Debt Counselor Portal
Avoid Escalating Debts with the Debt Counselor portal for BringWay
In collaboration with BringWay, Finaps has developed the Debt Counselor portal. Debt Counselor is a portal that helps to pre-emptively detect impending payment problems. Additionally, consumers with problematic debts, creditors and debt counsellors can communicate together in one environment with the BringWay portal. This would then avoid escalating debts.
In the Netherlands, debts and recovery of payments are handled with many stakeholders but without a centralized communication approach. Therefore, consumers with problematic debts often find themselves involved with a range of creditors and collection agencies. Because they have no clear overview of their situation, debts, interest and collection fees keep accumulating. For serious cases, a professional debt counsellor gets involved, who then faces the same problem. As there is no centralized source of information, acquiring a complete picture and coming to a fitting and lasting solution is difficult. For creditors, this situation is also problematic. They waste time and resources attempting to recover payments from a consumer who may not be in any position to repay. Ideally, they would become aware if one of their clients has built up problematic debts before authorizing the sale of further goods or services. Therefore, BringWay came to Finaps with the question: How can we make an online portal significantly reduce escalating debts?
The BringWay platform brings together debtors, creditors and debt counsellors in one environment. The application helps to pre-emptively detect impending payment problems. In addition, it provides a way for debtors, creditors and debt-counsellors to communicate and come to an effective solution. For all parties involved, BringWay helps to create a lasting solution through payment plans. Because the personal information involved is highly confidential, security and compliance with privacy regulations play a key part of the solution. Every day, debt counsellor request debt information from the creditors working with BringWay. As a result, considerably more debts are handled and reimbursed!