So, let us discuss the significant distinction between the two, and how professional debt collection and debt recovery lawyer Singapore can assist to handle such cases.Debt RecoveryLet us begin with debt recovery.
Basically, it is a process where a loan continues to go unpaid, and a creditor hires a third party to focus on collecting the money.
Mostly, people (business owners) are unable to manage the debt recovery process on their own.
Or, they do not have any back up in the office to handle the same.
In such situations, they approach a debt recovery lawyer.
For instance, a person misses a payment for a loan (or a credited service), then a person’s creditor will soon be in contact to ask the person to make the payment.So, the important difference between these two processes is based on ‘who is trying to retrieve a debt’.
