When an individual or a company takes a loan from a financial institution and particular period to pay back the loan but the individual or company defaults, then the financial institution will receive the service of a third party also known as a debt collection party. This party is informed when the individual or company defaults in repaying the loan within the stipulated period. Debt collection is an essential process that businesses use. When an individual or the company does not repay the loan their credit rating/ credit score gets affected. There are different methods of collecting the debt. The following techniques are followed :
1. Non-Legal Methods
2. Legal Methods
Non-Legal Methods are more friendly methods which are used by commercial parties. These types of methods will not affect the reputation of either party who are involved in the process of debt collection. These methods are including negotiation, out of court settlement, meetings in persons to settle the debt professionally, conferencing the situation which will provide more information on the debt.
Legal methods are more harsh methods which will affect the reputation of the parties. This process will involve issuing a notice to the debtor about paying the amount of debt. After this, the process will go to court.
For collecting the debt, we need updated information on the following-
Our team of professionals will get back to you to discuss certain things such as the process of debt collection and provide you with a timeline within which the debt would be collected.
Any other information you need can be discussed with our professionals during the initial consultation process.
Our team of expert professionals are well versed in the debt recovery process
Right from NBFC consultation to Auditing Services, Fintechasia is a one stop shop for all your professional needs. They were very courteous and professional in their approach. We would definitely recommend their service to anyone seeking professional help
Fintechasia has provided me exceptional service when I consulted them for my NBFC business. From initial consultation to registering my NBFC business they were proficient and expert in their advice. I would highly recommend them for NBFC services.