Debt Recovery from individuals and corporations- Overview Nowadays, many companies and individuals suffer from financial burdens caused by rising bad debts. We at Enterslice provide you with a complete spectrum of legal services in pre-litigation, insolvency, litigation, and arbitration of claims related to debt recovery from individuals and corporations. We aim to recover the dues for our clients within the shortest timespan or to negotiate with the debtors and make them agree on an acceptable amount to both parties. This would help our clients recover their debts without taking recourse to litigation. In your journey to successfully recover your debt, our experts shall help you recover all your outstanding dues while you focus on your business and individual growth. Overview of Debt Recovery in India Debt Recovery in India is a cumbersome process and a sine qua non for the enforcement of commercial contracts. There are umpteen methods for recovery of debts from individuals and corporations depending upon the nature of the debt and terms and conditions attached to the original debt. There are some factors to consider, for instance, if the debt remains unpaid due to the debtor's mala fide intentions and the debtor's capacity to pay back the debt. There are several reasons for individuals and companies to become delinquent in paying their debts. This could be due to poor health, no job, etc. Therefore, in order to recover debt, it is necessary to have accurate debtor information along with the latest technology and tools. Debt Recovery with Enterslice Hassle-Free process We help you with effective debt recovery through legal and regulatory processes. Cost Effective Debt Recovery with Enterslice is one of the cheapest options compared to litigation. Footprint We have a national footprint with offices in major metro cities in India. A Collaborative Approach to Debt Recovery Cost-Effective and Confidential Debt recovery is frequently less expensive compared to pursuing litigation, which can require significant legal fees and court costs. Also, your sensitive financial information will stay safe with our team. Tailored Solutions Our team enables the development of innovative, specialized solutions that are adapted to the unique characteristics of the debt and the parties concerned. Faster Resolution As opposed to drawn-out court proceedings, which can take months or even years, debt disputes can be settled very quickly through debt mediation. A mediator helps creditors and debtors come to a debt settlement that is agreeable to both parties. Preserving Relationships By encouraging open conversation and cooperation between the parties, our debt recovery team aids in the preservation of relationships. Businesses wanting to retain long-term consumer relationships may find this to be particularly crucial. Enterslice’s Approach to Debt Recovery Our debt recovery experts at Enterslice work diligently to provide you with an excellent service package for your debt recovery. Our approach for the debt recovery has been mentioned hereunder for your perusal- Debt Recovery while preserving the client base As your debt recovery agents, we wouldn't advise you to threaten your debtors, as this might lead to your clients switching to another supplier. Thus, we advise you to follow a softer rehabilitative approach rather than an aggressive one. Recording the conversation of the debtor While dealing with the delinquent debtors, make sure to record their conversations and to keep track of their obligations. Taking a Smart Decision While you decide on how to collect your accumulated debt, it's important to do a cost-benefit analysis and compare the cost of debt collection with that of debt recoverable. Different Clients, Different Approach The one-size-fits-all approach should not be followed while doing debt recovery because there may be some of your clients who don't have a mala fide intention and are rather unable to pay due to some personal financial difficulty. Client Cooperation In the initial phase of debt recovery, we cooperate with the clients to reach an amicable solution and even consider the option of debt mediation. Prioritizing Collections We focus more on the large invoices since the return on investment is large on those. Fair debt recovery We use client-friendly and sympathetic techniques to recover debt and ensure you of no client harassment. Regularly calling debtors We regularly engage with the debtors to remind them of their debts, along with follow-ups. Different communication strategies for different customers Contact mediums like telephone conversations or emails/SMS must be tailored to each customer's profile. Analytical Tools We use AI-based predictive modelling systems to decide the most appropriate debt recovery strategy for the debtors. Multiple payment modes We offer the debtors multiple payment modes to expedite the process of debt recovery. AI Chatbots AI chatbots can be used to reach out to debtors rather than engaging in repeated threatening phone calls. Our Commitment to Reliable Services Prioritising Ageing Accounts This necessitates knowing the ages of the accounts and the outstanding balances, which are frequently forgotten. Even for those who pay on time, reaching out to everyone in a blind manner might lead to unnecessary tension. Utilizing AI-based collections software to streamline this process allows collection analysts to prioritize calls to maximize productivity. It helps in the prior