friend owes more than $15k.. am I able to find a debt collector to help recover the amount?
A friend owes about $15k (14k++) in money and was initially repaying about $500 a month for the debt and was paying for last 6 mths but started to Mia for the last 1.5 months. Either giving holding answer or saying (will transfer tonight but disappears or doesn’t answer when pressed)
Started exploring getting a debt collector but not too sure if its possible if its loan to an individual and what’s the success rate?
Edit: I know there is a lesson learnt here and he usually returns promptly but at this point I’m not asking for “you deserve it or u shldnt have XXXX” I’m exploring options on getting it back and knowing the success rate/ what to look out for etc
2nd edit for more context: most conversation is via WhatsApp and transfer done by paynow so I do have the nric and (of course) mobile number, so we do have a paper trail of the debt
Normally I will say hey u still owe xxx after ur transfer of (eg) $500 today.
OR it will say hey u still owe xx when u transferring and he will just go ok transfer u tonight/tmr / insert random date here
How did you give him the $15k initially? By cash or by bank transaction? The more paper trail of the debt, the stronger your case, the debt collectors are only willing to take on the case of debt recovery if you have enough evidence like I said, whether through transaction records or phone messages. Also, be prepared to split the money from the debt with them if they do get it back.