p>\n\n\n\n Conversely, thedebt<\/strong>is the sum of money owed by the debtor to his creditor.Complete definition of the debt<\/a>\u00a0 \u00a0<\/p>\n\n\n\n When debt recovery proceedings are instituted, two main parties are involved: thecreditor<\/strong>and thedebtor<\/strong>. \u00a0The main actors<\/strong><\/span><\/p>\n\n\n\n Thecreditor<\/strong>is the party that holds a lien over another person (the debtor). In sum, this is the actor to whom the money is due. It is therefore the creditor who will make the first moves for recovery vis-\u00e0-vis the debtor to recover the sum of money owed by the latter. Note also that the creditor may be eitherpreferred or chirographic<\/a>.Complete definition of the creditor<\/a>\u00a0<\/p>\n\n\n\n Thedebtor<\/strong>is therefore the party in default of payment who, consequently, has a debt towards the creditor. The necessary recovery proceedings instituted by the creditor to recover the sum of money will therefore be directed against the debtor.Complete definition of the debtor<\/a>\u00a0 \u00a0The intermediaries<\/strong><\/span>Many creditors entrust the management of their debtors to a third party, an agent or intermediary. \u00a0<\/p>\n\n\n\n Arecovery company<\/strong>is an intermediary that assists the creditor, at the latter’s request, in recovering his debt from his debtor. The distinguishing characteristic of the recovery company is that it tries to resolve the problem of payment of its clients (the debtors) by following procedures ofamiable recovery<\/strong>, and thus without referring the case to a court of law.Complete definition of the recovery company<\/a>You can also read our article “How does a recovery company work?<\/a>” \u00a0<\/p>\n\n\n\n A bailiff or process server is a ministerial officer or, in other words, an independent public servant. Although specialized in judicial recovery, he may also be involved in amicable debt recovery. However, unlike the recovery company, the bailiff does not defend either of the two parties. In fact, he is bound by a duty of impartiality and must therefore remain neutral.Complete definition of the bailiff (process server)<\/a>\u00a0<\/p>\n\n\n\n Once legal proceedings are instituted, your lawyer will be your only representative for your actions at law. Generally, if you enlist the aid of your lawyer for debt recovery, it is because all attempts at amicable, out-of-court settlement have failed. Do not hesitate to consult our article: “A lawyer, a bailiff or a recovery company?<\/a>” \u00a0 \u00a0<\/p>\n\n\n\n \u00a0<\/strong>Once default on payment is detected, recovery proceedings may be set in motion. Distinction is made between two kinds of recovery proceedings:amicable<\/strong>andjudicial<\/strong>.\u00a0<\/strong><\/p>\n\n\n\n The termamicable recovery<\/strong>applies to all actions and techniques employed by acreditor<\/strong>to recover hisdebt<\/strong>from hisdebtor<\/strong>without proceeding to legal measures. It is, therefore, a phase of negotiation between the creditor and his debtor. Several methods may be used for theamicable<\/strong>recovery of money due to the creditor:<\/p>\n\n\n\n Complete definition of amicable recovery<\/a>You can also read our article: “How do amicable recovery proceedings work?<\/a>” \u00a0<\/p>\n\n\n\n If the various amicable actions prove to be unproductive or ineffective, the creditor may seek redress before a court of law.Judicial recovery<\/strong>refers to the procedure that consists of referring the matter to the competent court in order to recover the unpaid sum of money.Complete definition of judicial recovery<\/a>Obviously, the recovery of debts, like many other sectors, has its own jargon. That’s why we suggest that youconsult our<\/strong>glossary<\/strong><\/a>grouping the definitions of numerous terms associated with recovery. \u00a0 \u00a0 Do not hesitate to contact us bye-mail<\/strong>atsales@tcm.be<\/a>or bytelephone<\/strong>on +32 16 74 52 04.<\/p>\n\n\n\n What is therecovery of debts<\/strong>? If you are asking yourself that question, this article is written for you! We will explain to you what recovery of debts is all about and give you the keys and most important terms to know to find your way around. In fact, the words and their definitions have their importance in the debt recovery.<\/p>\n\n\n \u00a0 \u00a0<\/p>\n\n\n\n \u00a0 The termrecovery of debts<\/strong>refers to all the various actions that acreditor<\/strong>must initiate in order to obtain payment of hisdebt<\/strong>from hisdebtor<\/strong>. This definition, while clear enough, may sometimes perplex the layperson who does not necessarily understand the jargon of the recovery sector. In other words,recovery of debts<\/strong>is a procedure that is set in motion when acreditor<\/strong>has not entered into accounts the payment that is due to him as valuable consideration for a service provided. That creditor therefore proceeds to the necessary measures to recover that amount. It should also be noted here that the term“recovery”<\/strong>comes from the verb“to recover”<\/strong>(and not from “re-cover”), meaning “to come into possession of what was once lost” and, therefore, in the case of a debt, to receive payment of a due sum. \u00a0 \u00a0<\/p>\n\n\n\n \u00a0 To acquire a good command of the codes of recovery it is necessary to make distinction between the terms that apply to the objects of recovery. A sum of money may be described as aclaim<\/strong>or, equally well, as adebt<\/strong>according to whether looked at from the creditor’s or debtor’s perspective. \u00a0<\/p>\n\n\n\n Aclaim<\/strong>represents the right for the creditor to demand the remittance of a sum of money owed to him by the debtor. It should also be noted that a claim may berecoverable<\/a>,doubtfu<\/a>l orirrecoverable<\/a>.Complete definition of the debt<\/a>\u00a0<\/p>\n\n\n\n Conversely, thedebt<\/strong>is the sum of money owed by the debtor to his creditor.Complete definition of the debt<\/a>\u00a0 \u00a0<\/p>\n\n\n\n