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.