Abdul Muhammed Law Practice
We bring you the list of 5 things an Asset Management Corporation of Nigeria (AMCON) debtor should know or do before AMCON comes on hard against you to enforce its debt repayment.
- AMCON is not playing
Asset Management Corporation of Nigeria (AMCON) are serious and they don’t play or fool around and they tend to have serious external lawyers on their retainer. The moral here is make real effort to settle your ‘debt’ before they come after you.
- Respond to demand letters
If and when Asset Management Corporation of Nigeria (AMCON) writes a demand letter to you requesting repayment do not ignore their letter in hopes that the problem will go away because it won’t.
- Get an experienced lawyer
The time to instruct experienced counsel is ‘sooner’ rather than later. A lawyer should assist you to draft a response to AMCON’s demand letter. Remember to write this response on your own letterhead and to sign it personally because for some reason AMACON types tend to get aggressive when they have to read a letter from a debtor’s lawyer.
- Get an accounting consultant
You need to get an accounting expert to review the underlying loan in respect of which AMCON has an interest. Go back to the bank and loan records and you just might find nuggets there and could prove useful.
- Debts are to be paid one way or another
Know that if you have a debt obligation the surest way to resolve it is to pay up. Where there is difference of opinion as to the debt value you should dispute the debt value with facts.
Know that there is nothing weak in negotiating and making a settlement that is good for you which results in a win-win for both debtor and creditor.
READ: 5 things to keep in mind when your ship is arrested in Nigeria
