RECOVERY ACCORDING TO THE HAND RECEIPT
Monies are a very important thing in the modern people’s life. Hence, if somebody experiences a need, they address to friends or relatives, asking to accommodate them with a loan. However, few people think about security of such loans. One should remember that handover of any large monetary amounts must be accompanied by drafting a hand receipt, which will serve as a basis for your as for the creditor, for getting the right to claim for debt repayment. If you fail to return the loaned sum of money and if you are not ready to gift it to your debtors, use the collector’s services and recover your monies.
The process of debt recovery according to a hand receipt comprises three stages: pre-trial stage, trial proceedings and court ruling enforcement. As a rule, we start the recovery process from negotiations. If it yields no results, we prepare a case and refer it to the court.
One does not have to telephone the debtors and to claim for money reimbursement anymore. One does not have, as well, to search for a lawyer and to take part in the long-lasting judicial proceedings. PfB collectors will monitor the entire process and will also represent their clients’ interests in the court.
We do guarantee the confidentiality and integrity of all the data our clients provide to us. The 12-year operation and leading positions in the receivables collection market do guarantee the quality of the services rendered.
The technologies, experience and our own database allow PfB collectors to reach out to the debtors in a quicker manner.
The debt recovery process is realised by the specialists, whose number in our Company exceeds 100 people.
What is a receipt for?
A receipt is a document confirming that a person/entity has received something. A receipt is usually handwritten or typed. The receipt specifies who received what and what for. The date and signature of the recipient is put. A receipt is a one-sided document, which means that only one person writes and signs it. The person who receives the product. The receipt is handed over for safekeeping to another person, the one who gives the product. A receipt is a confirming document.
A debenture can be used to lend money, things, or securities. On a promissory note, money can be transferred both as a loan and to repay a debt or pay off other obligations.
Therefore, it will be correct to make a debenture specifically to confirm the loan, and a promissory note for other cases of confirmation of the transfer of money.
How to write a receipt correctly?
No matter, what kind of a hand receipt is drafted, there shall be mentioned the main theses: passport details and contact details of the parties, goal of the loan, amount, currency, terms and conditions, and time frames of debt reimbursement.
What do you need to indicate in order for the receipt to become a legal document?
- Full name, passport data of the borrower and the creditor.
- The amount of the loan in digits and words. If the receipt is issued for foreign currency, it's necessary to specify the current exchange rate, as well as to spell out the terms of return (at what rate, in what currency).
- Confirmation that the creditor gave the money and the borrower received it as a loan with an obligation to return.
- Place and date of receipt execution.
- The time when the money will be repaid (repayment can be in parts or in full amount)
- Interest for the use of money, penalties in case of delay, as well as additional options for repayment of the debt should be specified as additional conditions
- Borrower's signature with transcription. If the document is printed on a computer, it will be correct if the borrower writes his name at the end of the receipt by hand without abbreviations and signs it). And witnesses (if they participate in the deal), (it's prohibited to use facsimiles).
Perfect receipts are rare, usually some clauses are missing. This doesn't mean that it's impossible to collect the debt. Just in the course of court proceedings, an unscrupulous debtor will use the flaws in the receipt for his own benefit.
The money has already been given, the debt exists, but the receipt is not issued, what to do now?
A receipt can be prepared at any time. There's no time limit according to the law. Clearly, the consent of the other party will be required. If the other party doesn't object, prepare a promissory note at any time. In such a receipt, additionally specify the time of the actual handover of money, the amount of the debt and the date of return of the debt. Such a receipt will help in case of further problems, in court.
I borrow money from the bank to give it to an acquaintance, how to draw up a receipt?
If you go for such a step, you have to wonder why the bank won't lend money to that person. If the bank is not sure of his solvency, why do you have such confidence? It's better to draw up a loan agreement in which to repeat the terms of the transfer and return of funds, payment of interest and penalties, which are specified in the loan agreement. Specify the same payment terms and loan repayment terms to protect yourself from overpayment later.
What is the difference between a loan agreement and a promissory note?
The difference is that a promissory note is a simpler form of confirmation of the transfer of money in debt. As lawyers, we always advise drawing up an agreement, but in some cases you cannot go without a promissory note. For example, when you need to arrange the transfer of money quickly, "as soon as possible", there's no time to draw up a contract with all its detailed listing of conditions.