analysis of the details and payment terms. Customized Remembrance Messages We provide our customers with reminders by email and follow-up. We understand the particular situation and are determined to work with you to find a proper solution to the debt issue. So, our personal touch in the process might be beneficial for you in the future to avoid these issues. Litigation Support As our clients start the debt recovery procedure, we offer them ongoing litigation support. We establish channels for customers to contact the debtors with questions or grievances and then promptly resolve them. We regularly assess the clients' progress, provide them with updates, and motivate them. We construct a strong client relationship by putting your commitment to their development and increasing the likelihood of good outcomes. Legal Methods of Debt Recovery You may initiate criminal legal proceedings in the court against the defaulter. The aggrieved party may file cases under Section 406 (Criminal breach of trust), Section 417(Cheating), Section 420(False inducement for delivery of property), and Section 426(mischief) of the Indian Penal Code in order to recover their debt. Under Order 37 of the Civil Procedure Code, a creditor may file a summary suit whereby, in the absence of the defendant within 10 days of initiation of the suit, the court may decide the case in favour of the plaintiff. Additionally, you may also institute a case before the appropriate court jurisdiction under the Commercial Courts Act, 2015. You may also recover your debt arising out of a commercial agreement through the method of arbitration. Arbitration resolves disputes quickly when compared with litigation. You may also initiate proceedings under Section 138 of the Negotiable Instruments Act, 1881 in case of a cheque bounce and recover your money arising from payment instruments like cheques and bills. Types of Services by Enterslice Our successful debt recovery services have been testimony of our growth. We offer the below-mentioned debt recovery services to our clients- 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. 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. Pre-Litigation Support- Our debt mediators can help you negotiate a debt settlement agreement in your favour for your debt recovery. 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 and recover your debt. Sending Notices- Throughout the delinquency, we shall help you by sending default notices to the debtor and tracking those notices. Securities Enforcement- We shall help you initiate an application before the relevant legal forum for the enforcement of securities under SARFAESI. 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. Insolvency Services- We will recover your bad debts to increase the business cash flow. As a professional debt recovery service provider, we are well-positioned to file claims against bankrupt debtors worldwide on your behalf. Legal Nuances of Debt Recovery The ambit of the Debt Recovery 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. Debt Recovery processes require 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. 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. Strategically Planned Debt Recovery Courteous Communication- We at Enterslice understand the importance of maintaining professionalism in debt recovery 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. Stress-Free- 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. Debt Recovery with Enterslice 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 Recovery experts of Enterslice shall help you find an amicable solution for your unsettled debt by providing tailored debt recovery solutions for you. Our consumer-friendly approach is what makes us different from others. Recovering Dues Our debt recovery experts will apply their professional skill set to the debt recovery process to provide a comprehensive way out to your accumulated debt recovery. After the successful debt settlement between the debtor and the creditor, we shall deliver the settled amount to the creditor’s bank account. 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. Recovering your Debt Legal Way If someone you owe money to has not returned the money as per the terms of the agreement, then you may file a civil suit for recovery of your money, or you may file a claim in the debt recovery tribunal. Demand Letter However, before resorting to any kind of legal action, you must send a demand letter to the debtor asking for the return of the debt. You must not forget to mention the debt amount owed to you in the demand letter. Law Suit You may then file a lawsuit in the court of appropriate jurisdiction if the debtor doesn’t respond to your demand letter within a reasonable amount of time. Our proficient lawyers at Enterslice shall help you by sending a legal notice and a demand letter to the debtor in case you decide to avail of our debt recovery services. Methods for Debt Recovery Direct engagement with individual or company You may directly contact the individual who owes you money. However, be very mindful of your language and tone while communicating. Debt Mediation and Settlement If you want to do an amicable out-of-the-court debt settlement while avoiding recourse to litigation, you may hire a debt mediator who shall negotiate on your behalf to arrive at a mutually agreeable solution. Debt Recovery Agent Some debt collection agencies appoint a debt recovery agent to recover your debts