<p>But someone who splurges on conspicuous consumption using credit card and is unable to pay the card bill, using cards can be of disastrous consequences. The moment one defaults on paying the card bill on time, or pays only a part of the bill, the interest starts ticking. Interest rate, which can be as high as 4 per cent a month or 48 per cent a year, keeps piling not only on the unpaid bill but also on all fresh purchases. <br /><br />So the best option is to limit spending within ones repayment capability and also pay up the entire amount due. But if you have already become a defaulter or are soon going to be one due to a huge debt burden, now there is help at hand: you can go to specialist for help. <br /><br />A Bangalore duo, Ashwin Cannonkadu and Subramaniam Vairavan, with years of experience in financial management, recruitment and training, has started a venture, aptly named Debt Doctor Management services Pvt Ltd, to help people sort out their debt problem.<br /><br />Debt Doctor, a private debt management company for retail customers, offers services to manage and control personal debt. Its services are mainly geared to assist individuals who have either defaulted in paying large sums or have piled up large debts to credit card companies. <br /><br />“We offer both ‘preventive’ and ‘cure’ services to our clients, most of whom come from the salaried class,” said Debt Doctor President Subramaniam Vairavan. When Debt Doctor signs up a client, it first charges Rs 6,000 as fee. In preventive cases, where a person has a piled up a large debt, the company advices him on how to cut cost, arrange cash and start paying the debt till it becomes zero. <br /><br />In case of a defaulter who has stopped paying his dues and is under tremendous pressure from the credit card issuing company, generally a bank, the Debt Doctor offers full settlement. After taking the legal permission to represent the client, Debt Doctor negotiates with the bank for settlement.<br /><br />“On an average we achieve 40 per cent waiver on the total amount due,” said Debt Doctor Founder & CEO Ashwin Cannonkadu. “In case of some very old cases where the interest due is much larger than the principal amount, we have got as much as 80 per cent waiver,” he said. The company charges its fee as a percentage of the amount waived. <br /><br /></p>
<p>But someone who splurges on conspicuous consumption using credit card and is unable to pay the card bill, using cards can be of disastrous consequences. The moment one defaults on paying the card bill on time, or pays only a part of the bill, the interest starts ticking. Interest rate, which can be as high as 4 per cent a month or 48 per cent a year, keeps piling not only on the unpaid bill but also on all fresh purchases. <br /><br />So the best option is to limit spending within ones repayment capability and also pay up the entire amount due. But if you have already become a defaulter or are soon going to be one due to a huge debt burden, now there is help at hand: you can go to specialist for help. <br /><br />A Bangalore duo, Ashwin Cannonkadu and Subramaniam Vairavan, with years of experience in financial management, recruitment and training, has started a venture, aptly named Debt Doctor Management services Pvt Ltd, to help people sort out their debt problem.<br /><br />Debt Doctor, a private debt management company for retail customers, offers services to manage and control personal debt. Its services are mainly geared to assist individuals who have either defaulted in paying large sums or have piled up large debts to credit card companies. <br /><br />“We offer both ‘preventive’ and ‘cure’ services to our clients, most of whom come from the salaried class,” said Debt Doctor President Subramaniam Vairavan. When Debt Doctor signs up a client, it first charges Rs 6,000 as fee. In preventive cases, where a person has a piled up a large debt, the company advices him on how to cut cost, arrange cash and start paying the debt till it becomes zero. <br /><br />In case of a defaulter who has stopped paying his dues and is under tremendous pressure from the credit card issuing company, generally a bank, the Debt Doctor offers full settlement. After taking the legal permission to represent the client, Debt Doctor negotiates with the bank for settlement.<br /><br />“On an average we achieve 40 per cent waiver on the total amount due,” said Debt Doctor Founder & CEO Ashwin Cannonkadu. “In case of some very old cases where the interest due is much larger than the principal amount, we have got as much as 80 per cent waiver,” he said. The company charges its fee as a percentage of the amount waived. <br /><br /></p>
