Personal finance: Down-payment requests for restructures...

Theda Muller

My voice has always been in favour of the consumer/debtor because of the negative ‘voiceless and faceless’ stigma attached to them due to the emotional fear they find themselves engulfed in when facing a debt-crisis.

During the remedial phase after a request is submitted a response from a creditor could be a down-payment requirement many times, where it seems that sometimes creditors are not serious with their intentions, except to secure the pending EMIs and then the case is just transposed to the next collector and the entire process must be activated again.

The question is why?

Why are debtors being exposed to this form of insincerity when they actually approached their creditors for reduced EMI’s due to their financial circumstances of being unable to meet all of their EMI’s, for whatever reason.

In spite of not having down-payment funds they find the money to complete the process and then once it is paid, nothing happens and the response a few times from creditors is that there was no promise or commitment from them that the restructure would be done or was approved.

How apt because simultaneously creditors convey this request or demand telephonically, so the debtor has no proof of this request and is left stranded to either comply with continuous EMI’s or face legal action where prior to this action, they face many harsh calls and this is unacceptable.

How do you the creditor assume that if you arrive at the debtors place of work, demand to speak with their manager or HR, that they will even have a job thereafter or do you simply not care?

Why is the fact that the debtor has not relinquished he’s responsibility because he has either approached you or a remedial company to assist him?

Which means that he has taken ownership and responsibility for he’s debt so then in turn he’s willingness to pay he’s debt, should be fully supported and reciprocated by the creditor.

This is the core reason why the debtor then in desperation approaches a remedial company due to the history so there is absolutely no need to victimize the debtor further by questioning him as to why he too this new approach, the justifications are crystal clear, i.e. they get treated as humans by remedial companies in a neutral environment which also includes debt and credit coaching and fully support.

Do you the creditor really understand how much more emotional turmoil you put onto this debtor or is it irrelevant and your justification that it is not your problem as he must face the consequences for he’s actions?

Let me remind you that’s an old story that will not resolve the problem so stop beating the old stories and look ahead at the future and how both of you can benefit from your consideration, after all the bank does not belong to your father, you are an employee so it is your moral obligation to protect the assets of your
organisation and that means you have a duty and responsibility to ensure all debts are recovered, regardless.

So the big question is why is it important to you to ignore the pleas of the debtors because yes, I know sometimes they break down over the phone or at your office due to emotional fear and uncertainty, but this falls on deaf ears and you have no idea how humiliating and degrading this is for any human being to face.

The other phenomenon is that your debtors are being sent backwards and forwards multiple times having to take off from work regularly to visit your office, putting their jobs on the line as calls are coming to the office.

Yet after all these attempts, they leave empty handed with no solution and finally, are forced to face legal action, or approach a remedial company for urgent help!
There is no job security in the world today, to keep our jobs we must operate with integrity, respect, honesty and sincerity to reach and help others or when they approach us, do our very best as it will cost you zero. So sincerely, there is absolutely no need to feed your ego at the expense of another human’s life, because that is what it is at the end of the day.

People who find themselves in a debt-crisis whether self-inflicted or not, need help, they need encouragement and full support and if you as the creditor see they are sincere then step out of your comfort zone and provide that assistance because it is your duty.

Serve and you will be served and then at the end of the day your organisation will benefit, so will you and the debtor and finally the country benefits too so the picture is not just your small ego that you inflated or your justifications for not helping, but the survival and growth of everyone.

Fundamentally as humans we are all the same, we have the same basic needs and emotionally we react the same, so the guy sitting in front of you begging for your help whilst you shout at him because you have an audience in your office, is just as human as you are and you have absolutely no right to play with he’s life when you are in the position to help him.

Learn that if you give you get back without even asking and if you save a life, let’s say out of 52 banks, 1 collections staff saves 1 life per day that’s 52 lives you have saved and multiply that by 23 working days you derive at 1,196 lives per month and that is only 1 life! Imagine if there were more, imagine how many jobs would be saved, how many children will be able to enjoy their family unit staying together?