Why Introduce Business to SingleDebt?
SingleDebt is the only company in India that provides debt solutions to individuals and businesses. Doing the Right thing is vital for your clients, and this starts with them being able to get “whole of market” advice on all the options available.
- Informal arrangements including debt management solutions
- Stopping creditor harassment
- Full legal service to protect them from creditors legal actions
- Full and final settlements & foreclosures
- Options for MSME
- Business2Business debt collection
Referring Clients to SingleDebt
Our team of dedicated and knowledgeable advisors & Advocates will look at every single referred case, regardless of the complexity of the situation, so you know that your clients are in the most capable hands.
There are a range of “Whole of the Market” solutions to tackle debt problems
Download our Channel Partner Brochure
As a trusted partner, our deep expertise, and capabilities in helping and finding solutions for debt problems for your customers will enable our sales teams to increase your revenue. Find out more by downloading our Channel Partners Brochure.
- We are the only organisation in India providing debt & legal services for business & individuals. That means you can select a unique blend of relevant services to serve your customers.
- In this Covid era more businesses and individuals are in debt and just need time to manage them, under our “Breathing Space”, our Advocates will be able to buy them some time to get the advice they need and find an appropriate solution.
- We provide you with a dedicated account manager who'll work alongside your people to help drive routes to market.
- Our pricing structure will enable partners to service opportunities quickly and efficiently.
- Our commitment to delivering service excellence, reflected by our customer’s & Google reviews.
- As part of our growth strategy, we are looking for channel partners, for both new and existing introducers so why not get in touch to see how offering a helping hand to your existing customers could find you with another stream of revenue.
Debt Management
This is a blend of specially designed financial and legal services for those individuals who are struggling to keep up with their debt repayments (EMI), but who can afford to consistently pay smaller amounts over a longer period.
By your customers enrolling on to Single Debt’s Personal Debt Plan (PDP) they will benefit from the following services once on the PDP:
- EMIs consolidated into a Single Affordable EMI plan.
- They can transfer all their creditor and collection agent calls to our para-legal team, they will act as a shield between them and their creditors so that they can focus on living their life stress-free.
- Our team of Advocates will protect them from collection agents, they will see a decline in creditor calls and demand for payment.
- Our Proficient team of lawyers will answer all legal notices and arbitrations from the bank (Lawyer charges are inclusive within your plan).
- Bounced Cheques – if they have any of these, our Advocates will be able to protect you from criminal matters.
- Our Financial advisors will thoroughly track all their loan transactions and check if the creditors have applied interest accurately on their loans. If we discover that the interest has been over-applied, our team of Advocates will fight for compensation on their behalf on a “No win, No fee” basis – this means that we will not charge them any fees unless we win compensation for them (25% of any compensation awarded).
- Our Advocates will make sure that the creditors as correctly sectioned their loans as per RBI guidelines and if they discover that this is not the case, then they will fight for compensation for them on a “No win, No Fee” basis.
- If they stay on our PDP for more than 8 months, our Advocates will request their creditors to freeze all interest and charges, and if their financial position improves then we can arrange a settlement with a discount of 50% to 70%, either on a one-off payment or a term payment over 12 months and with credit clearance. We will advise the best time to do this.
As you can see, we protect them every step of the way and our debt program allows them to live their life without the burden of debt hanging over their head.
Stop Creditors Harassments
When your customers miss their EMI, then the creditor’s will start the recovery process, which means that they will experience the following:
- Telephone calls
- Visits to their home and place of work
- Legal Notices
These acts of recovery are within the RBI guideline, but in most cases from our customers experiences, we have discovered that the creditors do cross the legal line and start using harassment and intimidation tactics.
Our Advocates will intervene when the creditors start using these tactics, to ensure that your customer’s rights are protected. We will also fight for compensation if the harassment does not stop, on a “No win, No Fee” basis – this means that we will not charge them any fees unless we win compensation for them (25% of any compensation awarded).
If your customers are getting continuous abusive telephone calls, then they can redirect all their calls to our paralegal team who will answer them on your customer’s behalf. In cases of creditors visiting your customers home or place of work, then you can redirect them to our Advocates and paralegal who will deal with them in a legal matter.
Legal Services
Our Advocates can advise on legal Notices, closing salary bank account, stopping ECS, lien on bank account, arbitration hearing and orders, dishonored cheque and Court hearings.
Our Insolvency Lawyers (IL) will undertake the setting up and management of any unsecured debts under the PDP, if that is the best option. PDP is a program supervised by the IL, in which all the unsecured loans are evaluated, by undertaking a full “financial health audit” on all the unsecured loan accounts.
A “financial health audit” is a process whereby all the unsecured loan agreements are analyzed to ensure that the creditors followed all the RBI guidelines prior to sanctioning the unsecured loans, including irresponsible lending and also that the interest was applied as per the terms and conditions of the loan agreement.
If it is discovered that the creditors had not followed the RBI guidelines or there is irresponsible lending or the interest not correctly applied, then our IL will look at requesting writing off the interest and charges. IL will also investigate the possibility of converting a high interest loan like a pay day loan or a credit card debt into a low interest term personal loan or a secured loan.
We also provide Insolvency services as under the Insolvency Law which governs aspects of financial debt. Insolvency occurs when a company is no longer able to pay the debt due. The two main types are that of the inability to pay the debt when due and are thus related to cash flow problems and balance sheet insolvencies when the liabilities of a company far exceed the assets.
