Tag debtors terminated

It’s a shock, we know the feeling when your whole world comes crumbling down in a flash, the moment you are presented with your Employment Termination Letter…

Nobody can prepare for this moment, neither do we think it will ever happen to us, where COVID and the dire impact it has had on global economies was never a figment of our imagination, but now, we face a situation way out of our control!

The good advice of the past to be diligent in saving money, to create a nest egg for inevitable events like this, is far removed from the reality you are facing right now and no amount of consolation can remove the Emotional Fear that starts engulfing you the moment you get this bad news!

No amount of speculation about the different scenario’s you try to play in your mind can bring solace in any form, where the only solution is to take action now, not tomorrow or the next day, even if your Termination tenure is 1 or 2 months from now, the key is not to procrastinate and wait for the last minute, because then your situation all-round would have snowballed. You already know that any glimmer of hope to benefit from your ‘End of Service Benefits’, is non-existent, which should tell you that you have no time, but to secure a solution for the foreseeable Debt-Crisis that you may face in the very near future, so act now!

Forget about comparing notes with your Peers facing the same situation, as everyone’s situation is unique, onus to them, where finally you will stand alone to face the situation, so its imperative that you learn this very fast, so stop wasting time speculating and not focussing on your own situation.

You need to understand that we have never faced this form of pandemic in the future, then even your Creditors are at a loss as to the most beneficial Settlement Offer to present to you, because they have not faced mass terminations in the past, where the offered solutions could be just as unique as the situation, where the human factor is key when assessing near future crisis for any individual who has been terminated from their employment. Then considering the impact on the economy of any country individuals are residents, even if it is your home country, such solutions must be carefully reviewed to fit your Creditor’s Policies, whether they are a Bank or other type of Creditor. Everyone exposed to this situation faces the same problems, suffer the same or have the same issues, because the key issue, is no income, therefore you are unable to meet your expenditure and face other dire consequences. Company Owners possibly have the hardest time, because they not only have their own liabilities, but they also responsible for the livelihood of their families and employees, so many individuals are affected, not just one.

If you have sought assistance from your Creditor to no avail, then seek a known Remedial Company with a reputable reputation who have gone the extra mile for Debtor Clients, review their profile, references, testimonials, speak to people until you feel comfortable, even meet with them, the key is to be at ease when you hand your life over to someone else, because its your trust, confidence and assurance that all will be fine for your situation if you commission them to represent you. You do not have money to waste, to pay external Parties who cannot fully assist or support you, if you lose the money you can spare on Service Fees, ensure you make the right choice, because once its lost, you cannot recoup it!

All may not be totally fine as per your expectations, but you will realize the best solution for your situation, remembering much of your Creditors Policy cannot be overruled, however, they will consider the humane side of the Remedial Request and I am sure are currently preparing for this as I am writing this post.

If you don’t take action, nothing will change and as much as being terminated feels like the rug has been pulled out from under you, it has and you need to take a step to make a difference in your own life right now.

In our lifetimes, we will face dire situations sometimes more than once, the secret is to survive and then progress to thrive, where changing your mindset will set you apart from anyone else, refrain from falling into the ‘limiting beliefs negative thought patterns’, because if you continue focussing on your debt situation without taking action, it will eventually grow and finally consume you, then that will become your newest reality.

Being positive, optimistic and taking the plunge to take action is the key to your survival and Debt Recovery.

The past 3 months has been a sobering experience, not only to have seen so many change controls being enforced for the safety of everyone, but also that people actually conformed to those Regulations, in spite of the uncertainty and also knowing that the outcome could have a dire impact on their income for those employed and revenue stream, for the self-employed, affecting their livelihood and those of their families.

Not to mention large Organizations where initially everyone had to adopt the ‘Work from Home’ Policy at short notice, where this one key unexpected change hit home for everyone, but it made us flip into survival mode indicating that as humans we have that inbred adaptable instinct that we really are susceptible to quick changes, that we all possess immense inner strength to adapt at short notice and that instinctively, we knew how to apply our coping methods, flexibility, collaboration and team effort capabilities, it’s like we all simply transitioned on ‘Auto’, which an amazing feat to witness.

We simply made it work, adjusted in an instance, emerged ourselves into the latest trends of communication, online video conferencing, team projects and respective assigned roles, responsibilities and tasks, online weekly team meetings, online client meetings and many more to ensure a seamless process to complete our tasks and achieve our goals and objectives, which was fantastically amazing to witness!

I don’t think anyone stopped to review…

• What just happened?
• How did we just co-ordinate so fast with the ability to reel in teams to facilitate seamless productivity and performance?
• How did we suddenly become so disciplined working from home?
• How did we suddenly embrace independent responsibility?
• How did we suddenly show more commitment than when we were working from the office?
• Where did we acquire the drive and determination to keep the wheels turning?
• How did we suddenly become so resourceful, supportive, innovative, creative and all those traits we wished we had, when we were seated in our old comfort zones at the office?
• Most of all we then embraced the new normal!

