Steem4nigeria Accelerator Contest Week 54:What is the best way to retrieve debt?

Hello guys,
I welcome you all to my blog once again. It is week 54 of the steem4nigeria Accelerator Contest and I'm delighted to share my entry on the topic which says what is the best way to retrieve debt. Let's look at the tips below which will help us attempt the contest.

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What is debt? and how do you understand it?

Debt is the money which is borrowed by someone from an individual or an organization or from an entity. Debt in summary has to do with the money you owe anyone. So debt means there must be a repayment maybe not immediately but it has to be done.

There are many types of debts associated with different people since there are different methods by which such debt can be paid. Before you collect the money that you will repay, there are a few things that may be put in place such as collateral or a way or method of repayment will be defined.

Currently, I'm privileged to be working with a microfinance Bank that is in charge of giving out loans what happens here is that we give out money and then collect it gradually. So those we gave the money are the debtors.

Have you been indebted before? How did you pay back?

Yes, I have been in debt before and this happened when I was in school. I needed money to pay for my house rent because the money I had was in my bank account and I couldn't have access to it during that period. So I borrowed from one of my coursemates to make the payment and I became indebted to her.

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I was able to make the payment immediately I was able to sort out my bank issues because I don't like borrowing money or being indebted but because that was the only option at that time that was why I went for it. It wasn't easy making the payment though because you will always feel uncomfortable seeing the person if you haven't made the payment.

Have you ever regretted helping someone due to the repayment approach of previous helpers? Share your experience.

Yes, as I said earlier, I currently work with microfinance institutions where we give out loans. Now when people come for a loan, you will see how they come very innocent as if they will pay immediately after they collect the money but over the past few months we have had many issues with people who collect loans because of repayment.

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There was a woman I helped to secure a loan in the institution but immediately after she got the loan, she relocated to a different city and since I was the one who signed in as her guarantor, my salary was used to pay off her debt. It was a painful experience for me because I didn't expect such behavior from her.

So you see getting my money back wasn't easy and till this moment I haven't gotten it. Anytime I call her, she will immediately end the call if she hears my voice. It was a terrible experience for me.

What do you think is the best way to retrieve debt?

The best way to retrieve debt is to always have collateral before giving out any amount to anyone. People will always pretend that they are going to make the payment before they have access to the money but immediately they have access to the money, you will notice that they immediately change like chameleon.

So don't trust anyone when giving money because if you don't do the needful you will be the one to suffer more when it comes to collecting back the money. So no matter what have something that you can fall back on if the person refuses to pay the money.

Do you think problematic debt should be forfeited for the sake of peace?

No debt should be forfeited for any reason. If this money is your money and you wish to let it go then no issue but it is important you know that a lot of people over time invest and use this money given as a loan as their investment. So if this money doesn't belong to you ensure you collect it back.

In my situation, you have seen how I was forced to pay using my salary and that is how it is in most cases when you are working for someone else. So in cases like this, you must adopt any strategy possible and collect your money back.

I invite @josepha, @solaymann, and @ruthjoe to join the contest.