Money Judgement Essay Example | Topics and Well Written Essays - 1500 words

Money Judgement - Essay ExampleIn most cases, people intentionally do this, while some others face difficulties because of their poverty or personal inconveniences. Debt collection indicates a means which helps in collecting individual debts and reminds the debtors of their requirements to pay outstanding debt. The matter of debt collection comes into the issue when procuring debt payment from debtors through run-of-the-mine credit control process is proved ineffective (Getting Paid by Debtors, 2006).Debt retrieval polity is relate primarily with the retrieval of debts prior to legal action being taken but the principles should still be applied wherever appropriate even if litigation has commenced (Debt Management, 2007, p.3). A fair and sound debt recovery policy is a sine qua non for the effective and working finance regime in a given country. Debt recovery policy should be fair to everyone, particularly for the well- being of low incomes people (Corporate Debt, 2005, p.3). Peo ple are to suffer much hardship in collecting debts. However, in order to win the legal battle in recovering debt money, concerned party or creditor is to arrange sufficient documents and evidences for the courts satisfaction that the said creditor is entitled to take for the disputed debt money. Successful debt recovery suggests the conglomeration of adequate evidences and in particular proof of rent arrears, invoices for curative work and copies of the inventory and condition check (Made Easy, 2005). The growing expansion and gradual development of trade and craft within a state and between states have made the financial dealings and business regulations more complicated. As a result, countries have sharply experienced the necessity of a well- structured debt collection policy corresponding to the existing business regulation. An ideal debt collection policy provides an overarching framework and covers the collection of Rents, Council Tax, Business Rates, heterogeneous Debts and Housing and Council Tax Benefit overpayments (Corporate Debt, 2005). Debt recovery dodge requires a close and continuous contact between the debtor and creditor or the solicitor appointed by the creditor for recovering the debt money. An effective debt recovery strategy involves a combination of communication methods such as, telephone, mail, visiting and so on (Debt Recovery Guidelines, 2002, p.5). Of course, the manner of such contacts should not be oppressive or threatening, and must conform to the accepted good practices. Implementing an effective UK debt recovery strategy is a priority for any business wishing to maximise its cash arise. Amongst nations, UK is mostly concerned to tidy up its debt recovery strategy and accordingly it has been continuously striving to erect a well-shaped debt recovery strategy. Debt recovery outgrowths were importantly changed in 1999 following the reforms implemented by Lord Woolf after the Woolf report (Debt recovery Agents, n.d.). Agai n, it is said that debt recovery procedures and a corporate debt recovery policy were last approved by Cabinet in June 2006. The procedure relates to all types of debt i.e. Council Tax arrears, Business Rates and sundry debts (Report of DCS, 2007, p.2). 3. Modes of Recovering Debt moneyFrequent Cash flow and the prompt