Customer Expected Call to Action
If Borrower complies
If the Borrower fails to comply
Final Action Notice for a Debt Recovery Proceeding
An appointed Legal Practitioner will issue the Final Warning Letter of demand that the loan be fully liquidated within seven (7) days, if the borrower is an individual.
The debtor is expected to make repayment or negotiate payments in installments
The process is completed
Stage IV Step 2 is initiated
Recovery Action in the Court of Law through a fast-track Court Procedure known as “Undefended Lists” or “Summary Summons”. We will commence a Debt Recovery Action & also claim damages for Breach of Contract
- In cases of Secured Personal Loans, under the STMA Act, we are permitted by law to give the Borrower a notice of the default in writing & the intention to repossess the collateral, or render the collateral inoperative either pursuant to judicial process or without judicial process
- We may also file an application for the preservation of the moveable & immoveable property of the debtor pending the final determination of the court process
Aposhashamura Stage IV Recovery Procedure Print
Created by: FIBIYISOLA A. MUSTAFA
Modified on: Mon, 29 Jun, 2020 at 11:41 PM
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