Parties to debt recovery process

New financial institutions and innovative lending instruments have necessitated the need to restate the rules of privity of contract in the parties dealing with debt collection. Accordingly, parties to debt recovery processes are either created by statute, the primary obligors or their assignees, heirs and delegates. This article has therefore considers the various types of debt collectors, and the means of debt collection from a commercial perspective this. This paper does not navigate into cultural “debts” of cooperative societies, town unions using unorthodox means of colleting fines, dues levied for commercial derelictions and defaults. The U.S. Federal fair debt collection Practices Act is considered a compass for other jurisdictions. Also, this paper does not consider debt collectors appointed by Government and its agenciesto recover debts avid to government for regulatory dues, and services.