An NBFC known as New Generation Bank allowed a customer to take out multiple loans, which inflated his debt way beyond what he could repay.

Bharath Raj, a Software Engineer was working full-time but often struggled to make ends meet. He already had a $3000 loan with a credit company when he asked them for another $2000 loan.

The salesperson at the credit company offered to refinance his existing $3000 loan and bundle this in with the new loan. Bharath Raj accepted this, and then returned to the credit company three more times to take out new loans. Each time the existing loan was refinanced under the new loan.

The problem

In one month the credit company had extended Bharath’s credit by over Rs, 10, 00,000, but the refinancing of the loans increased his total liability to around $15, 00,000.

The monthly repayments ended up being a large proportion of Bharath’s income. When he lost his job, he was unable to make his loan repayments at all.

Getting help

Bharath Raj was under a lot of financial strain. With the credit company threatening legal action and as a result the collection agency of the creditors have started pressurizing and mentally torturing Bharath by means of phone calls, direct meeting where Bharath found himself harassed and tortured to an extent where he started feel like ending his life. He was advised by an elder from his family to approach SoftSettle Support so that he can revive and refresh his loan repayment schedule. He approached SoftSettle Support for help.

As a result he could extend an offer to the creditor by means of interactive portal With this offer being transferred to the creditor, SoftSettle Support could able to convince and persuade the creditor to desist their collection agency not to harass the client any more. As such the offer of Bharath was accepted by the Creditor so as to pursue with the process of reconciliation by means of the case management procedure integrated in the interactive portal

As the default occurred in between within the scheduled period of repayment of loan invention from the part of SoftSettle Support was ideal for negotiation which enabled the creditor and Bharath to reschedule the payment plan and a change in the EMI ultimately bring Bharath some breathing time to arrange his payment and thus getting himself relieved off the pressure and torment he was undergoing for last several months.

Crisis averted

An automatic generated agreement was executed by Creditor and Bharath which could help the creditor for enforceability if it finds Bharath Raj further fails in his obligations. This renegotiated the terms of the loan agreement on Bharath’s behalf is so significant as if he was refinanced so as to set off the debts. Bharath was also given extra time to make his repayments if he continues repaying properly and without break.

This was big relief for Bharath Raj who could start to get his finances back on track.

Background of the case

Annakkutty, a widow without children based in Chingavanam, Kottayam Dt., Kerala, India, aged 45, heart patient undergoing cardiac treatment for last 2 years, had a difficult life full of emergency rooms, medications, doctors’ visits, and medical bills. She is now left with over Rs. 2,25,000 in medical bills that she can’t pay. But she is rather expecting an insurance amount against her husband being succumbed to a road accident 3 years back. But the hospital authorities turned deaf ear to her pleading for quite a long time and have been insisting her to effect the payment immediately.

Solution Mooted

She was advised by some of the priests and nuns at the helm of the Church to sign up free in the SoftSettle Support Online Resolution Process. She realized that the entire process of consultation and resolution are free and she has nothing to lose but to gain much. She received a lot of debt relief options on signing up with SoftSettle Support..

Reaching Settlement

She makes an offer to the Hospital authorities, but on condition that she should be provided with reasonable time to settle the payments. SoftSettle Support in the questionnaire session could realize the interest and time when payment forthcoming from the part of Annakkutty. Hence the resolution procedure could able to help Annakkutty with a fantastic opportunity to settle her payment against medical bills at her convenience not affecting the business of the hospital. Exactly hospital has extended some humanitarian consideration apart from respecting the services offered by SoftSettle Support along with accepting the win-win proposition.

You will be in control of the entire process having the Software SS-Equity (FDR) guides you to reach an agreement in the early intervention and later if you desire, you will be taken to an online adalath or ODR by means of video conferencing under the auspices of Center for Settlement Support.

The first step is deciding whether to hire a counsel for debt resolution or lawyer to negotiate a settlement. You could do this yourself. The goal is to reduce significantly the amount you pay.

Next, if necessary, meet with the original lender, plead for mercy and ask if they’re willing to settle. If your account is more than six months overdue, the debt likely has been turned over to a collection agency, who has the opposite goal: They want to get as much money from you as they can. At this time you can resort to SoftSettle Support so as to reschedule your payment plan and the EMI. This offer would stimulate your creditor exchanging messages with you. As a result SoftSettle Support can come and help you as an early intervention to rebuild your relationship with your creditor. Exactly on such gesture from your part, the collection agency of your creditor will stop harassing you and you will be relieved off your pressure and plan the repayment in accordance with your convenience.

Once you fail in the aforesaid process inspite of your continuous efforts, the creditor keeps on sending notices. The ultimate thing is that you can resort to SoftSettle Support to guide or lead you to Center for Settlement Support to redress your grievances. You can relax while facing the mediators or Arbitrators to deliver your options to the effect of settling the payment while not confronting your creditor remains in the other end dealing with the presiding officer for resolution.

The system enabled negotiations to be conducted using the Internet platform, starting by logging in and providing basic information such as first name, surname, e-mail address, date of the event and type of case. The party would then issue an invitation to participate in a software supported online dispute resolution process, specifying the maximum amount (it would claim) in the event of signing a settlement. Upon acceptance by the other party, a phase started in which offers were collected – the contents of which were known only by the interested parties. The number of negotiations would not exceed three, but the proposals would not be disclosed to the other party. The adopted solution allowed the settlement of disputes regarding specific values of claims, excluding consideration of the issue of legal liability. When the parties reached consensus, the offer would be mutually presented. The confidentiality of the procedure provided significant value, particularly in the event of ultimate failure to reach an agreement and referral to court.

Soft Settle resolution procedure is organized with sessions. Each session consists of three attempts. Agreement is declared if there is an overlap of accepted values at the end of an attempt. If there is no agreement at the end of the session( three attempts), the parties are left with their choices whether to begin a new session or not. This tends to speed up the process if the negotiation would otherwise drag on over numerous sessions.

SoftSettle Support encourages the parties to move sooner to the potential zone of agreement. This encourages parties to negotiate in a professional manner, quickly accepting what is fair and equitable.

Users are always in control of the process-whether they access the online portal or mobile application: each of which facilitates communication and interaction between Business People and Customers (B2C).

The system platform is accessible 24/7. Users may access the software from any internet – capable device anywhere, anytime.

In respect of mobile application device, just download the application from Google Play Store free of cost. Just follow the Sign Up instructions and then login or if an existing account holder directly login through the software web portal to immediately start receiving the benefits of the system platfrorm. You can create your account online 24/7 without installing any program on your internet access device.

Hence software is being molded and designed incorporating the fast and fair resolution criterion in it.

Do you confront with any dispute?

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