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Thrilled to announce that SINGLEDEBT has been honored as the Best Debt Management Company at a prestigious award ceremony in Mumbai. This achievement reflects our collective dedication and commitment to excellence. Thanks to each contributor for their tireless efforts. Let’s use this as inspiration to reach even greater heights and set new standards of excellence. Cheers to our success and the promising future ahead! 🏆🎉

“One of the primary ways we assist our clients is through negotiation and mediation with creditors. We aim to reach mutually beneficial agreements that can prevent the need for litigation or insolvency proceedings,” said Harish Parmar, founder of SingleDebt.

The Year 2023 in the Banking, Financial Services, and Insurance (BFSI) ecosystem was more than a chapter of change; it was a narrative of resilience and foresight, a testament to the sector’s ability to not only navigate but also lead in times of uncertainty and opportunity.

Within India’s ever-evolving business landscape, micro, small and medium enterprises or small and medium enterprises (MSMEs/SMEs) are pivotal drivers in propelling the country’s economic growth.

In the changing world of business-to-business (B2B) transactions it is crucial to handle credit risks to maintain stability and foster long term partnerships.

As businesses increasingly rely on credit-based transactions it becomes essential to evaluate and address the challenges that arise from credit risks.


For both private individuals and commercial entities, debt may be a heavy burden. But owing to creative businesses in India, managing debt is now easier and more effective than ever. This article will look at five Indian firms that are redefining debt relief and giving consumers back control over their finances.

The closing of 2023 signals not just an end but a transition—a segue into what the future holds for diverse industries. From insurance innovations, financial inclusivity drives, digital payment revolutions to debt management dynamics, these companies paint a vibrant tapestry of aspirations and commitments that are set to mold the coming years.

India’s economy relies on SMEs, which drive innovation and jobs. Business-to-business (B2B) management remains a major issue for these organisations’ growth and viability. B2B debt is common in SMEs due to credit sales, late payments, and long credit terms with clients and suppliers. Loan agreements can boost growth and provide a company an edge, but they can also cause cash flow concerns that hurt operations and finances.

Bank of India report, 53 per cent of loans disbursed by NBFCs, and 10.8 per cent of the total amount disbursed, came through digital channels. In the case of banks, only 6.04 per cent of loans and 2.07 per cent of the total amount disbursed was through digital channels.

RBI Governor Shaktikanta Das launched the portal which has been developed by the central bank to help the public to facilitate and also make it easier for them to search their unclaimed deposits across multiple banks.

You can settle any type of loans — personal, auto, home, education, business or credit card debt. But it is of utmost importance to remain cautious of certain points while taking a decision on settling your loan as it will have a significant impact on your credit score and financial future. How one-time loan settlement works and how you can do it by yourself.

In this interview, SingleDebt Founder Harish Parmar spoke about the company’s personalized debt management strategies and transparent practices are transforming the financial stability of individuals and businesses.

The Reserve Bank of India (RBI) has issued comprehensive guidelines regarding penal charges in loan accounts in an effort to promote fairness, transparency, and accountability in the lending practices of financial institutions.

Peer-to-peer lending or P2P loan is a form of online lending that directly connects borrowers and lenders, cutting out the intermediaries like banks or financial institutions. This alternative financing model relies on digital platforms that match borrowers seeking loans with individuals or institutions willing to lend their money. In this way, P2P lending enables a direct interaction between the two parties involved.

WHEN ZESTMONEY STARTED in 2015, it aimed to make life affordable to large swatches of Indians who lacked access to structured loans with its buy now pay later (BNPL) products. The ease of availing these microloans made it popular, and it soon claimed to have a 17 million registered user base, with 85,000 retail touchpoints across India.
Debt consolidation is a common financial solution in India, but it can be a risky proposition if not done correctly. Harish Parmar, the founder of SingleDebt, a debt management company that helps people get out of debt, in an interview withBizz Buzz, discusses the legal options available to defaulters who are being pressured by recovery agents, and how people can protect their legal rights from collection agencies and harassment. He also spoke about the enormous illegal lending apps that have become a serious problem in India, and how we can best raise awareness about the risks of these apps
In ancient times, when people’s debts reached unmanageable levels and there was a danger of societal unrest, the king would forgive all debts and allow people to start afresh. Such amnesty schemes do not come easy in modern societies. And that is a problem in today’s world where high household debts can destabilise the economy.In fact, according to the Reserve Bank of India (RBI), the credit card outstanding rose by 29.6% to Rs 1.87 trillion
In summary, debt management firms in India are changing how people view and manage debt. These businesses offer ground-breaking remedies like debt consolidation, refinancing, individualized counseling, and negotiation services.

Many different aspects of your life might be ruined by the burden of debt. Your physical and mental health may both be impacted. Furthermore, it’s crucial to understand that continuing to be in debt can have legal repercussions that could devastate your entire life. The only way to prevent legal action against you is to settle your debts.

How will your case be handled in court if you don’t pay your debts?

