DEBT RECOVERY

Please what is the best method to recover debt?

Truth be told, in reality, there is no particular method that is guaranteed to work in all cases. While you can borrow some templates from others (which might work), there is no guarantee that it will always play out that way. Every case is a bit different considering the fact the you are dealing with different individuals/relationships.
The way you go about recovering debt from a family member/relative or even a very close friend is different from how you will go about it when dealing with a 'customer' that has refused to pay up. When relatives and close friends are involved, emotions come in and you might also want to take note the fact that emotions play a huge role in anything we do in life.
That said, I can recommend some steps, but please note that this in no way means that you will get 100% result, but they can take you far and sometimes help you to recover your money. Also, the

1.) Gently remind your debtor about the debt: You can use diplomatic means to pose the question, especially if you are dealing with a closely related person or someone you have a lot of respect for. Something like "Aunty, Bros, Oga, Sir.. how far na? When am I likely to see that money?" Just do it like you are asking in passing. Don't really attach much seriousness to your tone, but be firm enough to force out an answer.

2.) Talk about it in urgency: E.g "Sister, my children will be going back to school next week monday, I will need that money to complete their school fees ooo. Am seriously short of cash, can I get it to make it up for them." No normal human being will like to be the reason why you couldn't handle life's issues because of the money they owe you. It is a kind of emotional blackmail sha(Please don't lie if you don't have a situation like that ooo, no be me send you).

3.) If they borrowed the money from you pending when another party will pay them, regularly ask for updates on the other transactions. e.g "Has that man you supplied those items to paid you yet?" With this, you will know if the money has entered or not. Maybe it entered and was used for another thing. You can now plan your next line of action.

4.) Suggest installmental payments: Most times, it is hard for debtors to payback money in bulk. In cases like this, you can advice them to break it into smaller bits over time. This will make it easier for them to pay up.

5.) Battering: If there is a property/anything the person has that is worth the money you are being owed, you can suggest that it be exchanged for the amount. Or if the person is a service inclined person e.g a laundry person, plumber, tailor etc. You can exchange the money for the person's services.

6.) Forget the money: In very extreme cases, you will need to make a choice as to which one is more important to you. The money of the relationship. This is a very difficult call to make (I have been there many times). If you have tried all you could and the person/friend/relative simply couldn't afford to pay you back, it might be time to think of the loan as a gift. Learn your lesson, save your relationship, etc. just move on.