recovery of money procedure in Bangladesh is not always smooth and easy process. before giving someone any loan you must have to take some security and guarantee documents. this documents will help you to recover money in legal process if it is not paid properly and on time.
here I am discussing 4 legal process of recovery of money according to laws of bangladesh
Before taking any legal action law of Bangladesh encourage people to solve any legal problem via mutual understanding. we all should take necessary steps to solve any problem via mutual understanding. you can appoint arbitrator to solve your problem. local chairman, member, city corporation mayor, a lawyer and respected person in a society can conduct this ADR as an arbitrator. if your problem solve by this ADR process then you will save your time and money as well so many legal hassle.
you can only apply this procedure if you have a Cheque from a borrower. this is one of the best way to recover money from a borrower. Cheque dishonor case judgment is absolute and almost 90% guaranteed if you hold a valid Cheque signed by the borrower and you have valid ground that you have lend your money to that borrower.
You can file a money suit against the borrower if you do not have any Cheque but you have only white paper documents or stamp documents. but in that case you need to submit 2.5% advalorem court fee of total lending amount. and you have to pay with 15% vat of the advalorem court fee.
so these are the 3 main legal ways to recover money by a person from a borrower.