Legal actions in debt collection
Debt - legal actions In legal parlance, the term debt describes a specific amount of monetary value that is owed by one subject to another. In order this sum to be granted to the borrower, an official written contract is to be signed by both sides- creditor and consumer. Such document depicts the exact sum to be paid and specifies a deadline for repayment. The actual debt as a concept appears when the second party (borrower) falls behind with the prior stipulated date or dates for payment.