This was all human intervention at its best, but on the flip-side we have also witnessed those who lost their jobs, placed on unpaid leave, had salary reductions applied and again, we witnessed comradeship and support of those more fortunate, successful collaborating to ensure that food parcels were available for those suffering shortages, moral support was extended, free advice, borrowing of items needed for those who could not afford to purchase new, employment groups created where the newly unemployed could upload their resume’s and be afforded the opportunity to secure a new job, as I have seen Human Resource Managers and the likes all join in on social media groups to continue the support and the list continues…

So where does that leave those who have Bank and other liabilities, who either are directly affected at this time due to salary reductions or unpaid leave and then those who have been afforded time and who accepted a termination in a few months, as there are all forms of situations people are facing right now, that could inflict mental health issues and other emotional states of mind.

Before you get yourself into a knot, create your Debt Schedule with the most accurate up to date commercials, review your EMI’s at this stage and what the most suitable reduced EMI’s should be, to enable you to maintain your payment plans, with ease, until you are able to recover completely, by either waiting to return to work, or securing a new job with a higher or the same salary you were earning before. But the point is, get planning, create self-awareness and be prepared, don’t wait for the last minute, because by then you would have piled up so much anxiety, pressure and resistance, that whatever you try to do, will not work, because of your emotional state of mind.

Everyone knows that this pandemic has direly affected Business Operations and so there is a large degree of empathy and compassion, where new Regulations was announced i.e.

• a. EMI deferments for your Bank liabilities from specific banking groups – Could be 2 or 3months, so if you are regular, approach your Creditor and request consideration to approve your request, you won’t know if you don’t ask, so don’t hesitate.

• b. New Settlement Plans or Restructures with a reduced EMI – So you can maintain a satisfactory DBR, preferably not more than 50% of your newly reduced salary or even less, if you are on unpaid leave or similar. Remember, you are not refusing to repay your debt, you are only requiring a concession to help you cope and maintain your payments, whilst still being able to sustain yourself and your family.

• c. Preparation of all your legal documentation required – Before you present your request to your Creditor, i.e. Termination Letter/Salary Reduction Letter/Unpaid Leave Letter, copy of your Passport, Emirates ID and Visa, preferably also a 3m Bank statement of your salary account – keep those on hand when you meet with your Bank Creditor, as you will need them.

• e. Know your Financial Status accurately – There is no room for mistakes when you meet with your Creditor, as they are more experienced than what you are, so they may pose surprising questions, request out of the norm documentation to verify your request, as they have Due Diligence to apply to authenticate your situation and verify your story. So be mentally prepared when you meet with them, have everything on hand and project confidence and positivity, see your request approved and that’s the only work you need to do, because what you put in, you get out, simple logic!

Right now, eliminate any negative mindset you may have because of this ongoing situation, as you must gain clarity to know what you want and take action to secure and achieve, because we still have a long way to go, without having to instill fear from within. So, you need to operate with complete confidence, clarity and positivity to maintain the positive wheels turning for you and create a ricochet, that will be passed onto everyone who comes into contact with you.

Most of all, extend as much kindness, care, support and empathy as to can to your fellow human being, act with humility and serve well, so you can continue to create value in your space, which will have a huge positive impact on your life and progress. There is no time like right now to impose your good will and humanity to everyone who comes into contact with you, because there is no room for any form of negativity, being mean, unkind, hurtful and not supporting others, because we don’t know how the wheels can change for us, if we insist on planting bad seed.

When you are facing a Debt-Crisis, your constant focus is on the situation, so when you are rather opting to focus on this, you are feeding it, so it grows, until it consumes you and is totally out of control.

In the interim, in all this mayhem, you forgot to take a few steps back, review the situation and ask yourself “How much am I really worth? Is it not worth it to invest in myself, my own well-being and Debt-Recovery?

OR; do you just ignore the situation and proceed with your normal bad habits that resulted in you facing a Debt-Crisis, or simply just live past, because now you are holding whatever money you have to yourself and therefore unknowingly creating ‘Limiting Beliefs’. So guess what? Whatever you are holding in your hand, is all it will ever amount to, nothing more and then you wonder:

a. Why is this happening to me?

b. Why am I stuck?

c. Why is everything coming onto my head at the same time?

Next, anxiety, depression, emotional fear, no zest for life, wanting to throw in the towel and all these negative emotions start consuming your entire being.

But the irony is, you would much rather go off on a weekend and spend more money you don’t have, or do a desperate bout of shopping because it’s your habit and continue spending money that you don’t have…

Remember…..That’s how you became reckless with money in the first place, even taking loans and credit cards, mean’t you had so much money to spend that you had not earned yet, that was not even your own hard earned money and realism is, you must repay the money, refuting ownership and responsibility to show that willingness to your creditors, blaming them for high interest, penalties applied, etc…when you signed the original application with the knowledge that it must be repaid, as per the creditors policies, now appears to be a lame excuse. You are refuting to take responsibility, which in turns means you’re sowing bad seed, so you can only reap bad and debt does not distinguish between anyone, it takes you when it wants you, most times, to teach you a lesson.

