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

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What is debt? and how do you understand it.

An amount of money lend or borrow from someone and to be refunded in a specific time or period is a debt. A debt can be own by a group or individual.

A situation whereby you have an urgent need to attend to which has to do with finances and fortunately, you cannot help yourself at that particular time, then having no option than to seek help from another person. Once the person assisting you financially to solve the problem, you're owning a debt.

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

Yes, am a debtor before. Is something that can happen to any individual on earth. Currently am owning my sister a debt of 4,500 naira. I gave her material to sew for me and when she asked me for money to buy things for the clothes, I told her to used her money that I will pay back once she bring the clothes for me. Am I not now a debtor?

Meanwhile before taking a step of been a debtor, I fully believe or assure myself that I will have the money to refund back. Particularly, I and borrowing are not compatible friends, as such, I try my best to avoid thinking or been depressed on how to pay someone debt as too much thinking is not good for our health.

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

Well, life itself is an experience. What do I stand to gain if am in a position to render help and I refuse to do so because of my past experiences. Absolutely nothing!

source

However, the manner of approach towards a fellow is very important expecially when you know that someone belonging is in your hand. I can't easily forget the bad experience I had on the help I gave to a friend. He came to me with an innocent face and I gave him 50k since 2022 with the lie lips to refund back the money and up till now, he has not make a step to pay the money even when he pleaded me to pay 40k instead of the exact amount.

His reaction would have stop me from helping someone but I haven't. The experience only teach me to give or help someone within my reach without expecting any returns. Yes, that's is what am practicing now. I can gladly help you if I have without asking for a refund.

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

In my opinion, I think the proper way is to follow banking system whereby a property will be given as a collateral. This is because, it is very easy to borrow someone or a group or a company money to meet up their needs but difficult to pay back in due time.

So with any form of property set aside as a collateral that eventually, if the money is not pay, the borrower now takes the collateral in place of his money will be good. In addition, a proper written agreement well sign can be done in which, if the person fails to pay back the money, he/she can be taken to court.

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

When my grandma was alive. She used to say A debtor runs when nobody pursue him. Yes, debt should be forfeit for peace sake. My reason Is for a great benefits of the person been indebted to.

Once the debtor cannot run and hide again in order for you not to see him, he can plan something bad against you which sometimes can lead to death. In order to avoid a regret of any action, kindly let go of the money and be in peace.

Through Forfeitding, your mind will be relax, you will be relieved from the thought and tension of how to get the money. Doing this can create an opportunity for you to have double of what you let go off.

Am inviting @joymm, @vickyson and @richy20

    Thank you for reading