Overview of Debt Collection and Recovery One of the main challenges affecting businesses of all sizes and industries is accumulated unpaid debts. Unpaid debts can be detrimental to a company’s long-term growth, causing hindrance in its ability to invest and meet its financial obligations. Due to this reason, debt collection is of paramount importance and is often resorted to by businesses. Debt Collection is a cumbersome procedure. It requires a lot of time and attention. Debt collection or recovery is a process of recovering the unpaid loans by the consumers. A debt collection agency or debt recovery agent usually does it. Businesses could do the debt recovery with a domestic presence in India or even those with a global presence. There is a high chance that a company may go bankrupt without keeping a check on the debt collection records. Therefore, debt monitoring becomes important. Debt Collection with Enterslice Footprint We have a national footprint with offices in major metro cities in India. Hassle-free process We help you with effective debt recovery through legal and regulatory processes. Analytical Tools We use AI tools and technology to provide our clients with an effective experience. Debt Recovery: A Collaborative Approach to Debt Collection Debt Analysis Talk to us regarding your queries related to debt collection and recovery. We will provide you with all the possible solutions to address your query. Eligibility Check We evaluate your debt and determine your eligibility for a debt recovery service tailored to your needs and best suited for your business growth. Enrol If you are satisfied with our suggested debt recovery package, you can enrol in our debt recovery program and pay the required fees. Litigation Support As our clients start the debt recovery procedure, we offer them ongoing litigation support. We have also established channels for customers to contact the debtors with questions or grievances and then promptly resolve them. Enterslice’s Services in Debt Collection and Recovery Our debt experts at Enterslice work diligently to provide you with an excellent service package for your debt collection and recovery Commercial Debts Recovery Our recovery service will provide recovery of debt from businesses. Some examples are outstanding service bills, unsettled export and import bills, overdue bills of lading, and Non-return of advance payment in case of no shipment. Consumer Debt Recovery Our recovery service will provide debt recovery for consumers. For instance, Utility debts, vehicle loans, student loans, and phone contracts are all debts incurred by a consumer owed to a business. Consultancy Service Our recovery service will provide consultancy service at every stage of recovery. We have agents who are professionally skilled in recovery activities and will provide you with relevant information on stages and processes. Legal Consultancy Our recovery service will provide legal consultancy at every stage, from initiating legal proceedings against the debtor to making final decisions on the issues. We will provide end-to-end support in attending hearings and preparation of drafts. Insolvency Services As a professional debt recovery service provider, we are well-positioned to file claims against bankrupt debtors worldwide on your behalf. We will recover the bad debts to increase the business cash flow. Debt Monitor Scheme Our debt monitor scheme will allow you to monitor all your financial portfolios in one place, making it easy for you to maintain a record of all your debts. Pre-Litigation Support Our debt mediators can help you negotiate a debt settlement agreement in your favour. Arbitration Our robust panel of lawyers shall help you manage entire arbitration proceedings from the date of delinquency till you get the arbitral award in your favour. Enforcement of Securities We shall help you initiate an application before the relevant legal forum for the enforcement of securities under SARFAESI. Sending Notices Throughout the delinquency, we shall help you by sending default notices to the debtor and tracking those notices. Our Commitment to Cost-effective Services Delinquent Accounts Analysis Our team helps the creditor in analyzing all the unpaid and recoverable debts. We analyze the total recoverable dues and then simplify them with our debt monitoring system. Debt Mediator experts of Enterslice shall help you find an amicable solution for your unsettled debt by providing tailored debt collection solutions for you. Our consumer-friendly approach is what makes us different from others. Access to Expert Resources Debt Collection and Recovery require specialized skills and knowledge. There are some businesses that lack in-house debt recovery departments. For these companies, engaging debt collection and recovery services is of paramount importance. We at Enterslice are well-versed in the latest debt recovery laws and regulations, along with the best practices. We also possess the necessary tools and technology to locate debtors and assess their financial condition. By leveraging our expertise, businesses can increase their chances of recovering unpaid debts. Resource Optimization The Debt Collection and Recovery process is often time-consuming and resource-intensive. Therefore, businesses must outsource their debt recovery operation to specialized agencies to save their valuable time and resources. This would allow businesses to focus on their core operations and enhance their productivity, which would lead to growth and profitability. Debt Collection and Recovery Debt Collection is a process whereby the lender tries to recover the debt offered to its clients, whereas, in the case of Debt Recovery, the lender hires a third party or a debt collection agency to recover the unpaid debt on its behalf. Sometimes, security is given by the borrower to the lender in the form of a mortgage, but when that security can't be used as a means to pay back the debt, recovery becomes necessary. There are legal as well as non-legal methods to recover an unpaid debt. The legal methods include out-of-court settlement, civil remedy, and criminal remedy. The non-legal methods include direct contact with the borrower or sending recovery agents to recover the debt. Debt Recovery Tribunals and Debt Recovery Appellate Tribunals were