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

Hello dear steemians,
Greetings to you all friends,
Hope you are all doing good!
I'm so delighted to participate on this wonderful contest organized by @steem4nigeria it's a previlledged to be here in this platform and in this very wonderful community.

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What is debt? and how do you understand it.

Debt refers to the amount of money borrowed from a person or organization with the purpose and promises of paying it back within a short period or long period of time. sometimes with interest.

How I understand it, is that;

• Borrowing: This has to do when you borrowed or received money from the lender, with a promise sometimes with I swear to God I will pay you back next week or month end.

• Secondly Repayment: That's when you agreed or Concord to repay the amount collected within the timeframe, it could be monthly, quarterly or as the case maybe.

• Thirdly obligations: That's when you agree to pay the money you've collected, and when you failed pay you face the consequences. That's how I understand how it works.

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

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Yes;
To be honest to borrow money is very sweet but to repay back is like hell, I borrow the sum of 35,000 naira from my business partner to run some transactions, I told my partner I would pay him once I get to my shop , because I'm into POS business, the second day he called me I pleaded please give me 30 minutes I would send it to you, but nope.

The third day he was on my neck, I decided to send him 20 thousand remaining 15 thousand, last last I paid him in three folds. He vex though but I pleaded, he said it's a bygones, but I've failed him already, I felt bad about it lately though, he might forgive but not forgotten because we are humans. But the most important thing I paid back the money I've collected.

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

Yes indeed I regreted lending one of my cousin in this life, it was way back 2016, I wasn't even doing well at that time, but I decided to borrow him who happened to be a business man, but this happened when he bought a new car, and on the process he had an accident, he now pleaded with me to help and borrow him the sum of twenty thousand Naira to repair his car, though is just minor accident, that he would pay me in three weeks time.

Since 2016 I've tried all efforts to get my money back was all in vein, and I don't want to take the issue much further, family would now think I'm wicked, he's my elder cousin brother, but he did not live by example, I just let it go for peace to reign.

To be honest I would say I regreted helping him that day when he was desperately in need of the money to solve his needs, but God knows why.

Ever since then I've learned my lessons if my brother can do this to me, definitely an outsider can do way more than that so I don't expect less when Iend my money and I also learned, that there are some debt which are recoverable while some are not, because that's not my first time of experiencing such, Though some people is unless you involve the police or village heads before you get your money back after lending them.

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

The best way to retrieve debt in a layman's understanding involves the following:

• Communication: Communication should the number one priority between the lender and the borrower because clear and respectful communication is a key to successful debt retrieval,

• Documentation: All details or records of all transactions, agreements, and payments schedule should be well protected, to avoid further complications,

• Empathy: This has to do with deep understanding of the financial situation of the debtors and be open in finding a cordial or mutual solution between the both parties(lender and the borrower).

• And finally Patience: Patience is the virtue of everything in life, so debt retrieval takes a long period of time at some point or cases may be, so as a lender be always patient and persistent in retrieving your money, thank you!.

Note: Ensure you follow the due processes or local laws provided and if possible the regulations regarding debt collection as the case may be in other to retrieve your money as a lender, coz even the government too dey owe money.

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

Yes it should be forfeited for the sake of peace.

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This question takes me back to questions number three, when my cousin Mr Ovey John, he borrowed money from me while finding it hard to pay me back.

I left with no choice than to let it go, for peaceful co-existence between us in the family, if at all I took the issues further it could have resulted to so many hatred or battles in the family, but because I let it go we are now living in peace and unity as if nothing happened.

So when you discovered that this debt in all efforts to retrieve it, is as if it's not going to work or it would result to something else, just let it go for peace, because this life is nothing, God would have another way of blessing you rather than creating enemity, because you that lend the money, would now be viewed or categorize as enemies, that's human for you.

Human beings are very cunning or dynamics, so forfeiting debt that is very or become problematic wont kill you or take away God's blessings from you, but rather restore our dignity, promote peace and comfort in our lives when we let go.

Thank you all for stopping by and for reading through my post, I love you all.

Invitations:
@owulama
@abdullahw2
@saintkelvin17
@Joan-na

Best regards @ibraheem75.