Banks normally provide personal loans against securities, but when a customer fails to pay back the loan, it becomes a difficult type of debt to collect – especially when the cost of collecting the debt is higher than the debt itself. Banks also choose not to put good money after bad, or incur additional costs to collect debts, choosing instead to outsource the process to a third party. If a bank has exhausted all of its procedures and remain unable to recover a loan, our experienced teams take over.
With banks running a neck-to-neck competition in issuing credit cards, it is not uncommon for consumers to carry more than five credit cards, often from different banks. The high compounded interest also makes it very difficult for most of them to manage their payments. Moreover, credit cards are usually issued with fewer securities, and the cost of collection through legal action is sometimes higher than the outstanding amount.
As with personal loans, banks lose millions every year because of past due accounts, especially those associated with credit cards.
Our credit card debt collection service offers solid assurance that revenue and profits that are earmarked as ‘lost’ can be easily recovered. We play a major role in locating individuals associated with credit card debts, as well as rehabilitating these debtors and re-establishing their credit worthiness. While most cases of credit card debts are followed through by amicable solutions, our legal department takes over stubborn cases.
Our strategy is to collect the outstanding amount with minimum hassle and the lowest costs, while preserving our clients’ goodwill and our own reputation in the collection industry.
When it comes to Auto loans, banks /Auto Finance companies are often stuck with delinquencies and charge-offs despite being cautious when reviewing requests, conducting reference checks, studying employment histories and analyzing credit scores. To make it worse, vehicles are movable assets, and auto loan customers who fail to pay their dues often leave the country, move to other cities, or even attempt to sell their car.
Htahseel team is trained to trace and locate missing cars and hand them back to the bank/ Auto Finance companies. Our teams not only recover the overdue but also convince the auto loan customer to sell the car.
We are experienced in coordinating the sale of the car at auctions or through other arrangements, and returning its current value to the bank / Auto Finance companies while tracing the missing customer and collecting the rest of the outstanding loan.
In case of accidents involving an un-paid or partially paid car, we liaise with insurance companies to recover its full value as per policy, in order to return it to the bank.