Debt recovery is the process of collecting money that is owed to a person or business. When someone borrows money and fails to pay it back, the lender may take steps to recover the funds. This can involve sending reminders, negotiating payment plans, or even hiring a debt collection agency to help retrieve the owed amount. In some cases, if the debt remains unpaid, legal action may be taken. This could lead to a court judgment, allowing the lender to garnish wages or seize assets. Overall, debt recovery aims to ensure that lenders receive the money they are owed while helping borrowers find a way to settle their debts.