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Credit Card imbroglio: Ultimate option is Soft Settle

SoftSettle Support

Your credit card provided by the bank gets you into a contract with the bank and you are under a liability to pay the dues. First of all bank will start charging you fine for certain periods in default of payment.

Secondly, they can lower your ratings and apply some sanctions on your account.

Thirdly, as default of payment is a breach of contract therefore banks can send you legal notice which you have to respond within 30 days.

Legal team of the bank can file a recovery suit which is civil in nature and can get you hooked in long terrible court proceedings.

One can also be made criminally liable for default as well if recovery amount is high. But usually civil procedures are occurred.

Generally, banks will not jump to legal action immediately, to recover its dues, unless it is inevitable.

They will try to negotiate with the defaulter offering certain concessions of interest or waiver of certain compound interest etc. to settle the dues of defaulter. If the defaulter does not respond to its offer or its various notices and personal visits of its staff, theThey may entrust the job of recovery to the Recovery Agents, who are empanelled by the bank for initiating further action.

The next step, taken by the banks to take the help of the Recovery Agents may not be as soft as it was. The Recovery Agents are real professionals, who are masters in the techniques of various methods of recovery including shaming and naming — will go to any extent for the recovery of dues, for which they will get their share.

So, the agents are real tough persons and are generally very adept in their profession.

Banks may offer one time settlement by compromise or settle the dues thru Lok adalath or other modes of recovery procedures.

After exhausting all the chances of a compromise settlement of credit card default dues, banks may be forced to go for filing a suit against the defaulter and other co-obligants or sureties, if any, for recover of dues. once after getting the favourable judgement, they may take suitable action for enforcing the recovery procedure as suggested in the court order.

The best solution is to inform the bank about your intention. Meet the Bank guys directly in the credit card division. Explain them the situation & then talk to them about finding some settlement option. And based on the settlement option whatever suits you the best make sure to stay on the same. Dont again change the settlement option provided to you.

If you will meet and talk directly with the credit manager/ or the collection people at the credit card division of the bank, the possibility is of normal settlement and not much of a chaos of any legal action instantly.

Meeting Bank personnel directly or interacting with them to express excuses usually be a hard task for you so far you have not complied with the norms of repayment against the credit card loan. Hence the ideal option is Soft Settle. Soft Settle may help you avoid such embarrassing situation by providing you an opportunity to interact with Bank or their creditor virtually and as a result the Bank would desist all types pressurization practice applied to the debtor in the form of recovery proceedings. You may get time to tap the resources to pay the liability off. Further you join with your creditor to negotiate to the effect of getting time and if required further extension of monthly instalments. An agreement is generated to this effect. Now you can manage you financial problems and control it as per your convenience.

But this time you have to comply with the agreement. But if you will fail again, then the banks may go through the Civil proceedings.

But Soft Settle is deemed to be an ideal option so far it is a blessing for the debtors to find time when they are already in a mess subjected to civil or criminal proceedings to be initiated by the creditor. Soft Settle supports the debtor to find further time to arrange payments against settling the credit card debt likely to be a Damocles Sword hanging on the debtor’s head.

Offer to Settle Debt with a Reduced Lump Sum shall Jeopardize the Debtors’ Credibility

SoftSettle Support

Debt settlement involves making an offer to the credit card company to settle the amount you owe for a lesser amount. If the creditor accepts, you will need to pay the entire settlement amount up front, in one lump sum.

A credit card company might accept a settlement if you’re very delinquent on your payments; it is often less costly for a creditor to accept a lesser amount in settlement than it is to send the account to collections, file a lawsuit, obtain a judgment, and then try to collect on the judgment.

The credit card company or creditor would rather dare to settle some scores against the debtor so far as the debtor is not ready to pay the entire payment against the loan. The creditor writes off the remaining balance supposed to be received by him after settlement and reports to the credit bureaus that the debt was paid in full by settlement for a lesser amount. As the result, the debtor will lose his credit rating and automatically he/she becomes an offender as far as CIBIL is concerned.

