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This case study explains how Credgenics helped a leading NBFC which used manual methods for legal collection and helped them in automating with a focus on tracking and keepingan eye on debt recovery case manage-ment activities.
Credgenics Litigation Management System, is a leading and advanced solution that offers a comprehensive 360-degree strategic and data-driven approach to optimize litigation tracking, reporting, and analysis for recoveries.
This blog highlights the importance of Online Dispute Resolution (ODR) in Indian debt recovery. The blog outlines ODR methods such as arbitration, mediation, and negotiations, highlighting its advantages like automation, cost-efficiency, and data security.
Credgenics Settlement Portfolio Management offers comprehensive end-to-end debt settlement capabilities for collections teams, including tracking and approval of settlement status for Field Operations (FoS), recovery, and calling agents.
Credgenics Legal Notices Management integrates physical and digital notice automation, enabling collections and legal teams to expedite recoveries by blending digital and physical strategies, resulting in lower costs and extended reach
The blog outlines stages, communication modes, and possible outcomes for each legal action, helping readers understand the debt recovery process in detail. The blog also emphasizes the importance of timely actions and legal procedures in the debt recovery process.
This blog explains debt arbitration, why creditors choose settlements, and its impacts on borrowers, including credit scores and potential tax implications. The blog discusses on why combining measures like arbitration with existing debt collection strategies can aid businesses in challenging times.
The blog covers discusses on how Mediation,offers an alternative to debt collections litigation. Mediation can be a great tool in debt recovery as It helps clear case backlogs and provides timely and cost-effective resolution while safeguarding parties’ interests and maintaining confidentiality.
Litigation Management System facilitates the efficient administration and monitoring of collections litigations involved in recovering the outstanding debts. The LMS for debt collections caters to the needs of legal firms, collections and legal teams of banks and other financial institutions to minimize bad debt write-offs, fast-track recoveries, and reduce the cost of collections.
Case management is instrumental for lenders in India as it ensures effective debt recovery, compliance with regulations, organized data management, improved customer service, risk mitigation, and cost reduction.
A robust loan collections Litigation Management System streamlines case handling by storing and reminding of crucial dates, centralizes tracking for easy access to hearing dates and case history, and manages expenses, preventing budgetary confusion. It also enhances communication and collaboration between legal and collections teams, ensuring everyone remains well-informed and enabling swift actions, such as issuing notices, customizing pre and post litigation workflows.
The initial step is to dispatch a legal notice, which can be either physical or digital, to the borrower. This notice requests the borrower to make the payment within fifteen days from the date of receipt. Digital notices can be monitored through click and open rates, while physical notices can be tracked via integration with Indian postal services. If the borrower fails to make the payment within the specified period, a case can be initiated under Section 138 of the Negotiable Instruments Act or Section 25 of the Payment and Settlement Systems Act. Debt recovery through court proceedings is also an option, although it is time-consuming and resource-intensive. Outside court settlements may involve tools such as Online Dispute Resolution with Debt Arbitration and Mediation.
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