Step by step to recover your debt in Vietnam

Step by step to recover your debt in Vietnam. There are 6 steps to recover your debt in Vietnam: Step 1. Classify customers to request debt recovery processing; Step 2: Debt classification; Step 3: Receiving the debt documents; Step 4: Verification of debt records; Step 5: Debt recovery negotiation; Step 6: To execute a debt recovery lawsuit

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All debts must be recovered from the principal of the investment, the return of the investment over the corresponding time period, the corresponding fees and payables (except for cases of exemption or reduction as agreed between the two parties). Debt settlement is implemented proactively, flexibly and promptly in accordance with the rules and strictly comply with the law.

Last time, we introduce How to collect your debt in Vietnam, and this post we will share to you the Debt recovery process

Step By Step To Recover Your Debt In Vietnam
Step By Step To Recover Your Debt In Vietnam

Step 1. Classify customers to request debt recovery processing

 Customers requesting debt recovery include:

  • Individual debt collector;
  • Individuals collecting debt from organizations;
  • Corporate debt collectors;
  • Personal debt recovery organization;
  • Organized debt recovery organizations;
  • Personal debt recovery enterprise;
  • Institutional debt recovery enterprise;
  • Enterprise collects corporate debt;

Step 2. Debt classification

Types of debts include:

  • Debts arising from borrowing, borrowing property but not paying;
  • Debts arising from contract breaches;
  • Debts arising from non-contractual obligations …

Step 3. Receiving the debt documents

Customers provide all relevant debt documents including:

  • If the business is a business, the application includes: Certificate of business registration and all debt documents, if any, such as: Contract, invoice, delivery note, debt confirmation. . .
  • If you are an individual, the application includes: Identity card and all debt vouchers as evidence, if any, such as: Debt confirmation, loan appointment paper, purchase and sale vouchers. . .
  • Outline the content of the debt (with attached form)
  • After receiving the debt file and found that the debt file has a basis to sue. Lawyer will sign a debt recovery legal service contract with the client. At the same time, the client will authorize  Lawyer to collect debt.

Note: You only provide documents by photocopy

These are extremely important documents that determine the success of debt recovery. The reality in debt recovery shows that many debts seem very clear, but creditors cannot prove that they have fulfilled their obligations to debtors before the debt recovery right arises. .

The most common case is that there is no agreement contract related to the cooperation and purchase between the two parties. Representatives of creditors and creditors are acquaintances, so there is no contract or contract that does not comply with legal standards: signer, stamp ..

 Next is the absence of acceptance record, delivery and installation record without signature and certification of the debtor. Sometimes, there are businesses that accidentally combine the record of handover of installation materials and the record of acceptance of the completion of the project into one. When one of these two work contents is not completed properly, the debtor can use the reason to delay payment of the entire order value.

Do not hesitate to contact us when you want to recovery your debt in Vietnam

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 In case there are enough papers and documents as above. The debt recovery will not be 100% successful, because it depends on the financial situation of the debtor and the cooperation between the two parties, as well as other arising issues. However, if one of these documents is missing, the debt recovery will be much more difficult and need to find ways to supplement and validate documents and procedures. It will be costly and time consuming.

Step 4. Verification of debt records

  • Verifying the legality of debt documents (Reviewing and comparing all debt documents of the provided customer, analyzing whether the legal basis of the provided customer file is sufficiently grounded or not).
  • Verify that the debtor still exists in reality or not? (If the debtor is an individual, is the debtor still alive or dead? Are they still permanently residing in the locality or have moved elsewhere? … If the debtor is a business, is the business still operating or has stopped, or has moved The office went elsewhere or was dissolved or went bankrupt).
  • Preliminary verification of the debtor’s solvency.
  • Verification results show that one of three conditions such as the debt profile is not sufficient for legal basis or the debtor is no longer in reality or is completely incapable of repaying the debt (depending on the choice of the customer. ) then we will return the records to the customer by an official document.
  • The time limit for verifying each debt dossier is not more than 30 days from the date of receipt of the complete dossier.

During the verification period, we still carry out debt recovery if the debtor actively performs payment obligations. If the debt is collected during this period, the client will still have to pay lawyers’ fees.

Step 5. Debt recovery negotiation:

  • Through the process of verifying the debt profile, if we find it valid, we will contact the debtor by sending an invitation letter or meeting directly with the debtor. During this time, if the debtor is willing to cooperate to repay the debt, we will collect the debt by agreement if the creditor agrees.
  • On the contrary, during the time we approach the debtor, but the debtor shows bad faith to repay the debt, we will carry out the necessary legal procedures to initiate a lawsuit in a competent court to protect Legal rights and interests (debt recovery) for the petitioner.

Step 6. To execute a debt recovery lawsuit:

We evaluate that, when the mediation and negotiation measures cannot be performed, customers will need to sue in Court to take measures to enforce debt recovery and measures to limit the dispersal of assets. . Therefore, we will proceed to complete the petition after approaching the debtor to negotiate debt recovery, but the debtor is not willing to cooperate in debt settlement, including:

  • Drafting the petition (Based on legal documents, evidence and analyzed legal information);
  • Filing the petition;
  • Advise and guide the petitioner on court fees and court fees;
  • Participate in the lawsuit when there is a subpoena from the court (at conciliation sessions, negotiations, and evidence handover);
  • Assign a lawyer to protect the legitimate rights and interests of clients in court, conduct litigation to protect the interests of the litigants;
  • Counseling and guiding the application for judgment execution request;
  • Advise and guide other procedures related to debt recovery lawsuit for customers ….

Thus, with the presence of a lawyer, a client can be completely assured of the problem of solving his or her case.

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