Hence such situations have to be avoided in case the debtor requires further financial assistance or loan from recognized banks or other related institutions.

Soft Settle could be a right choice to assist you to settle the issues with your creditor where you fail to effect monthly payment against credit card debt continuously. The rationale behind debtors rallying around the platform Soft Settle can be listed in the following manner.

You can do it by yourself using the platform of Soft Settle on free signing up.
Soft Settle facilitates virtual interaction between you and your creditor.
You can receive counter offer against your offer and that itself would desist every agonizing deals from the part of your creditor.
You can take control of your financial problems and take time to explore your genuine sources to settle the financial issues
You can participate in e-resolution process without any cost.
You are in control of the e-resolution process
During negotiation your collaborative and generous attitude would be considered and as a result you would be blessed with the convenience in respect of time and payment installments.

As such, you can seek the assistance or support of the Soft Settle deemed to be an expert negotiation platform facilitates you to negotiate with creditors on your own, rather safe to say that with the professional background of Soft Settle, you will get a better settlement offer and you will end up paying back less and your repayment plan can be amended in accordance with your convenience.

Consult with Soft Settle so that your debt relief is never far and your interaction with creditors would be worked out without any fear, inhibition or any such reservations.

Negotiating Credit Card Debt Successfully

Describing the procedure consisting of the communications that convinces and assures the lender follows with preparation for e-resolution

SoftSettle Support

This is with reference to credit card default and its resolution.

There are blogs that may inspire us to negotiate and settle directly with your credit card banks or lenders.

As you know, different creditors have different departments that handle offending accounts. In the first month or three of missing a payment, your calls may be handled by the bank’s customer service department. After 90 days of non-payment, calls are often routed to, or made by, a department that handles bank recovery.

There are many ways to bring up the subject of settling when you call in. When you’re calling in to negotiate and are between 150 and 180 days offending default, you will typically be speaking with someone trained to help you with that. You should already have a good idea of what the bank you are calling to negotiate with will reduce the credit card debt to in a settlement subjected to some resolution process.

Good communication with your bank will also help you to stay in the loop with any payment reduction plans that your bank may offer that could fit your budget and overall debt reduction plan. Depending on the creditor, you may also get some early and attractive offers to settle your account by staying in touch.

Bill collectors, whether working at the bank or with an outside collection agency, are very good at building up your stress level. They know your level of stress often increases the odds they will get a payment from you. Staying on the phone and answering their questions is ill advised, unless you are at the point where you’re negotiating your settlement.

Till you get capable of making payments against settling credit card debts, you have to be honest towards the inhouse unit of recovery of the concerned bank or institution. You should keep your script to a minimum while delivering something to the inhouse unit. You tell them your inability to make payment at this juncture and make them convinced that you are exploring options to find additions to or supplement your income. Your assurance in continuance with your declared effort to the effect that in case something comes through, the funds would be flushed towards settling the same.

Can your current budget and monthly income provide for your basic needs – now and into the near future – while meeting your time lines for settling with your particular creditors?

The above question has to get analyzed and try to make yourself available for seeking the assistance of SoftSettle Support to provide you a platform to negotiate with your creditor.

A dominant factor in determining whether settling with your banks is an appropriate option for you is how quickly you will be able to pay the settlements. There is flexibility with debt settlement by eliminating such options like bankruptcy and credit card bank consolidations. Hence the immediate remedy is to talk with your creditor to use the Soft Settle platform.

While the Soft Settle decides over the rescheduling of the time and setting the plans so as to devise budgets according to the debtor’s interest not clashing with the interests of the creditor, the credit card delinquent gets an opportunity to consider the immediate relief it can bring to their current situation. Again when a defaulter gets confronted with better time he/she can try negotiating with the creditor for settling their payment against credit card debts.

