5 Things You Need to Know about Recovering Debts
Have you loaned money but since been struggling to be repaid? Do you know how to recover loans and other debts in Queensland?
Here’s what you should know about debt recovery when you are owed money:
1. If you are owed money, you are referred to as the creditor. The debtor is a person or entity that owes money.
2. A debt must be for a liquidated amount or sum, that is a fixed amount or an amount that is easily calculated.
3. Time is of the essence when recovering debt. There are strict time limits in which debts can be recovered. Generally, debt is recoverable for a period of 6 years since the debt arose. Other time limits also apply. Calculating the precise time can be difficult. It is important to seek legal advice if you are unsure.
4. In some instances, interest and legal costs can be claimed when enforcing your debt claim. This depends on the Court or Tribunal involved.
5. Depending on the amount claimed and the relief sought, debt can be recovered through proceedings in the Queensland Civil and Administrative Tribunal, also known as QCAT, the Magistrates, District or Supreme Court of Queensland.
If you wish the find out more about debt recovery as a creditor, please contact us on 07 5443 9988 or [email protected].