Debt Collectors

[devion]

Like to find out whether it is advisable to engage debt collectors to help recover money that are lost in investments (scam?) as well as personal loans to individuals.

Lately I lost some money in an investment & the company director was not able to may payments. Made police report which CAD took over & under investigation. However advice given to also engage your own means to recover the money as CAD is more focus into if any illegal activities involved & bring the persons to justice.

Legal means is expensive, always in thousands to engage lawyers...etc.
Another option is debt collectors, did some initial queries & upfront payments of 500 to locate the person/s & then depending on complexity of recovery, fees between 1K to more could be required.
Not so sure whether it can be more successful to retrieve via debt collectors since they do have their means to do it - legal or illegal....

Is it advisable to engage debt collectors?

 

[reddevil0728]

Like to find out whether it is advisable to engage debt collectors to help recover money that are lost in investments (scam?) as well as personal loans to individuals.

Lately I lost some money in an investment & the company director was not able to may payments. Made police report which CAD took over & under investigation. However advice given to also engage your own means to recover the money as CAD is more focus into if any illegal activities involved & bring the persons to justice.

Legal means is expensive, always in thousands to engage lawyers...etc.
Another option is debt collectors, did some initial queries & upfront payments of 500 to locate the person/s & then depending on complexity of recovery, fees between 1K to more could be required.
Not so sure whether it can be more successful to retrieve via debt collectors since they do have their means to do it - legal or illegal....

Is it advisable to engage debt collectors?

if the person got no money, whether u sue the person or not also no use.

How much money are you looking at?

 

[devion]

if the person got no money, whether u sue the person or not also no use.

How much money are you looking at?

More than 50K. Yah u r right if this person was already out to scam & cheat, dun think debt collectors can do much, even with harassment to his family, I was hoping using different approach might yield a different outcome. The scammers know e legal system well & they know their way out w/o paying a dime back.

 

[reddevil0728]

More than 50K. Yah u r right if this person was already out to scam & cheat, dun think debt collectors can do much, even with harassment to his family, I was hoping using different approach might yield a different outcome. The scammers know e legal system well & they know their way out w/o paying a dime back.

If this person is penniless and asset-less you are just wasting more money.

What happened share your experience so people can learn and take note