The significant and interesting aspect of the Soft Settle makes everything possible for the credit card defaulters is its wonderful attitude seeking the delinquents’ participation without making any payments and everything is free (free signing up and free e-Resolution). If you are a credit card defaulter why can’t you try? The forthcoming mobile app is designed with Android and IOS. You can simply download the app freely and enjoy your settlement process without any tension, pressure, strain or something like that so far you are going to be a winner.

Combining IT with facilitative and evaluative techniques

Adv. Rajesh, Chief Coordinator, SoftSettle Support.

I was working with a Dubai Law Firm when I happened to meet one research associate working under Prof. David Larson, a leading ODR exponent working as the faculty and chief in ODR department, School of Law, Hamline University, St.Paul, USA. The research associate was very much enthusiastic about the online methods of dispute resolution and he told me what he has imparted under the guidance of Prof. Larson could be implemented in case I initiate an online resolution campaign in Gulf.

So far Mediation has excelled in the ADR process all over the world; it is less popular on the web. But as far as Online Mediation is concerned, it is a virtual face or reflection of a face to face Mediation; further the human element and personal authority of the mediator whom the parties trust are keys to the success of the process as in offline is almost identical in the online too but for the virtual game and to treat the computer as a kind of alternate third party referred to as the fourth party. The advantages of online mediation is extended to the asynchronous communication that allows time to reflect before reacting a proposal from the other side or from the mediator along with other advantages like non-physical confrontation with the opposite party and above all considerable savings in cost, time and convenience

Thus the advantages behind the process of online mediation are definitely propelling such process or ODR to reach the heights and once and for all there will be new trend and revolution in respect of dispute resolution with all these benefits make the online mediation more flourishing.

As such as an ODR consultant I introduced the Online Dispute Resolution mainly focusing on the online mediation and negotiation apart from traditional Alternative Dispute Resolution in my law firm and I found so many clients from different commercial areas have started fancying about the online mediation and they started taking part in such process to get their issues resolved through online mediation.

Such reaction of the commercial folks and their favorable feed backs have inspired me so as to accept the offer from people at the helm of SoftSettle Support Private Limited to take the baton as the chief coordinator of their ODR segment focusing more on the software supported dispute resolution.

Innovating Justice through (Software Stimulated) E-Resolutions

Adv. Rajesh, Chief Coordinator, ODR, SoftSettle Support

Facilitated negotiation involves the provision secure websites such as virtual collaborative workspaces or e-rooms the parties to exchange messages, share documents and engage in synchronous or asynchronous negotiations. This is a basic ODR service offered by a number of providers such as the Mediation Room. Here facilitation is offered by the technology itself and the process rules established e-room provider, rather than a human mediator.

However human mediators can also use this type of software to conduct online mediation processes. Online applications specifically set up for mediators to use are referred to as integrated mediation platforms and are offered by some leading service (ODR) providers.

Another example can be found in automated negotiation such as blind bidding procedures that offer positional negotiation and a formula for calculating settlements without human third-party intervention; these are available in the United States for insurance claims arising from car accidents and personal injury claims.

Yet another ODR technology takes the form of negotiation support systems, which allow the manipulation of negotiation variables for participants so they can consider a range of options and alternatives, and can provide an overview of negotiation stages (in mediation) and expert advice on strategies and outcomes. Mediators are able to use this type of technology to assist parties in their negotiations.

Whereas mediators are referred to as the ‘third party’, in the world of online mediation, technology is referred to as the ‘fourth party’. The concept of the fourth party suggests that technology changes the communication and power dynamics of the mediation process, opening up new and imaginative ways for mediators to intervene, and parties and lawyers to engage, in the process. It also introduces new risks for users relating to issues around security of the online platform, authenticity of online participants and what to do with a written record of a text-based ODR process.

