Category: FINANCIAL DISPUTE RESOLUTION

SoftSettle Support

Debt settlement is definitely an activity consoling one’s fainted heart. Doing it yourself requires persistence, hard work and the willingness to deal with debt collectors for months or years.

Defaulters may be under the impression that debt settlement usually is brutal. Negotiating down a debt with a creditor, rather than hiring someone else, can save you money and put you in control of the settlement process. However, many consumers shy away from DIY debt settlement, chiefly because they want to avoid interacting with banks, other creditors and collection agencies, experts say.

The first question should be whether debt settlement is the best option for you. To answer that question, you need to look at your total financial picture and alternatives such as bankruptcy or a family loan,  noting that debt settlement typically will severely damage your credit.

Debt settlement can damage your credit severely when creditors and collection agencies report delinquent payments, collections and settlements for less than the full amounts owed on accounts.

Soft Settle encourages people to settle their debts DIY.  If you decide to try to settle, you’ll need to decide whether to do it yourself. The advantages of DIY debt settlement include:

Creditors might go easier on you. Creditor may find to deal easier with you while they may be aggressive with debt settlement companies and even dare to file suit against you. Their lenient attitude towards you may probably reduce the total debt reasonably; so that you may have a target to settle is quite reasonable.

Another advantage behind DIY is it might motivate you to get your finances in order. So far as you are ready to negotiate directly with creditor and you become more accommodative and collaborative could bring the creditor to a level where you can set your financial commitments in a proper manner.

Soft Settle provides channel where you can apply the mode of negotiations as referred above, so that you would be collaborative in negotiating which prompts the virtual neutral to decide things in your favour and it never attempts to reduce the claim of the creditor. Hence the win-win proposition is accessible.

 

SoftSettle Support

Everybody knows that defaulting debt is certainly an offense. But it is unavoidable and applicable to all kinds of people. We know as a matter of fact it is not going to finish you but it will tarnish your financial image.

The primary concern is that your credit score will get dropped and you will not entertained for any further loans against you submissions. May be it is not going to affect your breath, but low credit score causes difficulties in your life.

Further the creditors will start haunting you once you defaulted payment by means of their recovery as well as collection agents who are all the more ruthless in their approach and thus pressurizing you to an extent where you may feel like ending your life.

In most cases, once you have missed a payment with the original creditor (i.e. Banks, NBFCa etc.), the company will attempt to work with you for six months to establish a repayment program.  Failing that, the creditor will most likely sell or consign your debt to a collection agency – and the game may change dramatically

If collateral is assigned to the loan on which you have defaulted (e.g. mortgage or auto loan), repossession is a distinct possibility.  Banks generally utilize home foreclosure as a last resort, since they would prefer to keep you as a customer and avoid the cost and hassle of the foreclosure process.

Now it is the time to get in touch with Soft Settle. Soft Settle is a shrewd interactive debt resolution software platform that leads you to communicate with your creditor in a secure virtual environment. The software is accessible 24/7  by means of the portal and mobile applications.

As a result the torture of the collection agencies will get stopped and you will be invited to participate in the debt resolution process in the e-Court powered by Soft Settle after complying with the case management procedure integrated.

You can see you are entering the easy and less complicated negotiation process where you have to be more collaborative and accommodative so as to reach a decision in your favour.

Apart from the above, you will not be charged for signing up and the e-Resolution process. So it is everything FREE for you unlike  other debt settlement agencies

To learn more about the Case Management Procedure and e-Resolution process kindly make a visit to www.softsettle.com

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.

 

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.

SoftSettle Support

It is true that defaulting on a loan is associated risk that comes from borrowing and sometimes circumstances beyond your control can cause you to be dragged into a spiral of debts.

These circumstances could be bad economic conditions, job loss, partial or complete disability, or a family emergency.

In banking parlance defaulting on a loan is a serious offence. Most of the time, however, borrowers face temporary problems which can be managed with some extension of payment period.
However if you do not tend to it immediately and take corrective action it can become tough to handle the mounting debt.

Recovery agents employed by banks in the past have shown high handedness in handling customers in debt, which was brought to the notice of the Reserve Bank of India as a result of which it has enforced certain rules to protect the borrower’s interests.

In fact it has asked banks to check the background of the recovery agents and the agencies to ensure customers are not harassed.

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 by proper and just means as formulated by the RBI.

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.

