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

What is debt? and how do you understand it.

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Debt can be seen as the obligation to pay or repay a second party or something in return for something collected. Debt can be in real property, money, or any valuable consideration.

It is only in corporate finance that debt is narrowed in terms of money borrowed or lent to individuals, companies, or government. Debt can be secured or unsecured.

The secure debt is the one that involves collateral, while the unsecured debt is without collateral.

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

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Yes, I have been indebted before when I was desperately in need of money to secure a job. I applied for a security job with Halogen company and they called us for documentation and a one-week training I did not have money then, and transport to the office every day was #1500, so I had to borrow #20000 from a friend of mine.

I borrowed the money with the obligation to pay after one month of starting the work, but along the line, I didn't pay him as agreed, because my pay was not much and I had to transport myself to where I was posted and also eat food.

I let him know my struggle to pay him and he helped me by letting me pay #10000 the first month and paid the remaining #10000 the second month. But because he was my friend so there was no interest.

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

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Yes, a friend of mine came to me asking me to borrow him #15000 thousand to help him pay a debt he owes someone, I have no option but to help him with the money he asked for because the case involves the police already.

But he knows that the money I gave to him was not my money, it was for our football team, so he promised to pay after one month but he failed to pay the money, up to today he didn't give me one naira.

I have to hustle that money to pay back the team. But I have already forgiven him and forgotten about the money.

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

Retrieving debt is not that easy sometimes especially when the debt is not secured with collateral. But when secured with collateral all you need is to take over the collateral and everything is settled.

But when unsecured, one needs to put some strategies in place, to retrieve the debt, like peaceful talk, prayers, involving the police, religious leaders, etc.

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

Yes, that is the only thing to do(forfeit the debt when you know it will bring a big problem). Forfeiting the debt would help you concentrate on other things more important rather than trying to create another problem.

Having peace within yourself is the most important thing one can achieve, just like I have forgone the 15k for my friend for my peace. Some of my friends tell me that I should involve the police, but I refuse since it is not the end of the world.

It is my pleasure to invite the presence of @josepha, @ruthjoe, and @simonnwigwe to join the contest.