Let’s face it. Debt can be complicated. For most people, “debts owing” conjures up images of consumers dodging student loan payments, water and power bills, medical bills…and ESPECIALLY credit card and auto loan payments. For others, and especially those in the commercial sector, “debts owing” is related much more directly to customers and suppliers shirking their financial obligations to businesses large and small. Because regular credit is the lifeblood of business, and because most businesses depend so completely on other businesses paying them regularly, unpaid commercial debts cause enormous stress and worry to those who operate in this sector.
There is another class of debt, however, that tends to cause even more worry and which places enormous stress on all those involved: personal debt. The belief that money can come between friends and family members is, in fact, well-founded. All too often, those who borrow money from friends, colleagues, family members, or others fail to take their debts as seriously as they should. They often fail to honor agreed-upon payment schedules, underpay if they can, and eventually decide (usually unilaterally) that whatever funds they received were a gift–not a loan.
Unfortunately, personal debts that go unpaid tend to cause enormous grief for all those involved. Lawsuits are common, as are hurt feeling and bitter recriminations.
SFS understands all of this, and has many years’ experience helping individual debtors and creditors arrive at mutually-beneficial repayment schedules. Often, intervention on the part of SFS works to bridge the divide between debtor and creditor, forcing a level of engagement that makes a compromise agreement that much easier to hammer out. SFS also knows that here, in particular, it is vitally-important to preserve and extend relationships. Alienating one or more stakeholders in the process is entirely counter-productive. First, close cooperation between all parties is necessary to generate a positive outcome, and second, debtors and creditors in this sector tend to have pre-existing relationships that need to be preserved and nurtured. SFS excels at building trust and keeping debtors consistently engaged.
Ultimately, we have the experience, and the know-how, to collect outstanding personal debts successfully.