from your debtor. They charge their fees based on the amount of debt recovered. Litigation This is the method of last resort when you can't reach an agreement with the opposite party. However, it's advisable to consult a legal practitioner before filing your claim in the court or tribunal. Laws governing Debt Recovery Securitisation & Reconstruction of Financial Assets & Enforcement of Security Interest (SARFAESI) Act, 2002 This legislation allows banks and financial institutions to recover an unpaid loan by auctioning the assets of the debtor. Recovery of Debts due to Bank and Financial Institutions (RDBFI Act), 1993 This law created Debts Recovery Tribunals and Debts Recovery Appellate Tribunals to recover bad debts. Insolvency and Bankruptcy Code, 2016 (IBC) This legislation aims to consolidate the different laws relating to the recovery of debts and the procedure for declaring insolvency by a debtor. The IBC has also differentiated between different types of creditors, namely, financial and operational creditors. Enforcement of Security Interest and Recovery of Debts Laws and Miscellaneous Provisions (Amendment) Act, 2016 (ESIRDA Act) This law amends multiple provisions of the SARFAESI Act, RDBFI Act, Stamp Act, and Depositories Act. The law also rearranged the hierarchy of debt tribunals. Benefits of Debt Recovery There are many benefits of recovering debt from individuals and corporations as these accumulated unpaid debts have a spillover effect and affect the economic health of the nation in the long run. Some of the benefits of the debt recovery are listed below- Preserves professional relationships Saves unnecessary expenses of the business Protects the business from going Bankrupt Professional service from a trained workforce Speedy and robust recovery process through authorized agents Debt Recovery Services for Businesses In this thriving competitive business environment, debt recovery services have become of paramount importance and sine qua non for all types of businesses, irrespective of their size. These services have been able to ensure the stability of cash flow, minimize financial loss, preserve client relationships, ensure legal compliance, give access to expert advice, time and resource optimization, ensure long-term success and growth of the business, and improve the financial health of the business. Procedure of Debt Recovery Assessing all the debts Our team provides end-to-end assistance to companies 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. Challenges for Debt Recovery In the era of the right to information and right to privacy conundrum, there are many challenges that we must take into account while carrying out debt recovery. The lack of availability of accurate information about the debtor is one such hurdle. The information most sought-after by the debt recovery agencies is employment details and place of employment of the debtor. Due to too much information available in the public domain, it becomes time-consuming for debt recovery agencies to sort the information and find the most relevant one. In cases where the defaulters abscond the country, challenges related to the international legal framework, extradition treaty, and foreign court orders arise. Debt Recovery from Individuals and Corporates Our recovery service will provide commercial recovery of debt from businesses and corporates. 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. Our recovery service will also 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. Our Successful Journey We have a high success rate of debt recovery from individuals as well as corporates. Our years of experience with different businesses have given our debt recovery experts in-depth knowledge about the services. Our personalized end-to-end assistance will provide you with a hassle-free debt recovery experience. Apart from that, we also offer tailor-made deb recovery packages as per your business debts. Why choose our Debt Recovery Services? Get rid of your stress from debts by using our debt collection service- We specialize in all kinds of debt disputes. High success rate A panel of highly experienced debt recovery experts Free consultation on the telephone Tailor-made debt recovery plans 1000+ debt recovery matters handled 98% of Clients Satisfied 10000+ client conversations 100+ Queries resolved by our team of experts Maintain client relationship 100% debt recovery solutions for our clients Speedy debt recovery process through professional experts 100+ genuine testimonials List of Do’s and Don’ts Analyse and Prioritize your Debts Understand Your Rights and Options Engage a Debt Recovery Expert Maintain Professional and Courteous Communication Decide if you want to seek professional help for debt recovery Utilize technology to improve debt recovery Use Industry-specific solutions Use data analytics to understand customer behaviour. Use big data to develop effective recovery strategies Use AI tools to reach customers Offer multiple payment options Effective communication strategies for customers Automate recovery processes Customer-Oriented Approach for Debt Recovery Renegotiate the debt Regularly call debtors Recover debt fairly Prioritize collections Cooperate with the clients for a solution Never threaten debtors Contact delinquent clients Communicate properly with clients Sending demand letters to delinquent customers Collecting accurate data about customers
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