RecovaDebt

21/05/2026

20/03/2026

Happy Eid-Mubarak!

This is wishing our Muslim brothers and sisters a happy Salah celebration.

May this Salah bring peace, prosperity, and renewed blessings to your home and business.

Thank you for trusting us with your debt issues. We look forward to continuing our journey together with integrity and excellence.

05/02/2026

THINK TWICE BEFORE LETTING A CREDITOR SUE YOU!

Many debtors believe that if a business debt goes to court, they will only be ordered to pay back the original amount owed. This is a costly misconception.

If you owe money from a business transaction, avoid the courtroom at all costs. Why? Because a judgment debt is almost always higher than the original debt.

One of the biggest "hidden" costs is Pre-Judgment Interest.

What is it? It is compensation for the "Loss of Use" of money. Example: If you’ve been owing since 2022, the court recognizes that the creditor has lost the chance to invest or use that money for 4 years.

The Cost: Courts can award interest between 5% and 21% based on "Mercantile Custom" if no rate was agreed upon in writing.

Don't wait for a judge to multiply your debt. Negotiate and settle before the gavel falls.

Stay tuned for my next post, where I discuss other payable damages that can be awarded against a debtor.

Comment your thoughts below and share this with a business owner!

25/11/2025

Accepting Liability for a Debt

Before a debt recovery can be enforced a debtor must had one time accepted liability for such debt.

One of the most critical steps in successful debt recovery is securing an express acknowledgment of the debt from the debtor.

When a debtor accepts liability whether verbally, in writing, by email, or through part-payment, it strengthens your legal position, removes ambiguity, and interrupts the statute of limitations.

To ensure that a debtor accepts liability, communication must be precise, documented, and structured to elicit a clear confirmation.

Ask direct questions that require the debtor to either admit the debt or dispute specific amounts.

Always request written acknowledgment, and if possible, secure a part-payment, which under most legal systems automatically constitutes admission of the debt.

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Debt Management Office Nigeria Business Day Nigeria Bank Of Industry, Nigeria

13/11/2025

Don't Skip Your Debt Payment! Your Credit is Your Future!

If you've borrowed money from a individual, bank, MFI, or licensed digital lender in Nigeria, missing your repayments can have serious, long-term consequences that go far beyond a phone call.

Lenders are mandated to report debtors to Credit Bureaus. Here’s what happens when you’re reported:

1. Damaged Credit Score: This is your financial reputation. A low score (e.g., below 600) makes you a high-risk borrower.

2. Loan Applications Get Denied: Forget getting a mortgage, a car loan, or even a simple business expansion facility. Lenders will see your default and refuse to grant you new credit.

3. Blacklisting & Watch Lists: For serious defaults, you could be placed on a financial "Watch List" shared by all Nigerian banks and the CBN. This essentially cuts you off from the formal credit system.

4. Higher Costs: If you do manage to get a loan later, you'll be charged significantly higher interest rates to compensate for your poor history.

5. Long-Term Stain: The negative information stays on your credit report for up to 6 years!

Your mistake today follows you for a very long time.

Don't let a debt payment today ruin your big financial dreams tomorrow!