Article Side

Online Article Directory!

Hello Guest! Login or Register to submit articles!

Efficient Debt Collection through Softwares

By Smith Jhonson Subscribe to RSS | March 28th 2012 | Views:

After a student graduates, he/she usually has a period of six to nine months before the repayment starts. The lending institutions inform the borrower about the date on which they have to start the repayment. Any default in repayment can lead to negative consequences. Student loan is a necessary evil but there are several ways to make a student loan repayment manageable through consolidation.

Non Payment of Loans

Often students find it difficult to meet the expenses and also maintain a regular payment on the education loan. So it is advised to plan about the repayment when they apply for a loan. A very wise idea is to start paying early, even before the completion of the course. One can also opt for an extended payment period. Although it increases the total amount repaid, it reduces the immediate burden as the amount repaid is significantly reduced. Failure to repay a debt can lead to serious consequences.

Defaulted debts are often placed by suspected debt owners on one’s credit record, and usually remain for several years especially if it is being dealt with by a third party collector. This can be very harmful for students who are just beginning their life and have a long way to go. The laws differ from country to country but on the whole the outcomes are not pleasant. The IRS keeps track of every loan issued and a default can bar a borrower from further receiving a loan. It can also intercept tax refund to pay off outstanding taxes.

Debt Collection Agencies

More often than not lenders hire an independent company which specializes in debt collection. These are called Third-party collectors. These companies are often guilty of harassment and using unfair means of collection.

In many countries there are laws limiting these practices such as stipulating the hours during which the agency may contact the debtor and hindering him from from providing debt related information to a third party, prohibiting deceptive representations as well as threats.

Some companies are turning to debt collection programs. This has several benefits. The collectors can be trained in lesser time and thereby increase productivity. Report creation and delivery can be automated which eliminates last minute rush. Some of these programs also offer remote management. Through this the owners and managers can remotely view all the information and statistics which allows them a greater freedom.

Smith Jhonson - About Author:
Smith Jhonson is a legal advisor who has good information on debt collection programs. To know more, please visits

Share on Facebook Tweet It Stumbleupon this post This post is delicious !

Article Source:

Related Business Articles Subscribe to RSS

Display an artistic side of your persona with a collection on Viking swords
Published by Vswords on May 21st 2012 | Business
Ask any warrior or an ardent lover of sword collection what it means to have an assortment of exquis...
A basic guidance to the fair debt collection act
Published by Smith Jhonson on March 12th 2012 | Business
The fair debt collection act is all about protecting the rights of the creditor and the debtor as we...
Select one of the best keynote speakers and achieve even greater heights through follow on effective corporate training programs
Published by Maryparker on February 22nd 2012 | Business
Gone are those days when companies would gather their employees to attend a one-off corporate traini...
Fair credit reporting and fair debt collection practices are your rights
Published by Safinajones on January 12th 2012 | Business
If you have fallen victim to false credit reports or unfair debt collection practices, do not suffer...
Dealing with rubbish collection issues
Published by Canberra Marketing on December 3rd 2011 | Business
Rubbish collection is an imperative task that needs to be executed on a regular basis before it turn...
Different strategies to understand customer retention programs
Published by on January 6th 2012 | Business
With the advent of technology, the world has shrunk and the business communities from all over the g...
Find inspiration through a stunning collection of Jewellery Windsor
Published by James Blee on June 16th 2012 | Business
Hunting for a perfect item of jewellery can be fraught with problems. In your mind you know exactly...
Online Degrees – Tips for the best online degree programs
Published by Ctscbcs1 on February 1st 2012 | Business
In recent times MBA has become one of the most desired educational qualifications. Acquiring this qu...
Aspects of VoIP programs
Published by Maryan Cinha on January 18th 2012 | Business
Small Business Phone System has a variety of available new and Used phone systems to get you up and ...
La courbe de Hublot est une autre grande collection de lunettes de soleil
Published by on December 26th 2011 | Business
Nous sommes spécialisés dans la vente de marques telles que Rolex, Breitling, Tag, Omega, Cartier,...
Philip Stein Dubai: Offering the wide collection of wrist watches
Published by Fashlink on March 30th 2012 | Business
Philip stein, the most famous name among the collection of watches that are provides most innovative...
School age care programs – Inculcating the basic values in children
Published by Ryan on January 3rd 2012 | Business
These child welfare programs are very helpful for children, as the kids can get hold of basic values...