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