What is the Process of Debt Recovery? Let's consider debt recovery from the perspective of debt collection agency. The debt recovery agency recovers debt for itself, and so it has a different agenda than debt collection companies that collect debt for a creditor. Debt recovery is a process that consists of several steps: - evaluation of possible debt amount; - taking personal data from debtor to get in touch with him/her; - debt recovery process, including sending debt recovery letters and making phone calls; - debt enforcement.
What do debt recovery lawyers do? Debt recovery is important as it decreases the amount of debt that debt collectors must absorb and increases business profitability. It is necessary to have debt recovery lawyers so debt collectors do not violate debtors' rights when trying to recover their debt. In Australia, debt recovery lawyers may be referred to as Legal debt recovery lawyer or Litigation Lawyers that specialise in debt collection matters.