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

Greetings everyone,It's my pleasure to be here in this great community.

Thanks to @steem4nigeria for organizing this interesting contest.
It is an awesome contest and I will love to participate in it.

What is debt? and how do you understand it.

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Debt can simply be defined as the amount of money a person borrows from another person in order to sort out a pressing needs at a particular given period of time and will definitely refund it back,, either with interest or no interest depending on the both parties agreement.

There are debts that are termed as good debt and others can turn to bad debt.
The good debt are those debt that can still be recovered (Recoverable debt). Whereas, bad debt in the other hand, are debt that cannot be retrieved back (Unrecoverable debt).

In most cases,,, debt usually comes with interest, except when you borrow from a friend who will not request for interest.

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

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Yes I have been indebted before.
There was this particular time that my phone developed fault, the charging point and the power bottom just stopped working all of a sudden. And at that period of time,, I was so broke, so I had to plead with one of my friends to borrow me the sum of 6,000 to enable me fix the phone back. He borrowed me the money and I promised to pay back the following month.

I paid the money the following month as I have promised Him.
I was expecting money the following month and that was why I promised to pay back at that time. So immediately the money entered my account, I transferred the 6,000 back to Him. That was how I paid back the debt.

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

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Yes,,,

There was this particular time, while I was still in school, during my 300level second semester. One of my very close friend was seriously in need, her food stuff got finished and she had no money with her.
She was was really stranded at that moment, so she came to me and pleaded with me to borrow her the sum of 10,000 naira.

I wasn't having my own personal money at that period, the only money I was having in my account was my school fees. So I decided to borrow her from my school fees because she promised to pay back the following week before the commencement of our examination.

When it was repayment time,, she refused to pay me back the money as she has promised, we had serious issues because of the money I borrowed her. Recovering my money back wasn't an easy one,, I had to involve one of admin staff before I was able to recover the money.

I regretted helping her and the worst part of it all, is the fact that our friendship is no longer strong like before,,, just because of the repayment approach.

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

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The best way to retrieve debt is to engage the person who has borrowed money from you in a peaceful discussion,, letting him or her know that you need your money back.

In cases where the person may seem difficult and not willing to pay back the money peacefully, then you can involve third party,, like reporting it to the police, or any near by court for lawyers to intervene or you can as well sell the collateral for the debt to be able to retrieve your money, for debt that was secured with a collateral.

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

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Yes!! yes!! yes!!
I am on the opinion that problematic debt should be forfeited for peace sake.

Personally, I have forfeited debt countless time because the repayment time came with a whole lot of problems,, so as the peaceful person that I am, I just decided to forgive the person who borrowed the money from me for peace to reign.

Honestly, It was so hard for me, but then I finally let the debt go because I needed peace, and I cannot trade my peace for anything, not even debt or money🤭🤭

My invites
@josepha
@pandora2010
@saintkelvin17

Thank you all for reading through my post🙏🙏

Warmest regards, @owulama🤍🤍