DEBT MANAGEMENT PLAN

This is one of the solutions that LoanKare is offering by negotiating a payment plan that will let you pay off all your unsecured debts in one affordable rate. This is called a Debt Management Plan (DMP) as mentioned in RBI’s working article, which LoanKare will set up and manage with all your creditors. This Debt Management Plan is for unsecured debts, which are debts that have not been secured against your properties or assets. Typical examples are personal loans, credit cards, education loan and bank overdrafts.

LoanKare will establish the right amount of monthly payment in your consultation and if you decide to join us we’ll then propose with your creditors to accept affordable payments. From our experience, most creditors tend to agree with these as we explain your financial circumstances to them.

PARALEGAL

When an individual misses an EMI, creditor’s start their recovery process, which means that you will experience the following:

• Constant telephone calls
• Unsolicited visits to your home and place of work
• Legal Notices

These acts of recovery are within the RBI guideline, but in most cases from our customers experiences, we have discovered that the creditors do cross the legal line and start using harassment and intimidation tactics.

Our panel of Advocates will intervene when the creditors start using these tactics, to ensure that your rights are protected. We will also claim for compensation if the harassment does not stop, on a “No win, No Fee” basis – this means that we will not charge them any fees unless we win compensation for them (25% of any compensation awarded).

If you are receiving continuous abusive telephone calls, you can redirect those calls to our paralegal team who will answer them on your behalf. In cases of creditors visiting your home or place of work, you can redirect them to our Advocates and paralegals who will handle them on a legal footing.

• You'll only pay what you can afford each month
• We’ll reduce your monthly repayments to an affordable level
• You’ll only repay your debt to multiple creditors with a single, comfortable monthly payment.
• Whatever your situation is, we can help you
• In some cases interest will be frozen

• We will deal with your lenders on your behalf
• You won't have to deal with creditors, we do that for you
• We handle all communication from your creditors on your behalf
• We can help you become debt free so that you can get your life back on track

PERSONAL DEBT PLAN (PDP)

This is a blend of specially designed financial and legal services for those individuals who are struggling to keep up with their debt repayments (EMI), but who can afford to consistently pay smaller amounts over a longer period.

By enrolling on to LoanKare’s Personal Debt Plan (PDP) you will benefit from the following services once on the PDP:

• EMIs consolidated into a Single Affordable EMI plan.
• We will make you debt free by paying off one creditor at a time.
• You can transfer all your creditor and collection agent calls to our para-legal team. They will act as a shield between you and your creditors so that you can focus on living a life stress-free.
• Our team of Advocates will protect you from collection agents, you will see a decline in creditor calls and demand for payment.
• Our Proficient team of lawyers will answer all legal notices and arbitration Notices from the bank (Lawyer charges are inclusive within your plan)
• Bounced Cheques – if you have any of these, our Advocates will be able to protect you from criminal matters.
• Our Financial advisors will thoroughly track all your loan transactions and check if the creditors have applied interest accurately on your loans. If we discover that the interest has been over-applied, our team of Advocates will fight for compensation on your behalf on a “No win, No fee” basis – this means that we will not charge you any fees unless we win compensation for you (25% of any compensation awarded).
• Our Advocates will make sure that the creditors have correctly sanctioned your loans as per RBI guidelines and if they discover that this is not the case, then they will fight for compensation for you on a “No win, No Fee” basis.
• If you stay on our PDP for more than 8 months, our Advocates will request your creditors to freeze all interest and charges, and if your financial position improves then we can arrange a settlement with a discount of 50% to 70%, either on a one-off payment or a term payment over 12 months and with credit clearance. We will advise the best time to do this.

As you can see, we protect you every step of the way and our debt program allows you to live your life without the burden of debt hanging over your head.