A new page means making a concerted decision to invest in yourself, your own well-being, by consulting with your creditor or a reputable remedial company who can fully support you. This is for sure not money lost, if you know whom you are dealing with. However, we are not prone to investing in ourselves, especially if the ‘goods you are purchasing’, which in this instance is a service, so it is perceived to be intangible. Relealize not everyone is operating like a shop on the corner, many are creating huge value by collaboration, rendering sterling services and supporting to transform lives and put people onto a Debt Recovery Path.

My personal experience is that people need to learn to be Grateful, say Thanks when it is necessary and stop beating the old stories that will continue to suppress them, time to turn a new leave, grab that new life that is waiting for you and walk away from the past, but do the right thing!

Gratitude, Appreciation and Thanks will transform your life without you even realizing it! You cannot create new with old, period!

 

Collectors, before you step into an employee’s place of employment, or direct demanding emails to the CEO and/or their Head of Human Capital of their organization or company, due to their delinquency, then understand that somewhere along the line, there is a valid reason why most debtors are unable to pay their EMI’s (Equated Monthly Installments).

How many times have I said to stop painting all debtors with the same brush? So, let me correct your very limited experience about human life and the obstacles they face, at inopportune moments, when they least expect, situations that are most times not self-inflicted, but just realizing that it simply presented itself in their reality, where it is out of their control. Not every individual is able to ‘save for a rainy day’, or ‘accumulate emergency funds’, because these days life in general is tough for most people, regardless of where they are in the world, it’s realism, get accustomed to it as soon as you can.

When your vocation requires you to deal with people daily, then try to treat them like humans, even if it’s a very hard task for you. Somewhere deep inside of you there must be some form of humanity that resonates with you. However, if you really find it very hard to do, then simply put yourself in someone else’s shoes, who was terminated from their employment at short notice, who has no emergency funds, has all kinds of family commitments and has no money to pay their EMI’s, until they can secure a new job.

Many of you have demanded that the customer borrow money from friends and family, please understand that this capability is not open to everyone, where sometimes they won’t cross that line when they know that it is virtually impossible to repay the money in the following month, with zero income. It’s pointless making one hole to cover another, as it will come back and has more negative repercussions, which they don’t need, not at this stage.

So, when you act snidely, obnoxious, demanding, abrupt and think you are smart trying to prove a point to the customer with the entitlement that you are in a position of strength, taking great pleasure in wielding your power, then take a step backwards and ask yourself, why you cannot comprehend true situations presented to you, when:

a. They have explained to you, in detail, why they can’t pay their full overdues;

b. They have justified why they can’t pay the demanded high down-payment for the requested settlement, therefore requesting leniency for a reduction in the amount;

c. They are able to Justify their initial delinquency with documented proof, which you anyhow don’t bother to take into consideration;

d. They are pleading for your help and understanding, and you simply hammer them with 62 calls in a short period within one day, demanding, threatening, being abusive? Is this acceptable?

e. You initiate unnecessary action to present yourself at their place of work demanding to meet with the Human Resources Manager;

f. When you directly send emails to the CEO of their employment company and include the Human Resource Director, with your grievances against the customer, who by the way has not refused to repay their liability, except they requested leniency for a reduced EMI, which you refused;

g. You don’t care that your actions in points ‘e’ and ‘f’ could cost them their job being terminated due to your actions;

h. You have already filed a legal case, which has run it’s course, but don’t persue your next legal action, instead you continue to victimize the customer at their place of work, simply because you can;

i. The customer now loses he’s job and is terminated and you act with no remorse, except continue victimizing the customer for the money. Right here I wish to ask you how you expect the customer to pay their liability, now with no income, courtesy of your actions;

j. You don’t realize your actions has now brought extreme hardship onto the customer, because:

i. They cannot secure a new job because you filed legal action;

ii. They must send their family back to their home country;

iii. Their children and loved one’s suffer;

iv. They get into dire delinquency with no income, so the situation worsens, with a probable outcome of facing multiple legal action filed against them, so unemployment continues for months, sometimes for more than one year;

v. They end up virtually living from hand to mouth, borrowing from everyone without having to pay back and most times, living in a small room with absolutely zero sustenance, existing a sub-human life;

Is it your fault that the customer was indebted to creditors? Absolutely not, however, you take the burden on your shoulders when you are the root cause of this extreme suffering, because you are in a position of strength to respect and appreciate the customer’s dire debt situation, their please to reduce their EMI’s, where they never refused to repay their debt.

I will repeatedly stand by my philosophy that when you sow bad seed and you inflict harm and damage on any human life when you had the opportunity to reach out and take their hand, but you acted entitled and refused that help, then somewhere along the line, that seed will surface in your life and then please don’t ask ‘Why me?’, think back to when you could take the right action.

Life have evolved, times have changed, displaying kindness, empathy, care and love is the order of the day, because our only job is to try and touch a life daily to help those suffering today to transform their lives in happiness, joy, full recovery and future success, to rebuild and survive.

Your old ways are damaging lives and in so organizations and economies, so my suggestion is to think about the pain you inflict on people’s lives and learn to master the art of happiness and to help people transform their lives, do it, for your own personal transformation, because you probably need it more than anyone else in the world.

We never achieve great success by being mean and nasty, read the most successful people’s biography in the world, it tells it’s own story, which you should learn from.