Lending and borrowing of funds are both done on mutual terms as a professional business transaction.
Patience is a virtue. At some point patience does run dry . When push reaches shove we tend to rewire ourselves and look at the different windows with newer perspectives. This is the case with both the debtor and creditor.
If a borrower is not able to repay on time, the ideal situation would be to let the creditor know in advance. That’s a very polished ethical way of dealing. But it does sound quite utopian and hypothetical taking into consideration the imbalance between the demand and supply.
But in case of a genuine reason on the borrowers side the creditor may be willing to consider an extension or accept part payment and/or restructure the deal. This would also depend on the borrowers past record and the company’s current policy.
When collection is outsourced and the borrower feels traumatized he needn’t have to feel demeaned or condemned but can deal with the collection agency with the right to dignity.
The borrower has the right to check on the identity of the collection agency. It has to be borne in mind that at times recovery agents have big targets to achieve and may also have incentives linked to the number and volume of collection. So they are a motivated lot and handling them may be challenging.
As a borrower you do have a right to your privacy. The collection agency however cannot intrude and needs to respect your space.
A debtor can be clear in letting the recovery agent know when and what time to call. This would have to be honored by the agent besides maintaining confidentiality.
Also the agent needs to respect the borrower in words and behavior. Polite, decent conversations and demeanor need to be maintained. Violence and abusive language will not be tolerated.
In case of any exigency the borrower can highlight the same to the agency which would have to be taken into consideration.
However, there is a saturation point! In spite of the collection agency following its code of conduct and ethics, its when borrowers start playing hide and seek there are more twists , turns blind curves and U-turns.