Debt Recovery Notice
Sometimes, it becomes difficult to recover money from people who owe it to you. It is not only distressing to have your money blocked with someone, it is also stressful to keep reminding someone to pay you back your own money. In such cases, taking the legal course often becomes the only option. Filing a suit under the Code of Civil Procedure is the most common route.
The first step towards legal action is to prepare a legal notice for recovery of your money. If someone owes you money, but refuses to pay it, you can send it to him.
How Long Should You Wait Before Sending a Legal Notice for Recovery?
In technical terms, it is legal to send a notice for recovery as soon as the amount becomes due. However, in practical life, it is almost never the case. It is a common practice to allow a reasonable time to the debtor to pay back the money. The person who needs to recover the money will usually issue this notice as the last resort.
Essential Features of a Notice for Recovery
A valid notice for recovery will contain the below details.
- The events that led to money being due. For instance, the payment for a service or product.
- Timeline of the above events.
- Terms of payment.
- Other obligations under the contract of service or sale of goods.
- A reasonable period of time to allow repayment of dues.
Fee for Preparing a Notice for Recovery or Its Reply
The professional fee for preparing a notice or its reply starts from 3599 INR.
Timeline for Preparing a Notice for Recovery or Its Reply
It usually takes anywhere between 2-3 business days for preparing a Notice for Recovery or its reply. But please keep in mind that this time depends on the time that you take to provide us with all relevant details.
How PocketLawyer Can Help?If you need any help with drafting a notice for recovery or its reply, you can find a one-stop hassle free solution at PocketLawyer.
At PocketLawyer, you can post your requirement and get the best price quotation of lawyers/professionals who are expert in recovery matters and can provide you their best services at affordable price.
Need any further help? Contact us now.