When debt recovery proceedings are instituted, two main parties are involved: thecreditor<\/strong>and thedebtor<\/strong>. \u00a0The main actors<\/strong><\/span><\/p>\n\n\n\n Thecreditor<\/strong>is the party that holds a lien over another person (the debtor). In sum, this is the actor to whom the money is due. It is therefore the creditor who will make the first moves for recovery vis-\u00e0-vis the debtor to recover the sum of money owed by the latter. Note also that the creditor may be eitherpreferred or chirographic<\/a>.Complete definition of the creditor<\/a>\u00a0<\/p>\n\n\n\n Thedebtor<\/strong>is therefore the party in default of payment who, consequently, has a debt towards the creditor. The necessary recovery proceedings instituted by the creditor to recover the sum of money will therefore be directed against the debtor.Complete definition of the debtor<\/a>\u00a0 \u00a0The intermediaries<\/strong><\/span>Many creditors entrust the management of their debtors to a third party, an agent or intermediary. \u00a0<\/p>\n\n\n\n Arecovery company<\/strong>is an intermediary that assists the creditor, at the latter’s request, in recovering his debt from his debtor. The distinguishing characteristic of the recovery company is that it tries to resolve the problem of payment of its clients (the debtors) by following procedures ofamiable recovery<\/strong>, and thus without referring the case to a court of law.Complete definition of the recovery company<\/a>You can also read our article “How does a recovery company work?<\/a>” \u00a0<\/p>\n\n\n\n A bailiff or process server is a ministerial officer or, in other words, an independent public servant. Although specialized in judicial recovery, he may also be involved in amicable debt recovery. However, unlike the recovery company, the bailiff does not defend either of the two parties. In fact, he is bound by a duty of impartiality and must therefore remain neutral.Complete definition of the bailiff (process server)<\/a>\u00a0<\/p>\n\n\n\n Once legal proceedings are instituted, your lawyer will be your only representative for your actions at law. Generally, if you enlist the aid of your lawyer for debt recovery, it is because all attempts at amicable, out-of-court settlement have failed. Do not hesitate to consult our article: “A lawyer, a bailiff or a recovery company?<\/a>” \u00a0 \u00a0<\/p>\n\n\n\n \u00a0<\/strong>Once default on payment is detected, recovery proceedings may be set in motion. Distinction is made between two kinds of recovery proceedings:amicable<\/strong>andjudicial<\/strong>.\u00a0<\/strong><\/p>\n\n\n\n The termamicable recovery<\/strong>applies to all actions and techniques employed by acreditor<\/strong>to recover hisdebt<\/strong>from hisdebtor<\/strong>without proceeding to legal measures. It is, therefore, a phase of negotiation between the creditor and his debtor. Several methods may be used for theamicable<\/strong>recovery of money due to the creditor:<\/p>\n\n\n\n Complete definition of amicable recovery<\/a>You can also read our article: “How do amicable recovery proceedings work?<\/a>” \u00a0<\/p>\n\n\n\n If the various amicable actions prove to be unproductive or ineffective, the creditor may seek redress before a court of law.Judicial recovery<\/strong>refers to the procedure that consists of referring the matter to the competent court in order to recover the unpaid sum of money.Complete definition of judicial recovery<\/a>Obviously, the recovery of debts, like many other sectors, has its own jargon. That’s why we suggest that youconsult our<\/strong>glossary<\/strong><\/a>grouping the definitions of numerous terms associated with recovery. \u00a0 \u00a0 Do not hesitate to contact us bye-mail<\/strong>atsales@tcm.be<\/a>or bytelephone<\/strong>on +32 16 74 52 04.<\/p>\n\n\n\n Recovery of debts: all you need to know! What is therecovery of debts? If you are asking yourself that question, this article is written for you! We will explain to you what recovery of debts is all about and give you the keys and most important terms to know to find your way around. In […]<\/p>\n","protected":false},"author":11,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[63],"tags":[],"class_list":["post-71230","post","type-post","status-publish","format-standard","hentry","category-news"],"_links":{"self":[{"href":"https:\/\/tcm.be\/en\/wp-json\/wp\/v2\/posts\/71230","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/tcm.be\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/tcm.be\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/tcm.be\/en\/wp-json\/wp\/v2\/users\/11"}],"replies":[{"embeddable":true,"href":"https:\/\/tcm.be\/en\/wp-json\/wp\/v2\/comments?post=71230"}],"version-history":[{"count":1,"href":"https:\/\/tcm.be\/en\/wp-json\/wp\/v2\/posts\/71230\/revisions"}],"predecessor-version":[{"id":72089,"href":"https:\/\/tcm.be\/en\/wp-json\/wp\/v2\/posts\/71230\/revisions\/72089"}],"wp:attachment":[{"href":"https:\/\/tcm.be\/en\/wp-json\/wp\/v2\/media?parent=71230"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tcm.be\/en\/wp-json\/wp\/v2\/categories?post=71230"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tcm.be\/en\/wp-json\/wp\/v2\/tags?post=71230"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}The objects of recovery of debts<\/h2>\n\n\n\n
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The actors involved in the recovery of debts<\/h2>\n\n\n\n
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Debt recovery proceedings<\/h2>\n\n\n\n
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\n\n\n\nRecovery of debts: all you need to know!<\/h1>\n\n\n\n
<\/figure>\n<\/div>\n\n\nRecovery of debts: definition<\/h2>\n\n\n\n
The objects of recovery of debts<\/h2>\n\n\n\n
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The actors involved in the recovery of debts<\/h2>\n\n\n\n
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Debt recovery proceedings<\/h2>\n\n\n\n
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