established to entertain cases related to debt recovery in India. However, various legal prerequisites have to be met before initiating any form of debt recovery proceedings in India. For instance, under Order XXXVII of the Civil Procedure Code, a summary suit can be invoked only if the debt amount doesn’t exceed INR 10, 00,000 or the Insolvency and Bankruptcy Code of India can be invoked only if the other party goes bankrupt. Benefits of Debt Collection and Recovery There are several benefits associated with debt collection and Recovery services. We shall delve into why hiring a debt recovery agency can be a game changer for your business. Some of the benefits are discussed below Expertise We at Enterslice employ highly skilled debt recovery professionals who possess a deep understanding of the legal nuances of debt recovery along with holistic training in dealing with debtors. Our experts have excellent negotiation skills, which they have honed through years of experience in these debt recovery cases. By hiring us, we can assure you that your debt recovery is in safe hands. Legal Protection The ambit of the Debt Collection Laws is very wide, and thus, complying with these rules and regulations is quite time-consuming, which leaves you with not enough time to focus on your business. Our experts are well-versed with these laws and regulations related to debt collection and recovery. We shall ensure that your legal actions are always within the legal boundaries. This shall safeguard your business and uphold your reputation as a responsible business as well. Time-Saving Time is the essence of business. The process of debt recovery is highly cumbersome. This would divert your attention from your core operations; hence, hiring a debt recovery agency would be the end of your business. By outsourcing this service, you will be able to focus on your core operations and help in taking your business to new heights. Courteous Communication How your business interacts with your debtors can greatly affect your business interests. A rude conversation may result in a bad reputation for your business. We at Enterslice understand the importance of maintaining professionalism in such interactions. Therefore, when you hire our services, you benefit from our communication expertise. This will also enhance the likelihood of success in debt recovery. Cost-effective We operate on a contingency fee basis, i.e. we only charge a percentage of debt recovered. Therefore, you end up only paying for the services that yield fruitful results. No Stress Accumulated unpaid debts can be a perennial source of stress for businesses. However, hiring us will provide you with peace of mind and assurance by knowing that your debt recovery is in the safe hands. You can focus on your business growth while our experts will work diligently to recover your accumulated debts. Debt Mediation and Debt recovery In cases involving debt and conflict, mediation can be quite helpful in coming to a resolution where both sides can concur and accept a settlement. Both parties must approach the mediation to come to a resolution. That does not imply being willing to give in and accept anything to solve the issue, nor does it imply refusing to accept even the smallest of concessions. The mediator should be able to assist the parties in solving a reasonably simple commercial dispute within one or two days, at the most, so that the negotiated settlement can then be swiftly implemented. The mediation process will thus include an agreement on the payment terms. Legal Methods for Debt Recovery Out-of-Court Settlement These include Alternative Dispute Resolution methods like Arbitration, Mediation, and conciliation. It is a quicker and cheaper way to resolve disputes and recover your debts in an amicable way. These are quasi-judicial proceedings governed under the Arbitration and Conciliation Act of 1996. Civil Remedy An aggrieved party can file a civil suit in any court which has the appropriate territorial and pecuniary jurisdiction. Criminal Remedy An aggrieved party can file an FIR at the local police station. Thereafter, a criminal case can be initiated against the defaulter in the appropriate court having the jurisdiction. Debt Collection Services Cash Flow Stability When invoices remain unpaid, and the debts accumulate, the cash flow of the business is disrupted, leading to financial strain. Thus, debt collection and recovery services are sine qua non for maintaining a steady cash flow in a business. By hiring our services, you can pursue delinquent debtors and negotiate with them to recover debts. This will help restore cash flow to the business and maintain financial stability. Minimize Loss Unrecovered debt can lead to financial loss for the company, which would further hamper the long-term growth of the business. We at Enterslice shall help you recover your debts promptly and to minimize your financial losses. Our expertise shall help implement proven strategies like negotiation to ensure that you get a substantial portion of your unpaid invoices. Maintaining Client Relationships Maintaining an amicable relationship with the client is essential for the success of your business. Our debt recovery experts at Enterslice act as a third-party intermediary between you and the debtor. You can avoid direct engagement with your debtor and maintain the relationship. Our debt experts will handle your debt collection and recovery with professionalism, ensuring the goodwill and reputation of your company Have sleepless nights due to debt accumulation? Request a call, and we will help you analyze and prioritize your debts and help you recover them amicably. On a Path to Excellence Consumer Friendly Approach Our professional agents hope to find an amicable solution for your unsettled account by communicating with your clients. Our professional agents will critically analyze the issues and will provide point-to-point settlement with precise solutions. Full Debt recovery Our debt recovery agents will bring their professional skill set to the process of debt recovery to provide a comprehensive way to increase the company's cash flow. We protect the business entity from going bankrupt by providing 100% debt recovery solutions to our clients. Bad Debt Recovery Our debt recovery agents will bring their professional