Debt recovery

Debt collection on receipt
  When life goes on as usual, the issue of a loan for a short time from a neighbor’s money seems to be something ordinary and everyday.
  If this is a company, it often happens that there is not enough working capital for the implementation of a project. And the project is very attractive.
  If this is a simple citizen, he may feel the need for some kind of purchase and lack of funds from the other side. Either lately there have been too many additional expenses and you need to hold out a bit until salary.
  There is nothing supernatural about it. But all these relationships have the opposite, the dark side. This refers to the subsequent non-repayment of debts.
  If a company has suffered, it will at least have a more or less decent signed loan agreement for which funds have been issued. And if they are ordinary citizens? Occasionally (if a meticulous lender), you can meet a notarized loan agreement. A little more often a simple written contract hastily drawn up and signed.
  There is generally a verbal agreement (here it is quite a difficult case). But the most common trace of a previously issued loan, in our opinion, is a receipt.
  About this receipt, we want to talk in more detail below.

What is a receipt?
  The receipt is understood to be a document drawn up by hand by the recipient of the funds issued by him to the person who provided the funds (the creditor). This document is in practice issued after receipt of funds. At its core, a receipt is a written form of a loan agreement. Proceeding from this, it is not enough that she confirms only the facts of concluding a contract and receiving money. If you equate the receipt to the contract, it must contain other mandatory terms and conditions of the loan agreement established by law.

What conditions must the receipt contain?
  That is, at a minimum, the receipt must contain conditions for the return of funds, namely, the return period and the amount to be returned.
  When the recipient of funds trick is overwhelming, there are cases when, when writing a receipt, he tries to replace the conditions for the return of funds for transferring purposes for which he borrows money (for example, to solve some issues).
  Such content receipts later fraught with the irrevocability of borrowed funds, because the debtor can begin to talk about how he solved these issues, why he did not succeed, and even what the money went to and why he did not return.
  And the lender will have to listen to all this, because there are no obligations to return a certain amount and within a certain period, the receipt does not ...
  If there is a banal obligation to return money in the receipt, it is not proof of the conclusion of a loan agreement. In practice, this position is taken by the highest court in Ukraine.
  However, if the receipt is correct, then the legislation governing the conclusion and execution of the loan agreement is applicable to it.
  In addition, the liability rules stipulated by the law in cases of delay in the fulfillment of monetary obligations will apply to the recipient of funds. The point is that it will be possible to demand not only the return of funds and interest (if they are provided), but also inflation charges, as well as 3% per annum of the debt for the entire period of delay.

How to make a receipt correctly?
  The law does not contain provisions that would regulate the requirements for the content of the receipt and the rules for its execution. But in order to protect yourself from the risk of not returning the borrowed funds, we can offer you the following recommendations regarding the content of the receipt:

  • • Date and place of receipt;
  • • Full name of the recipient of funds, his place of residence and the actual place of residence;
  • • Passport details of the recipient of his money and identification code;
  • • Name of the person whose money is borrowed;
  • • Amount of borrowed funds in numbers and in words ( Attention : if the amount in figures and in words do not match, the courts give preference in practice to the value of the amount, which is indicated in words rather than numbers);
  • • Currencies in which cash is provided;
  • • Interest rate (if money is issued at interest);
  • • Payback period. This may be a specific date or a reference to an event, upon the occurrence of which the obligation to immediately return the money in your favor comes (But the simpler and clearer this condition is, the easier it will be to return the money in the future);
  • • Specifying the witnesses' data if the money was issued in the presence of witnesses (this option effectively counteracts the attempts of the debtor to later give up both his signature and the fact of receiving money and writing a receipt);
  • • Signatures of the recipient of funds and witnesses.

What should I do if the money is not returned on receipt?
  The action algorithm here seems simple enough.
   First , we can recommend writing a letter or claim to the debtor . It should state all the circumstances, state the fact of receipt of funds and skip the period of their return. It will probably be correct to attach a copy of the receipt to such a letter, in case the recipient of the money had memory problems at the time of their return.
  It would not be superfluous in such a letter to demand payment of the debt, taking into account inflation charges and 3% per annum, of the amount of the debt for the entire period of its non-return. Or at least threaten to apply these sanctions at the trial stage, which may encourage the borrower to pay you back.
   Secondly , if the recipient of the funds did not satisfy your written requirements, you should contact the court with a claim for recovery of non-repaid money. The main evidence on your part will be a properly executed receipt. There will not be superfluous testimony in your favor.
   Thirdly , if the recipient does not wake up conscience and at the stage of the judicial procedure, carried out on the fact of his unfair acts, compulsory execution verdict of the court rendered in your favor .
  To do this, you must contact the department of state executive service at the place of residence of the recipient of funds.
  Practice shows that at the stage of execution of a court verdict, when the property of the recipient of money is revealed and arrested, most of them start to wake up conscience, which is why such a debtor starts to search for his creditor himself, eager to pay him. >

Do you have problems with people you lend money to?
  Are you frightened that the receipt may not be sufficient evidence in court, or are you worried about the fact of repeated visits to the court?

Contact our law firm! We, our experts will accompany you at all stages of this procedure and achieve a positive result!

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