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How do you deal with irrevocable debts
- Thread starter Augusta
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As long as there is proof signed by the debtor, the business operator can sue that person and the court may charge the culprit as a swindling case.
Such kind of debt is known as bad debt. There is no way whereby the business person can recover these debts unless the insurance pays. Some of the debtors may have died or ran insane.
If it is a personal receivable which is not a large amount, if the debtor is not willing to pay, of course I have to let it go and forget about it and in general the friendly relationship will end, because if we hire a lawyer it will cost us a large fee.
Yeah that's it. you can hardly get this kind of debt. letting go will be the best bet
When debtors refuse to pay there's not much you can do sometimes except write it off as a loss. Might be worth trying to negotiate or work out a payment plan still if they're open to talking. Otherwise I'd say cut ties, move on, and be more careful who you lend to in the future so you don't end up in the same boat again. You live and learn.
eLdavis
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To be honest, this is one major reason I do not like borrowing out to people. I don't want to go through the stress of trying to get my money back when I did not pass though that much stress while lending them.
There is nothing that can be done on these kinds of debts other than accepting to suffer the losses and move on finding ways to recover the losses.
Yeah some borrowers can be very mean. They come cap in hands to beg for money but they become arrogant afterwards
I sometimes write off some debts when i noticed that the debtor is not capable to pay. If the money is not much, i will forget about it. Normally, i don't give or borrow people money because I don't have enough for myself.
Yes, the sure bet is not to borrow out your money especially to someone you believe or know can't pay back