That is why a defaulter is facilitated with virtual interaction with the creditor and creditor can perceive how genuine the defaulter’s intent and case is, the creditor may look for various feasible solutions subject to the participation in the e-Resolution process powered by Soft Settle through which a creditor can benefit of the agreement generated as a result of e-Resolution and the defaulter could be able to retain his asset and safeguard his/her CIBIL rating.

With the Soft Settle decides over the rescheduling of the time and reshuffling of the EMI, the defaulter should 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 Bank for settling their payment against loan by higher EMI or prepayment.

Soft Settle Case Management Procedure is organized with sessions. Each session consists of three attempts. Agreement is declared if there is a decision at the end of an attempt. If there is no agreement at the end of a 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.

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.

The significant and interesting aspect of the Soft Settle makes everything possible for the defaulters is its wonderful attitude seeking the loan defaulters’ participation without making any payments and everything is free (free signing up and free e-Resolution). If you are a loan defaulter why can’t you try? He mobile app is designed with Android and IOS. 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.

By SoftSettle Support

Repaying a loan and keeping up with the EMI can be quite an uphill task. This may bring worries and all ways tends to be anxious about the tomorrow’s consequences. But it is a guaranteed fact that the default of loan is not end of everything.

You have reasons to believe that your worries could haunt you. But SoftSettle Support can safeguard the interests of the loan defaulters.

Once you file a case in the case management segment of portal www.softsettle.com or mobile app. under the banner of Soft Settle or SoftSettle Support the defaulter may get an opportunity to interact virtually with their creditors say bank. This interaction would bring down the fuming stance adopted by the creditor or bank. This will provide the defaulter a positive chance to negotiate with Creditors through which banks can restructure the loan. The period of loan can be rescheduled and EMI can be reshuffled.

Owning a house or a car is a dream come true for many because of the easy availability of loans. In the last few years with an increase in the standard of living particularly in the metros, the once conservative and loan-averse investor is now willing to take on loan commitments to satisfy even leisure requirements. However, if you find that you are in a situation where you will not be able to meet your loan obligations, what do you do?

That is why a defaulter is facilitated with virtual interaction with the creditor and creditor can perceive how genuine the defaulter’s intent and case is, the creditor may look for various feasible solutions subject to the participation in the e-Resolution process powered by Soft Settle through which a creditor can benefit of the agreement generated as a result of e-Resolution and the defaulter could be able to retain his asset and safeguard his/her CIBIL rating.

With the Soft Settle decides over the rescheduling of the time and reshuffling of the EMI, the defaulter should 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 Bank for settling their payment against loan by higher EMI or prepayment.

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.

Soft Settle offers the parties to the dispute a win-win proposition.

As such you can believe, Soft Settle is your friend. A friend in need is a friend indeed.

SoftSettle Support

Loan collection is usually a process which is highly regulated. As the creditor wants to get back the loan with its interest, they usually offer the loan with either a mortgage or a guarantor to back the debtor. The debtor enters into a legal agreement with the lender to repay the loan by a particular time and date.

This is monitored by both the creditor and the rating agencies to track how prompt a debtor is in repaying the loan. This is used to calculate the credit score of a debtor for future loans.

Generally, the method to collect a loan follows the steps given below:
• Collect the money coinciding with the arrival of the debtor’s income cycle
• Maintain a systematic follow-up on how the customer can handle the repayment
• If the customer shows discrepancies in one or two installments, reach out to the customer to find out the cause.
• If the customer is prompt, preserve goodwill and promote more offers to him.

When it comes to collecting back the loan, banks adopt usually two methods of collection. As loans are paid back in EMIs, the banks do not intervene or disturb a customer if the payment is prompt and on time. They maintain a cordial relation with the debtor and accord them with further credit proposals if the client exhibits discipline in the repayment process.

However, not all debtors can pay back on time. Owing to various reasons, they may default on the payment of their owed capital. Such defaulters are usually provided with several opportunities to pay back their owed sum.

Following methods are usually undertaken to ensure that the debtor is legally requested to fulfill his commitment:
• The bank will send a ‘letter of demand’ to the debtor on its letterhead, demanding that the debt is to be paid within a particular date or legal action may be taken.
• Secondly, they may issue a ‘final’ letter of demand
• Several banks also contact their clients via phone to get them on record to find out the reason for their potential defaulting.