skill set to the process of debt recovery to help our clients successfully get their unpaid debts back before the said debt converts into a bad debt and becomes unrecoverable. Challenges in Debt Collection and Recovery Lack of current information on debtors The lack of availability of accurate information about the debtor creates a hurdle in successful debt recovery and makes it impossible for debt collection agents to reach out to the debtors and recover the debt. Data Discrepancy The information most sought-after by the debt collection agencies is employment details and place of employment of the debtor. However, this information is not accessible and available in the public domain. Time-Consuming Due to too much information available in the public domain, it becomes time-consuming for debt collection agencies to sort the information and find the most relevant one. Absconding In case the defaulters abscond the country, challenges related to the international legal framework, extradition treaty, and foreign court orders arise. Ready to take the next step with us? Book a 1:1 call with us to discuss your issues. Laws governing Debt Recovery Indian Contract Act, 1872 The majority of the debt recovery cases in India are due to the dishonouring of contracts. Indian Penal Code The commonly used sections are criminal breach of trust under sections 405 and 406, cheating, and dishonest misappropriation of property. Negotiable Instruments Act The most commonly used section under this act is Section 138, which is for dishonour of cheques. SARFAESI Act This act has the aim of regulating the securitization and reconstruction of financial assets. Under this act, asset restructuring companies are established which buy bad loans or non-performing assets (NPAs). List of Do’s and Don’ts There are some lists of do’s and don’ts that you have to keep in mind before initiating a debt collection or hiring a professional for your debt recovery services Analyse and Prioritize your Debts Understand Your Rights and Options Engage a Debt Collection Expert Maintain Professional and Courteous Communication Decide if you want to seek professional help for debt collection Our Success Story One of the most attractive reasons to hire Enterslice for your debt collection and recovery services is our proven track record of success. We specialize in assessing your debt, tracking down the debtor, and recovering your unpaid debt with our level of expertise. Our debt recovery services excel in negotiating with the debtors. That’s why we have a higher success rate in recovering unpaid debts when compared with our competitors. We have an alliance with popular law firms in India and a high success rate in conducting debt recovery proceedings. Procedure of Debt Collection Assessing all the debts Our team provides end-to-end assistance to your company to calculate all your debts and give comprehensive details on the total receivable amount. Negotiating with the Parties We will then negotiate with debtors on behalf of the company and determine the facts that lead to the problem. We will aim to bring an unequivocal agreement with the debtor to avoid any future conflicts. Preserving Client Relationship We will recover the company's entire amount while maintaining mutual relations between the debtor and the business entity by eliminating any future rifts. Techniques for Debt Recovery Rescheduling the loan can be one of the techniques for debt recovery as it provides the borrower with a grace period to pay back the debt. This option can be adopted when the borrower doesn’t have any means to pay back the loan. Another technique is using persuasion and continuous follow-up with the debtor when the default is being made with mala fide intentions, and the borrower has the means to pay back the loan. Another technique to recover your debt is through an amicable out-of-court settlement. Debt recovery is also possible through a recovery agent who facilitates a successful debt recovery and, upon completion, receives a commission from the lender. Debt recovery through the disposal of collateral should be the last resort. Debt Mediation vs. Debt Collection Agency Within 90 to 120 days, you must choose between a professional mediation settlement to help you finalize an effective debt mediation settlement or engaging a debt collection agency for the recovery of debt. The approach of a debt collection agency is very different from that of a debt mediation service. To recover the dues, the debt collection agency pursues the borrowers and convinces them to pay their dues. On the other hand, a debt mediator acts as a middleman to sort out a debt dispute between the parties. The debt mediator shall reduce the due amount to a range that you and your customer can agree upon. Thereafter, the debt mediator shall arrange the amount to be collected periodically. Risk Mitigation and Legal compliance Debt recovery services have become an indispensable asset for businesses, irrespective of their sizes. Debt Recovery processes require a strict adherence to the various legal and regulatory aspects. Non-compliance with such regulations can lead to legal disputes, damage to the goodwill and reputation of the company, and, in some cases, legal penalties and damages. At Enterslice, we shall ensure legal compliance by staying up to date with the current rules and regulations, with the evolving legal structures, and also adhering to the debt collection regulations. Why choose our Debt Collection and Recovery Services? Get rid of your stress from debts by using our debt collection service Action on your problem related to debt recovery within 24 hours Commercial debt recovery and collection service Customized service based on the size and needs of your business Single contact point interface Maintaining and preserving relationship with your client Partnership with 50+ law firms 1000+ debt collection matters handled 98% of Clients Satisfied 10000+ client conversations 100+ Queries resolved by our team of experts Benefits of Debt Recovery Protects the business from going Bankrupt Professional service from a trained workforce Speedy and robust recovery process through authorized agents Preserves professional relationships Saves unnecessary expenses of the business
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