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Changing trends in the financial
world have shown that the growth of private money lenders has been
extremely quick and is still increasing. Similarly, the amount of
those who opt to borrow from private lenders has also grown to a
great extent. There are a number of reasons why the borrowers choose
to borrow money from private lenders. However, according to Syndicate Finance complaints, there are huge amounts of issues faced by money
lenders and these relate to debt recovery. The recovery is a process
where the lenders get their money back from the borrowers, but the
lenders often find themselves struggling with varied issues when it
comes to getting the money back. In order to be able to find
solutions to the problems it is essential to list them out one at a
time and see how the solutions work out.
One of the most prevailing problem
of debt recovery is that a lot of wrong information is passed on from
the borrowers side, in terms of personal details, addresses and even
guarantor details. It is seen in a lot of instances that the lenders
fall into great losses when they provide loans to the wrong kind of
borrowers. In order to avoid such issues, it must be made sure that
the documentation of the borrower is in place. One must make sure to
gather proofs of residence, identity and guarantor details. It must
also be ensured that all the details are verified by trust worthy
resources. One must make physical checks at the given addresses and
should insist on meeting the guarantor personally. With such checks,
though the risk of loss is not eliminated, one can ensure a higher
level of safety. As per the experience of Syndicate Finance, another
major problem with debt recovery is the failure of payment on time.
There are a whole lot of people who default on installments and are
not able to make payments, leading to losses for the lenders. In
order to be able to avoid such a fate, one must keep a check on the
credit rating of the people who they decide to lend to. With the help
of a credit rating, one can identify whether the borrower might be
able to pay back the loan amount regularly.
When one is in the business of
lending and making money transactions, the ventures can never often a
risk free dealing. However careful a lender may be, they are bound to
face risks in the field. However, with the right precautions and
thorough checks, it can be made sure that the risk is minimized and
the lender remains secure in the dealing to a large extent.
Syndicate Finance
Add: 428, Rawal Bldg.No.1, 1st Floor, Opp. Indusland Bank, D.B.Marg, (Lamington Rd.),MUMBAI-400 004.
Ph No: 91-22-2388 0634
Syndicate Finance
Add: 428, Rawal Bldg.No.1, 1st Floor, Opp. Indusland Bank, D.B.Marg, (Lamington Rd.),MUMBAI-400 004.
Ph No: 91-22-2388 0634
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