The future of online mediation will depend largely on the ability of mediators and potential users to access and accept the fourth party and specific ODR platforms. While there is still some skepticism about the ability of technology to facilitate solutions, build relationships and maintain trust in the process, it seems that an increasing number of mediators and users of mediation are open to the idea of ODR.

The above are brought to my notice and I have finalised to incorporate such software to resolve the disputes coming under e-commerce, insurance, issues related to defaulting with financial institutions like Bank, other NBFCs and all types of low valued disputes along with other software resolving comparatively larger issues like Intellectual Property, Succession, Inheritance, family disputes etc. in the Resolution Centre of the portal www.softsettle.com and in the forthcoming mobile application under the banner of Soft Settle.

To what extent Artificial Intelligence can assist the Debt Resolution

SoftSettle Support

It’s been quite long since we had the first conference or debate about automating processes in the debt relief industry and while artificial intelligence (AI) has not made the magical inroads that has always been promised, it’s coming. Really, it has been a latent need, to say a dream to be fulfilled and now it is becoming a reality.

Companies have been quietly working on artificial intelligence solutions for other industries like the legal field and they’ve made significant progress. Technology has started contributing its investments in the debt resolution space and the companies supposed to be the debt resolution providers have started adopting these opportunities aided by Artificial Intelligence and much to the surprise of everybody the banks and other financial institutions are ready to resort to these opportunities as the debt relief methods.

In the years ahead, there will be significant and rapid change in the interaction between consumers and banks/collection entities for the collection and settlement of debt via web portal and mobile applications. There will always be some kind of consequence for not paying back your debt in full, where there will always be a lenience on the part of the Creditors so far as the options and tools for managing that repayment becomes dramatically easier, reachable in the palm of your hand on your smart-phone, and engaged and integrated with you as part of your daily routine.

Many consumers are struggling with debt, will instead start loving an automated Artificial Intelligence system where they can resolve their debts in silence and make payment without human intervention. Even if a proposed repayment is not the best payment available, the ability to resolve their financial conflict without human intervention will have some value and make the process earlier.

As for the financial institutions who want to try and complete mass market with future Artificial Intelligence solutions will drive prices for services down to a reduced costs or sometime no cost at all. An Artificial Intelligent debt settlement system is introduced in India and other Asian countries for the first time by SoftSettle Support only.

SoftSettle Support argues for the 24×4, round the clock discharge of services and integrating the features like synchronous and asynchronous conveniences could lead to provide the parties more opportunities and confidence and their anticipation of result might never go betrayed.

Technology – Fourth Party in Dispute Resolution, the Lawyer?

By Adam Sharon, Family Mediation Center, Boston

Online Dispute Resolution can broadly be defined as the use of Alternative Dispute Resolution (ADR) techniques over the Internet. Small claims courts, with smaller dollar amounts and less complex issues are ideally situated to transition their operations online. I take this opportunity to discuss with you with regard to the implications of technology and impact of ODR on lawyers.

There are several benefits which make ODR especially attractive. These include cost savings, the speed of resolution, convenience, and individually tailored processes. In terms of money, ODR is most useful in cases where the attorneys’ fees would exceed the likely award amount. ODR is faster than a typical trial or even ADR because

technology can shorten the distances parties might otherwise need to travel. Further, ODR does not depend on clearing time on a mediator’s or a judge’s calendar. Using e-mail, discussion groups, and web sites, agreements can be written and amended when convenient. Further each dispute process can be tailored to fit the disputants’ individualized needs. One additional benefit is ODR’s potential for growth as a means of dispute resolution.

Despite signs that ODR is on the rise, there remain few financially viable ODR efforts in the commercial sector. ODR disputes are still mainly, although not exclusively, disputes involving business-to-consumer (“B2C”)e-commerce. More specifically, ODR is typically most effective in long-distance disputes involving technology issues. There are several reasons why ODR has not taken hold as a dispute resolution method for non-internet based disputes.

