Often, recovery of anything lent can be touchy, and sometimes even a drain on resources. In this article, ways of recovery have been brought out in a lucid manner, with the added zing of the author's personal experiences where these approaches have worked. A candid and practical approach to the recovery of dues is discussed to acquaint the reader with the options available to him/her in these situations.
Manufacturing, marketing, selling and recovering are all what business is broadly about. As desires soar and supply decreases, there exists a gap, which creates a necessity to borrow or take on credit. Quite often, the gap is larger and ugly between the sales and recovery stages of any business, but more particularly in the finance business. This normally arises when promises are not kept; either by design or by default. And this situation generates a department called recovery department and a new person-the recovery man.
There is an ancient saying in Sanskritized Telugu-Vanita, vittam, pottam, parahastam gatam gataha, meaning that if woman, money, book, have changed hands, they are lost forever (since they are rarely returned). In modern times, this adage could be vehemently contested, especially by women. Nevertheless, in the case of money, it still might have relevance. Anyway, in reality one cannot sit back quoting adages. or old sayings. One has to make efforts to recover the lost.
Where soft recovery fails even after several attempts, it is time for action. The recovery person would then get on to the hard recovery mode, and start explaining to the defaulter that if the dues are not paid within the specific period, the assets, if any, purchased with the borrowed amount might be impounded. If such a reminder also goes unheeded, very often the recovery person is left with no other choice but to undertake the daunting task of actually taking possession of the asset/s. How legal this action will be depends on the clauses/conditions incorporated in the initial agreement/contract entered into by the lender, the borrower or the supplier and the client.
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