What does an MFI do to debtors?
Generally speaking, each MFI builds its unique program for working with debtors, but all have common steps that are common to most financial market participants.
The first step MFIs in relation to debtors are calls. Constant calls to the debtor. During this step, employees are only trying to find out the reasons for the delay in payments. Who knows, maybe sometimes MFI clients forget about payment.
But there are more difficult situations. For example, the borrower lost his job, his salary was lowered, or his salary was greatly delayed. In such situations, the MFI offers to extend the loan, go to the installment plan, or any other way out of an unpleasant situation.
If the delay is delayed for a long time, the MFI can go on to discuss an individual program for debt repayment. For example, a company can fix a debt at one level, and then the client only needs to pay off the debt according to financial capabilities.
Unfortunately, such an offer will not be offered to those who do not make contact and refuse to pay. In such situations, the MFI may request documents proving the poor financial situation of the client. And there are those companies that do nothing and, after some time, transfer the debt to the collector agency.
Those MFIs that do not work with collectors immediately submit the case to the COURT. And then begins the period of enforcement proceedings. During this period, bailiffs assess the income and wealth of the borrower, his bank accounts or assets. On the basis of income, bailiffs draw up acts according to which the debtor will either pay the debt in full, or the MFI cancels the debt.
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