The easiest explanation for why ODR is not widely used is that the public at large and lawyers in particular may not be aware that such opportunities exist. It is quite strange that so far as the attorneys tend to be the gatekeepers of ADR processes used to be tend to be more resistant than the general public to embracing technological change.

A key question is whether the use of technical aids would deprive a party of fundamental procedural fairness. In procedural due process cases, courts first examine the private interest affected, then whether there is a risk of deprivation and the value of any additional or different procedural safeguards, and finally what the government’s interest would be in any substitute procedural requirements. With further developments in technology, videoconferencing and even holography are potential communications mechanisms which very closely mirror in-person communications. A general rule requiring technical equality would be inconsistent as there is no requirement that the parties be afforded equality of legal representation.

Providing an alternative system to resolve disputes that is online will boost not only the opportunity for cross border trade for companies within such countries, both as supplier and customer, but also improve and boost internal trade. A healthy internal trade can only help the development of cross border trade.

The point of ODR is somewhat lost if the aggrieved has to look for a lawyer to file a complaint, even for small value claims (small value claims have been the targeted area for most of the ODR websites around the world). In an ideal scenario, the use of lawyer is to be minimized; but can this really happen in India? I don’t believe it can, so far the right mechanisms set up is not yet there.

.It is quite natural to assess the apprehension on the part of the lawyers to oppose the popularity of Online Dispute Resolutions, as the procedure is most simplified and outcome is fast and fair where they have been tuned their profession as to the prolonged process of court litigation and the result in the form of declaration of judgment are quite remote. These online activities in respect of finding out resolutions have come as a shock and they are not ready to accept the state of affairs at any cost. I am asking them to what extent they can abstain from the ODR procedures or advising their clients against the online dispute resolution mechanism. The fear is quite unwanted and unwarranted. The rationale in support of online or automating the legal activities is simple so as to facilitate the public to access the justice at lower cost. Other advantage of ODR is evident in respect of the legal activities becoming more transparent to participants and faster to process.

Online attitude of the resolution process will benefit clients, who will have faster and less expensive access to legal support, and it will also benefit lawyers, who will be able to focus on the judgment-based and more nuanced services that clients cannot obtain from online process or platforms. In respect of ODR using video conferencing and all, lawyers are never denied any opportunities by the clients so far as it involves lot of legal arguments in both online Arbitration and Online Mediation. Moreover the people of India and subcontinent are always inclined to such practice where they have to be represented by a learned counsel to deliver their concerns and grievances. In respect of Software-based systems too, they provide critically important supplements to traditional legal services, but there will always be legal functions that can only be effectively performed by humans.

An Effortless Resolution Procedure

SoftSettle Support

Twenty years ago, professional dispute resolvers were quite skeptical about using technology. The sense was that technology only enabled sterile, antiseptic communication, stripped of real honesty and emotion. Many people argued that online apologies, in particular, were not as effective as face-to-face apologies because of the lack of nonverbal communication. The oft-expressed concern was that overly simplistic software solutions would trivialize disputes and suggest that disputants could just click their way out of any issues they encountered. As such, dispute-resolution professionals were very slow to adopt technology into their practices, and many insisted that face-to-face communication was the only real way to conduct conflict-resolution procedures

Over the past ten years, however, technology has “humanized.” The tools used to interact with each other in the realm of computer-mediated communication have become far more intuitive and easy to use, while at the same time becoming more powerful. Devices like smart phones and tablets have made interaction as simple as pointing one’s finger, which for many seems more natural and human than typing on a keyboard. Computers now play pleasing sounds and show pictures and video in stunning clarity and color. Technology has gotten much better at connecting with people and helping to connect people with people.

In response, people have started connecting more with technology to facilitate communication and relationships in contexts from family to the workplace.Though it does not replace the need for in-person communication and nurturing, technology is adapting to evolving human needs and interests, making communication available and accessible where it may not have been in the past.

