Debt Recovery Process in Malaysia
It is very normal to owe someone even your close friends, relatives, or sibling’s money. We would often hear promises before one would ask you to borrow them money (eh can borrow money arh? I pay you tomorrow confirm!!) Deep in your heart you know he would not pay by tomorrow, but you would still lend him the money. As times goes by, after months and years he has no response to your messages and ignore your calls. Definitely, you would want to recover your money (worst still huge five figures amount). You would think what are the ways to recover your money? How long will the process take? What if he has no money to pay me back but he has a new car? Don’t worry, I would cover all your concerns shortly.
What do I mean by Debt Recovery? Of course, I am talking about the legit ways to recover or collect monies owed by a person / company (Not the Ah Long ways…get it!!) Debt recovery in simple terms means initiating legal action to recover debts / monies from individual / company if they refuse or delay payment of debt.
Let’s look at some EXAMPLES