According to Insolvency Law, a company that has illiquid assets and thus a positive balance sheet, but is unable to pay the short term debts is thus in a cash flow insolvency state. When a company’s assets fall into a negative state where the liabilities become more than the assets, the company can still have enough cash flow for day to day running, but not to pay off the long term debt.
With the numerous insolvencies that have occurred over the past few years, the focus has shifted from liquidation of assets to assistance of businesses in financial trouble. The reason is simple. Not only the business, but its suppliers, clients, shareholders, and employees are all affected. To minimize the effect is better and as such debt restructuring steps can be taken to help rehabilitate a company. Single Debt can assist your customers with all their Insolvency Law needs.
Settlements & Foreclosures
When your customers are considering a settlement to repay back their current loans, then there is an option that they can consider one time settlement (OTS) on their current loans or debts.
One of the great truths in business is that everything is negotiable. Even when the price or terms of something seem set in stone, getting a discount is often as easy as knowing whom to ask and how to ask for it. We at Single Debt have good working relationship with all the major creditors.
When it comes to the balances they owe on their business loans and credit cards, for example, there might be an opportunity to negotiate what they owe. Our financial advisors and advocates can cut their balances by as much as 50% to 70%.
- Debt settlement is an agreement between a lender and a borrower to pay back a portion of a loan balance, while the remainder of the debt is forgiven.
- Our advocates will legally check the settlement and foreclosure agreement on their behalf, so that it does not adversely affect their credit score.
- They may need a significant amount of cash at one time to settle their debt or we can arrange a term settlement and foreclosure over a negotiated period and in some case with a credit clearance (removal of this entry from your credit file).
- Our financial and advocate debt professionals will be able to negotiate a better deal.
- In some cases, we can also arrange a moratorium period before they start repaying back the loan or settlement.
Options for MSME's
We offer business loan and debt restructuring as per RBI and Indian Government – Ministry of Finance. This will help those businesses that want to reduce their EMI, thus improving their business cash flow, without taking out further loans.
Considering the importance of MSMEs in the Indian economy and for creating an enabling environment for the sector in its efforts towards formalisation, a one-time restructuring of loans to MSMEs that were in default but ‘standard’ as on January 1, 2019, was permitted without an asset classification downgrade. The restructuring of the borrower account was to be implemented by December 31, 2020,” said RBI in a statement.
Restructuring and Debt restructuring is a process that allows a business that is facing cash flow problems and financial distress to reduce and renegotiate its loans and delinquent debts to improve or restore liquidity so that it can continue its operations.
In this case restructuring would extend the term of the loan, so reducing the monthly EMI and increase working capital.
Our financial advisors and advocates can negotiate a business loan and debt restructuring on all your business loans, reducing your monthly business EMI by 40% to 60%.
Legal services – Our in-house Advocates are well versed in MSMED Act 2006, to safe guard your business and ensure that your rights are up held. Our paralegal team will also help businesses and individuals who are undergoing harassment from creditors by handling all their creditors calls and answering them on their behalf, thus reducing the stress so that they can concentrate on their business.
Business Rescue - Breathing Space
If you think your customer’s business is insolvent or has insufficient cash to pay its debts, but believe their business has a future, they just need some debt relief and breathing time to pay your debts.
The most common and effective Business Relief Solution is our Company Informal Debt Arrangement program (CIDA).
Most businesses just need the breathing space to rebuild without being put under unduly pressure from their creditors.
Under the CIDA program, you can achieve the space required to get your business back on track.
Under the Company Informal Debt Arrangement, you will benefit from the following:
- A flexible debt repayment arrangement, offering protection from creditor harassment and potential legal action.
- A legal team dedicated to protecting your company from any pending legal action.
- Your business can continue its operations allowing you to improve overall financial health.
- Debt repayments are consolidated into a single monthly payment that will be distributed to your creditors on a pro-rata basis.
- Increased working capital as cash flow improves under the CIDA program.
- Can be cheaper than other insolvency options since our program does not involve going to court unless challenged.
- Your current business situation will not be advertised publicly.
- Creditors will have the reassurance that their debt will be repaid.
- The CIDA program can prevent a winding-up petition from taking effect if action is taken quickly enough.
- Your business may still be able to trade with creditors even under different payment terms.
Business Debt Collection
If your customer has poor cash flow because they are not being paid on time, this can seriously affect their business. An effective debt recovery plan can be vital for their business to survive. Our team can effectively and efficiently undertake debt collection and enforcement of all types of debt under a “No collection, No Fee” basis service, (this mean that we will undertake any Debt collection and will only charge a fee if we are successful in collecting your outstanding Debt. The Client will pay fees on monies recovered at a rate agreed otherwise at a rate of 25% plus Taxes where applicable).
Many companies are frequently confronted with debt collection cases. Despite having delivered your goods or providing the services, their customer has not paid their invoices.
Dealing with debtors can be very stressful for clients, not to mention the time it can take to recover the debt. We takes the stress away from business owners and allows them to refocus their attention back on what they do best, growing their business.
We pride ourselves on our professionalism and how we handle our cases. Where possible, we will always attempt to resolve cases through negotiation, however, should you need to pursue the legal option, we have our in-house Advocates who will issue legal Notices and start Court action to recover their hard earned cash. From our experience when your client is approached by an Advocates, they will feel pressurised to pay, which will increase the chances of payment considerably.
We provides a fully comprehensive debt collection service that uses the most advanced techniques to trace debtors who has absconded with your money.
We provide a “No Collection, No Fee” service, so contact our team to see how we can help.
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