You cannot be Barbie one day and Ken the next. When you don’t know authentic Remedial, stick to your Collections domain as you are confusing end-users…
The human being is so accustomed to simply ‘jumping on the bandwagon of what they perceive to be the next best thing to ice-cream in a downturn segment’, being totally unconscious that they are confusing end-users facing a debt-crisis, as they are not resolving the entire problem, i.e. reducing the end-user’s DBR (Debt Burden Ratio).
What they are offering is only a temporary solution for now because next month the end-user will default on their EMI’s (Equated Monthly Installments) as they still have a high DBR, where only 1 account has been restructured. Does this make sense to you?
Secondly, for decades you are filing legal action against debtors, so what makes you assume that you can now gain their trust by presenting yourselves as Remedial Agencies when you are pure Collections?
This is a serious issue as it pertains to debtors losing hope that they will ever find a solution to repay their debt with peace of mind. Nobody has the right to grant themselves the opportunity to play with lives simply because there’s a buck to be made right here and now for one account. Who actually cares about the remaining, or is it irrelevant?
Authentic Remedial companies take their business seriously, because they have taken the time to evaluate the complete solution, put policies and processes in place to ensure they derive at the debtor’s solution apt for their situation.
They hold the debtors hand from start to finish, incorporating dire debt and credit counseling, So Remedial companies do take exception when next month the debtor cannot meet that specific EMI, then one of many actions are taken by these agencies:
1. Continuous harassing over the telephone, more than multiple times a day;
2. This includes incessantly calling wives at home who are not employed;
3. Calls to the debtors HR Manager to report this default, which is only one month
4. Threatening to bounce their guarantee cheque and take legal action;
So what happened to the Remedial applied the previous month?
When you are not equipped to render the most professional service where it involves the well-being of an individual’s life, regardless if the situation was self-inflicted or not, then simply don’t go there as it is not in your best interest to do so. You have a Collections licence to stick to what you know, not the perceived ‘gravy train’.
Too many debtors are told ‘why do you go to the Remedial companies, why don’t you come directly to us?” Really? So how are you giving value? The issue is that they did approach you and were treated harshly, so they sought a neutral environment where their entire full circle of debt would be evaluated and processed under Remedial policies. It’s really logical and simple to fathom, not rocket science.
Remedial surfaced a few years ago as the most logical solution to a debt-crisis so it is not taken lightly, as a shield for debtors as they too have a reputation to uphold. So not every case is approved for Remedial as stringent due diligence is applied for every case. We don’t just grab someone off the street, make empty promises then just drop them like hot-cakes, it’s not how it works or how Remedial companies operate.
In this transformational world we exist, it is law that if we have the opportunity to reach and touch a life then it is our moral duty to do so, as we don’t know if our own bucket can fall out from underneath us tomorrow morning and it happens. Never assume that it can’t happen to you, because nobody is infallible or immune as debt does not distinguish, just like poverty, it grabs you at the most inopportune moment when you least expect it.
I have lived here long enough to see the wheel turn for many, so bear in mind, next time you make promises to a debtor, ensure you can resolve all their problems, not just one. If you don’t know how and you are ill-equipped with the Remedial knowledge and experience, then leave it to the experts as there is no time to waste anymore.
Successfully assisting and supporting debtors facing a debt-crisis, means you have helped them, you have also helped yourself to retain your job, you have helped your organization to protect and retain their assets and you have supported a country to continue achieving their growth objectives.
So really, it is a full circle without you even realizing it!