Debt negotiation and settlement is a very assertive approach to debt relief, the advantage of which is that you pay a considerably lower amount. This will include reduction or waiving off of interest accrued, late payment charges, over limit charges and other finance charges. Based on your situation and circumstance.
This totally depends of your individual circumstances. Sometimes it can happen that you have a very old account which you have not been servicing for long time and good amount of interest and other charges would have accrued on your account. The charges can sometimes be 2 to 10 times of the loan taken or card utilized. In such situation it is better to opt for this service rather than paying up the entire money to the financial institution. This kind of service also helps customers who have over leveraged their borrowing capacity and stuck in a dilemma of just paying only towards interest. In such cases we can help you to pay and close the outstanding and bring down the balance to a great extent.
This service is absolutely legal in India. Like how one would use an external service provider or agent to get a loan, one can use an external service provider or an agent to close a loan as well. No doubt it can be done only after getting the necessary authorization letter and sometimes power of attorney from you, to deal on your behalf with the financial institutions.
In general there is no ball park figure on how much one would save, we have seen customers saving from 20 to 70 % on the outstanding amount. However each account is different and the situations are different, consult with one of our financial consultant on your case to get more details.
We are a commercial organization with a social angle to the business. However our motto is to help individuals to come out of the debt trap or financial breakdowns. We do charge an initial sign up fee to enroll with us and the service fee thereon will depend on individual cases , however we guarantee a minimum benefit of 4 to 5 times on the fees paid to us.
Our initial signup fee starts from Rs 3500 and goes on, depending on the kind of service you avail. Our service fees are decided on case to case basis.
Initial sign up will have to be paid in advance to enroll with us, service fee can be paid over a period of time while your case is being worked and you see the progress on the case. However by the time we resolve all the issues on your account we expect the service fee to be paid in complete by then.
We are not a collection agency and we are engaged by you to work on your behalf.
In principle our business model does not allow us to enter into any kind of partnership with the financial institutions. Our revenue model is to collect the fees from you to service you, which obviously means we work with you on your accounts with the banks. Any kind of partnership with the banks is perceived by our customers as not acceptable, because at times customers want to deal with their loans without disclosing their contact details and other information.
Reserve Bank of India has laid down rules and regulations for the banks and other financial institutions on the code of conduct of recovery process. If any of the financial institutions or their representatives harass, threaten or intimidate you in any way, we definitely can stop it by taking appropriate legal action on your behalf against such actions. This is inclusive of filing criminal complaints against those who try to harass, threaten or intimidate you as well.
Financial institutions are always in the process of cleaning their books. As a sensible business it would make lot of sense to the financial institutions on resolving the issue and closing the account even if they have to take a small loss. It works better for them by resolving the issue today rather than disputing and leaves the account to write off stage. So when we proactively propose a resolution with them on your behalf it would make business sense to arrive at a resolution rather than disputing. However financial institutions will talk to us only if we obtain the necessary authorizations or power of attorney from you to enable us to negotiate or close on your behalf.
We come with years of experience in this field of debt negotiation and settlement. This apart we have a large customer base which means we will at all time have many accounts to be negotiated with the same financial institutions. This obviously increases our capacity to negotiate better than you do it yourself. This apart we ensure proper documentation for the closure is done and also ensure all the status on you CIBIL report is updated by the respective financial institutions.
Banking system in India has changed over years and today all the banks on core banking system. This obviously means centralized operations in terms of collection and other process from the bank as well. We can service your account immaterial of the city you are in. For that matter we have many overseas customers of Indian origin.
We have and are servicing many overseas customers to close their loan or card accounts which they have utilized during their stay in India. However the documentation for overseas customers is different from the one we do for customers residing within India. Please ask our financial consultants for more information on this.
Every customer will be assigned to a specific client service executive and he or she will be one single point of contact until you case is completely resolved. Also upon enrolment our financial consultant will send you details and numbers of the escalation matrix.
We handle all kinds of loans except a few. We do not handle agricultural loan , Educational Loan , employee loan to name a few.
We are not in the loan origination business, in fact we at Positive core advocate GET OUT AND STAY OUT OF DEBT. Loan origination is not our core competency however we can put you across to consultants who are in the business of loan origination.
Once we arrive on a settlement plan or closure plan & with your acceptance we will approach the financial institution and get the necessary letters to affect the same. You will get the original of the settlement or closure letter before you pay and close the issue completely
Ideally we do not prefer this mode of settlement, however in situations where the customer does not reside in a city where the bank has a branch or if the customer resides overseas we can offer you this service after proper documentation is ensured.
This is possible, your contact details including your phone number and address will be with us and we do not share this information with anybody. We can work with the financial institution to settle your accounts without disclosing your whereabouts.
Financial institutions calling customers for collection of dues are a part and parcel of the business they are in. We cannot stop this. However if the calls gets aggressive or abusive, we definitely can stop such calls from any financial institutions.