Members of the younger generation, in particular, have become reliant on technology in almost every area of their lives. Not only do they use technology throughout their workdays, they’ve become comfortable using it in many of their most intimate personal relationships.

A vibrant portal like www.softsettle.com accommodates the core technological ideas so as to provide mechanism to counter the dispute or address the issues quickly and effectively. Hence Soft Settle has found out a room for availability of an E-court and its activation by inviting the disputants to the stream of settlement using the Soft Settle Mobile App. Now many people have started using computer mediated communication and hence addressing any dispute would not be seem strange. So there is no room for any skepticism any more.

ODR – More than Efficiency

Adv.Rajesh, Chief Coordinator, SoftSettle Support

Procedural efficiency eliminates the administrative complications

Dispute Resolution segment has been witnessing new technological capabilities which could take Dispute Resolution to some heights – to say beyond mere improvements in efficiency. The normal claims of ODR used to confine to saving costs, matters related with avoidance of travel, non-involvement in personal confrontation between parties. But ODR is something ahead and its reach is extended to such areas beyond our expectations and imaginations. Technology enables asynchronous, text based processes that can be more efficient in reaching workable agreements in short periods of time, without burdensome scheduling delays are quite uncommon in other types of dispute resolutions existing in the present world. It is true and established that online processes can also shorten time to decision by making information exchange between the parties and neutral much faster. Many agreements can be achieved through automated or algorithmic negotiation processes (deemed to termed as technology stimulated resolution or TSR) where the computer does much of what a human neutral would normally do to move the parties closer to the agreement. These features inspires the rival parties to negotiate honestly and in good faith, eventually getting into the fold of a judicious agreement or mutually acceptable resolution.
Technology can also significantly reduce the administrative complexities associated with filing procedure and ultimately document exchanges. Everything in the finger touch with signing up, filing a case for me, against me and such a new case can be initiated with a single click. The simplification of the Case Management could drive things in an order, where the information comes coordinated along with rules, language and clauses are preselected, leading the case over to respondent. As such the administrative efficiencies can save many weeks or months of back and forth communication in just a single step.
The Internet is a resource that gives us the possibility to extend what, where, and when we do things. In the beginning it was all about the simple exchange of information. Dispute resolution, however, is a process rather than a mere exchange. Parties do not merely want to exchange information but to evaluate this information either by themselves or, more commonly, with a neutral’s assistance.

Technology is another synonym of Soft Settle

The technology has the caliber of taking the grievances and transforming them over to solutions with the well placed algorithms to inspire the scenario. This attitude of the technology enthused Soft Settle to come out with some Artificial Intelligence (AI) options. Soft Settle is the multiparty e-Resolution System that reduces time, cost, and stress for decision-makers in all types of cases. Soft Settle’s Internet network connects parties located anywhere in the world by means of a neutral server that manages private information and keeps it confidential and secure. Using powerful fair and fast algorithms, Softsettle can quickly transform conflicting objectives into fair and efficient solutions.

Considering the technical inputs to simplify the process to accessing to justice, SoftSettle Support has built a platform Soft Settle where technology can interact with disputes with fast and fair criteria being integrated for an efficient mode of case management so as to reduce the cost and bring justice to the parties without any complications, hassles and leaving no room for tensions or stress for the parties what they are forced to experience during the court litigation and ADR
The digital platform Soft Settle helps people deal comprehensively with their legal problem and encourages a mediated settlement rather than recourse to lawyers and courts. Agreements reached through collaboration and respective generous interests of the parties tend to be more effective and proposes a harmonious bondage paving way for an accurate judicial reasoning and in every ways rather efficient than decision imposed by judges.
Technology must be utilized to better assist Indians and other Asians get fair and proper access to justice.
Soft Settle is on the mission to make the law accessible – with the Artificial Intelligence igniting the fire hence calls for technological legal tools. Soft Settle revolutionizes the legal assistance technology that suits the needs of ordinary people – and that extends to low-income and disadvantaged Indians and Asians.