Let a new device helps both creditors and debtors

SS-Equity, a virtual neutral comes to help both creditors and debtors to come in terms rather than fighting with each other or leading their relationship in bickering.

Rather the defaulters would be approached at their time of default and they would be alerted regularly so that they can participate in the resolutions offered by the platform SOFT SETTLE as early, middle and final level intervention. Even the alert would also provided information about their Credit Ratings updates (CIBIL in India).

Even before going for the resolutions in each level of interventions, the debtor would not be denied an opportunity for interacting with the creditor virtually and that itself would pave way for any easy resolution probably results in both parties winning without any hurdles.

An automatic agreement gets generated duly executed, which has legal validity and enforceable in the eyes of law.

This method could leave the parties taking the control of the financial problems and settling the financial issues in a faster, efficient and cost-effective manner.

SoftSettle Support

While exploring how the financial institutions treat their customer who are unable to repay their loans, a study has to be conducted analyzing the perspectives of both creditors and debtors. Despite the institutions or creditors are bent on prioritizing client protection as a statutory obligation, there is a surprising question on what happens when the contractual relationship breaks down between the creditor and the debtor.

It is true that there is more willingness to discuss default management which includes various high profile repayment crisis, generates a feeling that there should be a system where the creditors as well as the debtors shall steal the show together. The defaulter’s perspective may be completely different. Most serious difficulties are in financial distress and often in the midst of other life crisis. A sick child, parent needs medical treatment and in another case an elderly borrower was robbed on his way after finding the resource towards repaying his debts. Defaulting customers are already likely to be full of anxiety because their lives are not working as planned. The consequences of non-payment may be one among many major concerns of a defaulter. They skip meals, sell possessions, or compelled to take their children to a lower fees academy to save school fees. These sacrifices happen on the way to default. As a result they struggle to remain current on their debts, say by taking another loan, the chains may only get tighter. To reach a position justifying the debtors, there shall be a statement totally be submitted as “ordinary people in bad situations are not liars and cheats- at least not until pushed by crisis into desperate measures” . Such debtors need help and compassion.
Taking into account – the concerns of both Creditors and Debtors, a new system shall be evolved instead of harassing and pressurizing collection agencies to realize the loan amount from the defaulters. At the same time creditors shall also be benefitted in the course of collection and realization of loan amount.

SoftSettle Support can be a magnificent technology based alternative in sourcing the deliberations which would make everything easy for both creditors and debtors in settling their financial issues. Soft Settle can come up with three types of interventions such as early, middle and final interventions at each stage of the repayment period. As such the creditors need not wait for another 90 days after the completion of the payment to receive the defaulted payment and need not go for any legal proceedings against the debtor. The intervention in each stage would benefit the debtors by getting alerted about their CIBIL rating and they may not be complacent to repay the reshuffled EMI and properly comply with rescheduled repayment period. The final intervention too would help both creditor and debtor by settling the issues using the Mediation and Arbitration tools. At each intervention the e-resolution takes place and on the successful result, legally valid agreements would be generated and have to be executed properly so as to be subjected to enforceability.

Soft Settle is an ideal platform where disputing parties can interact virtually and thus reducing the problems related to creditors which used to bring violence and other offensive techniques from the part of the collection agencies against the defaulters at the behest of the creditors. While the creditors start taking lenient attitude towards the debtors, there shall be some options can be worked out during the negotiating process that could bring results which is more or less win-win propositions

By SoftSettle Support

The simple idea behind debt settlement is to negotiate with your creditor to have debts paid in full but for less than what you owe in actuality. The professional way is do-it-yourself , by which one will be more beneficial to your right now and in the long run.
It may be difficult but if you are going to negotiate your own debt settlement, then you need to keep your emotions out of it. Naturally this happens for a debtor so far as his guilt of being defaulted debtor, one cannot take it as business deal but like an ordeal which he is supposed to confront with.
Soft Settle supports you and makes you feel to treat it like a business deal or pretend that it is not your debt, which ultimately lead one to sideline your emotions and manage the situation in a bold manner.
Soft Settle calls for a debts settlement with many great benefits as Soft Settle is a professional platform which assess your specific situation and facilitate you to pick the best option, be it debt settlement through e-Resolution, or any other of the many options which can be resolved directly, manually or virtually such as Debt Consolidation and Personal Bankruptcy.
When you are negotiating a debt settlement, it is quite natural that the creditors will attempt to get as much money out of you as possible. 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.

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.