ACCOUNT NEGOTIATIONS
This is where by IY Finance Solutions offers legal advice about credit arrangements and creditor collections to negotiate with the Credit Provider for an amended repayment amount on the consumer’s outstanding debt amount and terms.
IY Finance Solutions will help consumer’s to further negotiate their repayment amount or get settlement amounts from the Credit Provider. IY Finance Solutions will only be able to restructure loan repayment amounts and terms before the Judgement is granted.
The aim of the product
To assist the consumers
- To determine their level of indebtedness.
- To draw up a budget of the consumers’ income vs expenditure
- To ensure that the consumer understands the process, terms and repercussions.
- To negotiate with Credit Providers on behalf of the Consumer.
- To support the consumer through the debt repayment process after negotiation.
✔ A first time sale where the consumer request the services of IY Finance Solutions as a result of their debt that spirals out of their control.
✔ A second sale where the consumer were declined after they applied for a loan / when the agent can see after an assessment that the consumer might need assistance with debt restructuring via a negotiation process with the Credit Provider by IY Finance Solutions professional.
Once IY Finance Solutions receives paper work and payment is confirmed, the assigned C-Legal consultant will perform a Credit Assessment by pulling the Credit Report for the consumer.
Drafting the budget according to the information from the Credit Report and what was submitted by consumer.
The budget plan will include
● Amounts that the consumer is supposed to pay,
● What they are currently paying and
● Which instalment amounts IY Finance Solutions can potentially negotiate with the Credit Provider.
The C-Legal consultant will then consult with the consumer on the outcomes of the assessment. This consultation will include a full explanation of the budget, terms and further steps that IY Finance Solutions follow.
Understand the terms used by their Credit Providers, Collection companies and Credit Bureaus.
Know what their credit standing in the industry is.
Be assisted by a professional C-Legal consultant to draw up a budget that suits the consumer’s individual needs.
Want to see more works?
We are always open to interesting projects.
Up to 3 Credit Providers
R850
- Per Credit Provider
4 – 7 Credit Providers
R3200
- once off or 4 Payments of R550 each
8+ Credit Providers
R3200
- once off or 4 Payments of R550 each PLUS
R850 per Credit provider
looking for a first-class business consultant?
We are always here for you
What does this service offer?
IY FINANCE SOLUTIONS will negotiate with each of the Consumer’s Credit Providers:
● For Settlement amounts: Where the consumer is in the possession of funds to immediately make the full outstanding balance payment to the Credit Provider. This type of negotiation might be accompanied by a discount amount as a result of the full settlement agreement. IY Finance Solutions can also negotiate with the Credit Provider for the full settlement option if the consumer has a future plan to obtain funds that will cover the full outstanding amount.(i.e. a Policy paying out.)
● For extended terms on the repayment of the outstanding debt: This type of negotiation is in most cases only successful where the consumer did not yet missed payment to the Credit Provider, but are about to default as a result of a change in their income (lesser salary), a life event(e.g. divorce, death, retrenchment, etc.) or reckless credit granting and affordability alignments that were not calculated properly. This type of negotiation will also result in a lesser instalment amount.