All people in distress are not liars and cheats

SoftSettle Support

A set of client protection principles have to be considered in a creditor-debtor deal and we recognized a need for a discussion forum to the effect of the consequences encountered by the clients who default. As such we have analyzed how default happens in certain countries like India.

Default is particularly challenging because it pits the lender’s need for institutional survival against the difficult circumstances of the defaulting customer. As a microfinance lender, how would you think about a customer who stops repaying?

•As a potential threat to the institution’s financial health?
•As someone to penalize to set an example, so other customers will know you are serious?
•As someone who is taking advantage of good borrowers who pay on time?
•As someone with many excuses, not all believable?
•Or, as a case to turn over to a collections agency and never worry about again?

These are often the ways lenders characterize non-paying clients as they dispatch collections officers to do whatever they can to get the money back. Lenders with conscience find this part of the business unsettling, but unavoidable. Many a lender who started out softhearted soon realized that having flexible, or ‘soft’ strategies led to rising risk. The loss of any single loan is a small threat, but many defaults can destroy the business. When word gets out that a lender is lenient, mass default can infect the whole market. We’ve all seen it happen. The defaulter’s perspective may be completely different. Most serious defaulters are in financial distress and often in the midst of other life crises. A sick child, spouse, or parent needs expensive medical treatment. Another borrower’s entire crop was lost due to drought. Another elderly borrower was robbed of her goods while exiting from a two-hour bus ride to the market. Defaulting customers are already likely to be full of anxiety because their lives are not working as planned. The consequence of non-payment may be only one among many major concerns.

Some of the borrowers were interviewed in India, and it is reported that they often make sacrifices they consider “unacceptable” in order to stay current on their loans.
They skip meals, sell possessions, or take their children out of school to save on school fees. These sacrifices happen on the way to default, so it is safe to presume that most defaulters have already applied similar patch-work remedies. And as they struggle to remain current on their debts, say by taking another loan, the chains may only get tighter. Ordinary people in bad situations are not liars and cheats—at least not until pushed by crisis into desperate measures. Clients like these need help and compassion.

There are enough laws in place to protect the borrowers from harassment and torture. However, we must remember, at the end of the day, banks have the right to recover the loan from the borrower

As such for the relief of the debtors/borrowers SOFTSETTLE SUPPORT has come up with a new unique platform under the brand and banner of SOFT SETTLE.

Let us now think about settling the debts with Creditors.

If you settle a debt, you get a creditor to agree to accept less than the amount you owe as full payment. But a lot of painful things have to happen first.
If you are worried about falling behind — but haven’t yet — you won’t be able to settle. A creditor or collector is not going to accept less than you owe if there’s reason to believe you could pay the full amount that you originally agreed to.

Debt settlement comes into play only when you have many late or skipped payments and possibly collections accounts. Your credit scores will have been shredded; you feel hopelessly behind; your income isn’t enough to keep up with your debt obligations.
As a general rule, people who pursue debt settlement can’t afford to pay off all their debts. A successful settlement allows them to walk away without having to pay everything, potentially saving them a lot of money.

The creditor should consider it will receive as much as it can from the settlement and wipe an overdue account from its books.

Hence escaping from the problem is cowardice. It is the right time to ponder over options and do not undergo emotional stress which could end up losing your asset. Soft Settle is there to support you so far you are intent to pay off the loan that should be evident to the creditor.
The other thing Bank would enjoy as Soft Settle provides the platform for resolution, where debtor would be alerted in each intervals during the period of repayments like early intervention, middle level intervention and final intervention. Hence there is no opening for the debtor to go for frequent defaults and the debtor will be saved from being subjected to the harassment and pressurization of the Recovery agents authorized by the Banks and above all from getting clasped in between the sharp claws of CIBIL.