Recovering debt in Nigeria can be a challenging assignment, but it is not unfeasible. There are varieties of means by which one can recover debt in Nigeria and they consist of legal action, Alternative Dispute Resolution (ADR), and debt collection agencies. In this article, we will thrash out these methods in detail, together with the pros and cons of each and how to go about using them.
Legal action:
Legal action is one of the most efficient and effective ways of recovering debt in Nigeria. The Nigerian legal system makes available a choice of remedies for debt recovery, including the enforcement of judgment debt and the attachment of assets. One of the most widespread legal actions used for debt recovery in Nigeria is the enforcement of a judgment debt. This is done by obtaining a court order for the attachment and sale of the debtor’s assets. This is a fairly effective way of recovering debt, as it guarantees that the debtor’s assets are sold to pay off the debt. Conversely, legal action can be time-consuming and costly, and it may not always be the best option for recovering debt in Nigeria.
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