Debt Collection Services: Legal Help Against Delayed Payments

Legal Help Against Delayed Payments

SANTO DOMINGO, DN, DOMINICAN REPUBLIC, November 17, 2022 /EINPresswire.com/ -- Most people would describe, and this is the case in the Dominican Republic, a debt collection lawyer, as someone who is hired to collect money owed by another person. There are a few different types of debt collection services, but they all have one thing in common: they are responsible for recovering money or real estate or personal property that is owed to a particular company or individual.

Over the years, interest in hiring collection attorneys for debt collection has increased. As a result, many people have found that money they thought was lost returns to their bank accounts and sometimes with additional amounts for damage compensation.

To clarify this concept, we asked Lic. Francisco Manuel Lazala Puello, debt collection Lawyer at WDA International Law Firm, and he told us that the compulsory collection service, judicial and pre-judicial collections, help to guarantee that you receive all the money you deserve and also on the other hand, they can help you pay off your debt in a way that fits your budget. Here are some things to know about compulsive collection services and how they can help you pay off a debt.

What to know about debt collection? The first thing you need to know about compulsive collections and collection services in general is that it is not always a bad thing. It can be extremely beneficial for both parties involved in the process. A compulsive collection lawyer, who is responsible for recovering the money that the delinquent debtor refuses to pay.

Debt in the Dominican Republic
Credit to the Dominican family facilitates immediate present consumption in the face of specific needs, but, in many cases, it can complicate their future well-being, if the debt is carried out irresponsibly, generating excessive debt, in which the financial burden turns out to be onerous. This is where the debt collection service comes in where an expert lawyer stops the bleeding that these financial charges mean for the benefit of both parties through a new agreement.

There is an international parameter frequently used to determine over-indebtedness, it is 50% of the monthly salary, with respect to the amount of the private debt or 80.0% of the total salary amount of the workers, particularly those who belong to the formal segment. and the total family credit.

About Debt
For some people, who are in debt, they usually assume that debt is a terrible thing and should be avoided at all costs. However, this is not the case at all. There are thousands of companies that use debt to their advantage by borrowing money from banks and private borrowers, as well as using credit from suppliers to finance their business operations.

The problem often derives from high interest rates on some loans, and the inability of some businesses or individuals to meet said payments.

In general, compulsive collection begins in a friendly manner, with communications inviting payment of the arrears and proposals for payment agreements by the debt collection lawyer, who takes additional measures to try to collect the debt and depending on the reaction of the delinquent entity or person, the collection is intensified.

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