Nowadays, the world has become an unsafe place, especially for your money. Lending money can, on interest, bring you profit. However, there is a lot of fear that you won’t get your money back. It is similar for every kind of debt.
From bank loans to personal debts, people can send you legal notice for recovery of money if they don’t get it back on time. Legal notice or anything related to law sounds scary. However, legal notice is not that serious. You can think of it as a warning.
If you have no idea what legal notice is, then you are in the right place. Discussed here is what a legal notice is and how scary it is in reality. You will be able to know everything about a legal notice from this article, including who can send you legal notice and when. So, please follow our article carefully to know more.
Who can send a legal notice for the recovery of money?
The simple answer is any money lender can send a legal notice for recovery of money. If the person is delaying paying back his debt and not giving a proper reason either, then you can consider your money is unsafe with him.
In that scenario, any lender can send legal notice to that person. It is easy for institutes like banks. However, personal loan lenders can do it too if they have proper papers.
When should you send a legal notice for money recovery, and why?
Now, you know that anyone could send a legal notice for money recovery if they have proper papers. The question that arrives is when and why you should do it.
If the person is not paying you back. However, the situation is more complex than you think. Discuss here is the common situations that require legal notice.
- Personal debt – This is the most difficult situation for sending a legal notice. Personal debt means a person whom you know personally. It can be your friend, relative, or co-worker. In this case, first, warn them personally without any legal notice. If they still refuse to pay back, then contact your lawyer and send them a legal notice as a lender.
- Tenants – If your tenants are not paying you rent, then you can send a legal notice for the recovery of money. If you have an agreement of tenancy, then this process will become easier for you. If they still ignore your warning, then you can file a suit against your tenants for money recovery.
These are almost all information about legal notice for the recovery of money. You can think of it as a general warning. However, you should not avoid it all because, after this notice, lenders are free to take any legal action against you.
The situation can become worse if you still ignore their notice and delay in paying the debt. If you find anything unusual about the notice, immediately contact your legal advertiser.
If you are the one to send a legal notice, then contact your lawyer first before taking any decision. If they still ignore your warning and refuse to pay back your debt, then you can file a lawsuit against them.