Cheque Bounce Intimation Failure: What Happens Next and How to Avoid It
1. Introduction Cheques are a widely accepted mode of payment in business transactions. But sometimes, they can bounce due to insufficient funds, signature mismatch or other reasons. It is crucial to understand what happens when
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What is Days Past Due in Credit Report and Its Importance
What is DPD meaning in banking? Days Past Due(DPD) refers to the number of days that a borrower has missed making a scheduled payment on a loan or credit account. DPD is used by banks
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5 Reasons Driving the Rise of Digital Lending in India
India has seen a significant increase in digital lending platforms in recent years due to technology and internet connectivity. These platforms offer quick and easy loans to customers without the need for extensive documentation and
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SaaS-ification for faster debt recovery
Debt recovery is a critical process for any business that extends credit to its customers. However, the traditional debt collection process can be time-consuming and resource-intensive, often resulting in delayed payments and lost revenue. As
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Replying to Legal Notice for Credit Card
Receiving a legal notice for credit card debt can be an intimidating experience. However, it’s essential to take a deep breath and approach the situation in a calm and measured way. Understanding the notice, reviewing
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Tips to manage multi-channel debt collection
What is Multi-Channel Debt Collection? Multi-channel debt collection refers to the use of various communication channels to contact debtors and collect overdue payments. These communication channels may include phone calls, letters, emails, text messages, and
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All about Credit Card Delinquency
Credit cards are a popular and convenient way to purchase and manage finances. From a lender’s perspective, credit card delinquency can result in financial losses and damage their reputation. From a user’s perspective, it can
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A Guide to Bad Debt Recovery Process
What is Bad Debt Recovery? When the payment received for a loan cannot be collected, it can be called a bad debt. Every organization or business goes through unpaid customer accounts, where they cannot collect
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