Harish Parmar: My business idea was inspired by my extensive experience in marketing and financial services in the UK, which spans over 40 years. During my 30-year visits to India, I noticed that there was a gap in the Indian market for debt management services.

After offering debt management in India for five years, I observed that the way banks recover debt in India required a different approach, leading the business to adapt their services to better serve their customers.

Do you have a history of borrowing money from NBFCs and banks? If so, this helpful article will assist you in repaying your loan on time and preventing complications associated with loan default. Allow me to paint for you a picture of how to keep yourself away from defaulting on your loans. Debt traps, also known as loan defaults, are a highly prevalent occurrence in the modern world. Many people on the shore were having trouble managing their finances as COVID 19 had a negative impact. It was clear how significant a loan had become because it played a significant role in everyone’s life.

Harish Parmar is a Founder of SingleDebt, a Debt Management Solution Provider. He was born in Surat, Gujarat, India in 1954 and he is the oldest of four siblings.

In 1960, his family and Harish migrated to the UK, where he completed his education and earned a postgraduate degree from The University of Manchester Institute of Science and Technology (UMIST) in 1979. He is married and have two sons who are involved in his family business in India and the UK.

SingleDebt is a debt management firm that provides a cost-effective debt management solution. The programme is designed specifically for individuals who are struggling with debt and searching for a trustworthy method to pay it off. The name represents a vast array of reasonably priced, skilled, and complete services.

Debt is basically a financial term which is used to explain when a person has borrowed money from another person, party, banks institution who is known as a lender. A Loan or a Mortgage is also considered as debt. And when the loan is not repaid it is considered as a Bad Debt. Debts are usually not being paid on time is because of shortage of funds.

Given how often consumers enjoy using their credit cards to pay for vacations, cell phones, and other items that could have been purchased with wise investments, it turns out to have a catastrophic after-effect. A heap of debt follows. In India, a growing number of people are turning to debt management plans as a solution as they drown in debt, deal with obnoxious harassment, and have their credit scores negatively impacted. Through a variety of tailored plans and, occasionally, by providing solutions, debt management plans to assist in reducing the risk of default. Millennials can benefit from some debt management platforms, including:

Most people are borrowing to finance their consumption needs. While banks and financial institutions increased their focus on retail lending in the last decade amid a softening interest-rate regime, the present era of rising rates may throw some challenges. NBFCs may find it difficult to replicate past growth, and borrowers will now be laden with high-cost debt.
Most people are borrowing to finance their consumption needs. While banks and financial institutions increased their focus on retail lending in the last decade amid a softening interest-rate regime, the present era of rising rates may throw some challenges. NBFCs may find it difficult to replicate past growth, and borrowers will now be laden with high-cost debt.

Debt. Trap: People today have easy access to credit cards, overdrafts, personal loans, car loans, home loans and other source of funding. The lack of financial discipline often pushes people into debt as they take multiple loans from various sources. If they miss paying their even one EMI, it can cast a slur on credit score.

Managing Debt effectively: 5-point guide to reduce your loan tenures – Create a budget by adding up your essential living costs like food and housing and taking these away from any income such as your wage or other incomes you receive.

Managing Debt effectively: 5-point guide to reduce your loan tenures – Create a budget by adding up your essential living costs like food and housing and taking these away from any income such as your wage or other incomes you receive.

Demand for senior professionals in compliance, risk, finance and legal has witnessed a massive surge in the past one year, with frequent tightening of rules leading to the need for higher levels of scrutiny and compliance.

We frequently choose to utilize a credit card when we have an urgent financial requirement, mainly due to us not having the funds at that moment. We may also be using our credit cards to meet our monthly bills, which is good as long as we are able to pay the outstanding in full before or on the date it is due.

Over the previous decade, both the number of borrowers and the total amount borrowed have climbed. Millennials support their expensive lifestyles with short-term loans and credit cards. Since the emergence of simple loans through internet lending organisations, this tendency has gained popularity. People are falling into huge financial messes as a result. SingleDebt has voiced worry that this systematic debt trap has become a normal part of life.

Excerpts of the interview with Harish Parmar, Founder of SingleDebt, first and only company in india to offer affordable debt management solution and legal services for debtors. Harish Parmar shares with TechStory the story of SingleDebt and importance of imparting financial knowledge.

In the interview, he also shares his opinions and concerns regarding increased number of illegal loan activities and debt trap.

Debt is a problem we all deal with in one way or the other. Sometimes our debts take over our lives and we begin to sink in them. Finally we reach a stage where we cannot pay back in time.

Some people brazen it out while others contemplate the extreme measure of taking their own lives.

Mirror delves into the often-seedy world of ‘vasooli’ and finds many tales of lives destroyed by recovery agents unafraid of using tactics that border on extortion and even torture.

I am extremely sorry to those I have hurt knowingly or unknowingly. I am trapped in bad debt and at present I don’t have any money to repay. I have decided to end my life.

We took the initiative to spread their words on awareness about Debt Management Solution in India as per RBI guidelines and the illegal harassment by creditors in India.


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