By SoftSettle Support
Creditors adopting a policy of holistic approach by finding customers’ problems to identify those in financial difficulty and as such they have to tailor debt recovery procedures accordingly. The creditors/lenders have to explore the best repayment option for individual borrowers. They have to look at the overall situation of the borrowers/debtors to identify those in financial difficulty. Further they have to distinguish customers in difficulty from others embracing deliberate default.
Creditors must use the due diligence in adopting the plans which shall be realistic and sustainable to make it convenient for the debtors to come out with options which can be worked out jointly by both of them, mainly taking into account the customer’s ability to pay back the borrowed amount.
In practice, SoftSettle provides guidance to both creditors and debtors to get reconciled where their interests are mostly considered along with their generous attitudes and collaborative tendencies. Prior to resolution procedure creditors and debtors are being facilitated to have interaction with each other where creditor can take debtor into confidence resulting into so many lenient attitude from the creditors.
Normally so far as the creditors rely on letters at the early stages of arrears management, as they are adopting holistic approach place greater emphasis on personal contact usually be telephone. A telephone call conveys a greater sense of urgency which may be projected as the pressurizing tactics, may reflect a greater level of insecurity on the part of the debtors and as such the creditor’s policy of building relationship with the customers would be become rather damaging. Hence the creditors who want to maintain a policy of building customer relationship would rather resort to SoftSettle Support through their web portal www.softsettle.com by filing a case against the debtor which on the other hand provide a friendly picture to the debtor who can negotiate with the creditor freely and in a relaxed manner. A mobile app under the title and banner of SoftSettle Support can be downloaded by the debtor either in the form of Android and IOS throughout the globe.
Where a creditor adopts a holistic approach the court is used as a last resort and is seen as an admission of failure. Moreover the courts are used very selectively. They recognize that it is pointless to take people to court if they have no money to pay and Soft Settle help the creditors use debt surveillance for customers not able to pay promptly and they can seek the assistance of the Soft Settle in come in terms with the creditors and resolve the issues.