What exactly is debt recovery?
Debt recovery (skolu išieškojimas) is the act of accumulating an outstanding debt from the debtor. A debtor can either be a person or a business. Usually, debt collection is executed by a business or a recovery agency to which the debt is owed. What generally happens is that if a company is unable to collect the debt on their own, then they will turn it over to an agency offering such services. A first party recovery agency is the one that is basically a subsidiary of the company to which the debt is owed. The company has a recovery branch to maintain the cordial terms of the business relationship that they have with their customers. When a business runs a debt collection branch, they will usually get involved in the defaulting process much before and will try to work on a solution or a compromise, so that they get their money and maintain their client. A third party recovery agency is a collection company that has nothing to do with the actual contract between the debtor and the comp