This case study illustrates a scenario where MNS, acting as a debt recovery agent, successfully recovered outstanding payments from a debtor after the assignment of the claim. Despite the debtor's initial financial constraints, MNS employed a combination of communication, legal action, and persistence to negotiate a favorable payment plan and eventually collect the entire debt.
MNS reviewed the documents after being assigned the claim and discovered that the debtor had purchased Methanol from the creditor in a domestic transaction.
The debtor informed MNS that they were facing severe financial constraints and were unable to pay the debt immediately.
1. Communication and Demand Notices:
MNS initiated contact with the debtor and engaged in detailed discussions with the concerned person to understand the financial situation. To assert the creditor's rights and demand payment, MNS associate lawyer issued demand notices to the debtor.
2. Meeting with Debtor and Payment Promise:
MNS's legal team visited the debtor's office to hold face-to-face discussions regarding the outstanding debt. During the meeting, the debtor acknowledged the debt and made a promise to pay it back in installments.
3. Payment Plan Negotiation:
MNS proactively pursued the debtor for a structured payment plan to ensure the gradual recovery of the outstanding amount. MNS visited the debtor's premises multiple times to finalize the payment plan and discuss the terms.
4. Approval of Payment Plan:
After receiving the debtor's proposed payment plan, MNS reviewed and evaluated its feasibility.MNS submitted the payment plan to the creditor for approval and negotiated on their behalf to accept the proposed installment-based payments.
5. Rigorous Follow-up and Debt Recovery:
MNS's legal team maintained rigorous follow-up with the debtor, ensuring timely payment of each installment. Through persistent efforts, MNS successfully recovered the entire debt from the debtor within a few months.
By adopting a comprehensive approach that involved effective communication, legal action, and persistent follow-up, MNS managed to recover the outstanding debt resulting from the debtor's purchase of Methanol in a domestic transaction. This case study demonstrates the importance of proactive engagement, negotiation, and tenacity in successfully recovering debts, even in challenging financial circumstances. MNS's dedication to pursuing each payment and its commitment to protecting the creditor's interests ultimately led to the successful resolution of the debt recovery process.
If you work in the pharmaceutical industry and want to learn more about how MNS Credit Management Group may strengthen at collecting debts, don't hesitate to get in touch with our staff. We have a wealth of experience in debt collection and are prepared to help you.
Let us show you how we can streamline your collection process by getting in touch with us at 09560700251 or requesting a callback.
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