Successful Debt Collection Techniques In Banking

by Karthik
(Chennai, Tamilnadu, India)

If the customer has got any owned property, we mortgage the property and close the unsecured loan so that he is benefited by paying a less amount for a same value and for us the unsecured loan is now secured.

Our bank uses the legal tool to a greater extent. We file the check bounced cases at various locations in our country so that the customer will settle our accounts as soon as possible.

If the customer is really genuine and if he is facing problems in paying the current emi's, we do a rewrite on the account to a lower emi once he repays us back the overdue amount.

One customer has a loan and a card with us and he has lost his job some months back. Now he has got a job but the problem is he is going there for a lesser salary. This customer was requesting us to reduce his emi in both the products. We have rescheduled his loan and card so that this has reduced his burden by 50% and now he paying us very regularly.

Another customer of ours , and who had no intention to pay us, has a heavy political background. We have filed check bounce cases against him in various parts of the country where he faced problems in attending each of the court notices.

He came down for a settlement where he settled his account without any waiver and cases against him were withdrawn with a immediate effect.