As Karthik, what would have been your strategies to deal with the defaulters?

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akannan's profile pic

Ashley Kannan | Middle School Teacher | (Level 3) Distinguished Educator

Posted on

I think we need more details as to what strategies Karthik pursued with regards to the defaulters.  This is a rather difficult situation no matter what.  I think that Karthik could have pursued a debt rescheduling plan, whereby some of the debt could have been paid off over a period of time agreeable to both Karthik and the defaulters.  Without more knowledge of the situation, it will be difficult to assess such a plan.  One can hope that one of the strategies Karthik employed was some type of upfront or down payment, whereby some of the money could have been collected in advance, if nothing else, to show good faith.  Naturally, if Karthik had attempted these and other strategies such as these, but payment was still not received, escalated action needs to be taken.  This could involve a collection agency, which would keep some of the profits, but could exercise greater influence to get back some of that upon which was defaulted, and perhaps legal action could be an option.  Yet again, knowing where exactly Karthik is in his schedule of debt collection and the strategies employed could allow a greater value of assessing what was done and what still needs to be done.

syamaladevi's profile pic

syamaladevi | Student, Undergraduate | (Level 2) eNoter

Posted on

I think we need more details as to what strategies Karthik pursued with regards to the defaulters.  This is a rather difficult situation no matter what.  I think that Karthik could have pursued a debt rescheduling plan, whereby some of the debt could have been paid off over a period of time agreeable to both Karthik and the defaulters.  Without more knowledge of the situation, it will be difficult to assess such a plan.  One can hope that one of the strategies Karthik employed was some type of upfront or down payment, whereby some of the money could have been collected in advance, if nothing else, to show good faith.  Naturally, if Karthik had attempted these and other strategies such as these, but payment was still not received, escalated action needs to be taken.  This could involve a collection agency, which would keep some of the profits, but could exercise greater influence to get back some of that upon which was defaulted, and perhaps legal action could be an option.  Yet again, knowing where exactly Karthik is in his schedule of debt collection and the strategies employed could allow a greater value of assessing what was done and what still needs to be done.

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