Debt Free Solutions

Negotiates with the creditors to establish a Debt Management Plan (DMP) which offers reduced payments (EMI) and request the creditors to reduce interest and charges...is the process of restructuring of the debts so that the borrowers gradually overcome their debt burden and improve their money management skills

DEBT MANAGEMENT PLAN

This is one of the solutions that SingleDebt is offering by negotiating a payment plan that will let you pay off all your unsecured debts in one affordable rate. This is called a Debt Management Plan (DMP) as mentioned in RBI’s working article, which SingleDebt will set up and manage with all your creditors. This Debt Management Plan is for unsecured debts, which are debts that have not been secured against your properties or assets. Typical examples are personal loans, credit cards, education loan and bank overdrafts.

SingleDebt will establish the right amount of monthly payment in your consultation and if you decide to join us we’ll then propose with your creditors to accept affordable payments. From our experience, most creditors tend to agree with these as we explain your financial circumstances to them.

When you are struggling with debts, it’s often difficult to know what to do, what solutions are available and who to turn to for help. Making the decision to seek help is often the most difficult but also the most important step in taking back control of your finances. If you are struggling with unsecured debts (loans, credit cards, education loan, overdrafts), finding it more and more difficult to keep up with the monthly payments then a Debt Management Plan may be right for you. One of the key benefits of a Debt Management Plan is having all monthly payments consolidated into one single monthly repayment. It may also be possible to freeze interest and any other additional charges in some cases.

PARALEGAL

When an individual misses an EMI, creditor’s start their recovery process, which means that you will experience the following:

  • Constant telephone calls
  • Unsolicited visits to your 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 panel of Advocates will intervene when the creditors start using these tactics, to ensure that your rights are protected. We will also claim 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 you are receiving continuous abusive telephone calls, you can redirect those calls to our paralegal team who will answer them on your behalf. In cases of creditors visiting your home or place of work, you can redirect them to our Advocates and paralegals who will handle them on a legal footing.

LEGAL SERVICES

Our panel of Advocates can advise on legal Notices, closing salary bank account, stopping ECS, lien on bank account, arbitration hearing and orders, bounced cheques and Court hearings.

Our Insolvency Lawyers (IL) will set up and manage any unsecured debts under our debt plan, if that is the best option. The debt plan is 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.

If it is discovered that the creditors have not followed the RBI guidelines, there is irresponsible lending or the interest not correctly applied, then our IL will look at requesting writing off the interest and charges. The 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.

PERSONAL DEBT PLAN (PDP)

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 enrolling on to SingleDebt’s Personal Debt Plan (PDP) you will benefit from the following services once on the PDP:

  • EMIs consolidated into a Single Affordable EMI plan.
  • We will make you debt free by paying off one creditor at a time.
  • You can transfer all your creditor and collection agent calls to our para-legal team. They will act as a shield between you and your creditors so that you can focus on living a life stress-free.
  • Our team of Advocates will protect you from collection agents, you will see a decline in creditor calls and demand for payment.
  • Our Proficient team of lawyers will answer all legal notices and arbitration Notices from the bank (Lawyer charges are inclusive within your plan)
  • Bounced Cheques – if you have any of these, our Advocates will be able to protect you from criminal matters.
  • Our Financial advisors will thoroughly track all your loan transactions and check if the creditors have applied interest accurately on your loans. If we discover that the interest has been over-applied, our team of Advocates will fight for compensation on your behalf on a “No win, No fee” basis – this means that we will not charge you any fees unless we win compensation for you (25% of any compensation awarded).
  • Our Advocates will make sure that the creditors have correctly sanctioned your loans as per RBI guidelines and if they discover that this is not the case, then they will fight for compensation for you on a “No win, No Fee” basis.
  • If you stay on our PDP for more than 8 months, our Advocates will request your creditors to freeze all interest and charges, and if your 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 you every step of the way and our debt program allows you to live your life without the burden of debt hanging over your head.