HOW IS THE BANK'S DEBT RECOVERY PROCESS? ((PRESTIGE LAW FIRM IN BINH THANH DISTRICT, TAN BINH DISTRICT, HO CHI MINH CITY)

Debt recovery activities are normal and regular activities of the Bank, in order to handle and recover problem debts to ensure the Bank's business operations. This debt recovery activity will be standardized into a process that always complies with the provisions of the law, whereby for customers who do not guarantee to pay their debts on time, the Bank will activate the debt recovery process by implementation of debt recovery operations.

Regarding the Bank's debt recovery process, HT Legal VN Law Firm shared with borrowers and mortgagor the following notes:

1. What are the steps in the process of a debt recovery Bank?

Depending on the Bank, there will be different debt recovery steps, but the basic steps include the following steps:

- Debt identification: Borrower, mortgagor, collateral, debt repayment status...

- Classification of indebted customers:

• By type of debt: from group 1 to group 5...
• By property:  unsecured or secured loans.
• Or classified by subject group, according to processing status ...

- Assign staff to recover debt

- Remind customers before due or due for debt payment

- Negotiating with customers: Paying overdue debts; debt settlement; additional collateral;

- In case the customer is unable to repay the debt or does not cooperate with the Bank, the Bank will seize the secured assets or initiate a lawsuit to the Court to recover the debt in accordance with the law.

- Depending on the method of seizing or initiating a lawsuit, the Bank may auction or sell the security assets or request the competent Judgment Enforcement Agency to execute the judgment in order to sell the assets to recover the debt.

- Note to customers:

• Should not avoid debt to the Bank, it is easy to understand that debt evasion is not easy because usually the Bank's transactions/contracts follow the model, closely and comply with the law. In addition, the evasion (no contact, no response) is a dangerous act for the borrower and the mortgagor because it can be criminally handled for crimes related to property appropriation.
• Absolutely do not show a defiant or uncooperative attitude at any stage of the Bank's debt settlement activities, but never give up or let the Bank do whatever it wants, because of this only make the situation worse, not to mention the negative or lack of objectivity of the Bank's debt settlement officers in the sale, auction of assets or other interests that adversely affect the borrower, the mortgage.
• Debt recovery activities belong to the Bank without any illegal help or assistance from local authorities or police agencies? Nor has the Bank ever hired bad actors in the society to recover debts because this is completely against the law. So, you can rest assured that the debt is your debt, but the house is also your house, unless there is a decision of a competent state agency (Court, Public Security, Judgment Execution...) to handle the debt, your property by law.

2. Why is it necessary to have a lawyer when the Bank activates the debt recovery process?

First of all, it must be affirmed that the Lawyers here refer to the lawyers specializing in handling Bank debts and professional law firms, with specific strengths such as HT Legal VN Law Firm. The consulting activities and implementation of legal services by non-specialized units/individuals will not bring about high efficiency, but on the contrary, the disadvantage is huge. The time factor, property value, grasping strengths and weaknesses, and deciding to make a quick and accurate plan are prerequisites in negotiating these cases.

With the capacity, knowledge and practical experience of HT Legal VN, we carry out:

• Review and evaluate all records, documents and analyze the customer's strengths and weaknesses. From there, give the appropriate direction for the client's legal problem.
• Determine the solution and advise the customer on all relevant legal provisions, the customer's statutory rights, the measures and solutions that will be implemented depending on each case and situation.
• Guide and prepare beneficial evidence and documents.
• Issue notices and documents to invite the Bank to work, give situations and opinions for negotiation and agreement. Also, offer suggestions for turning the passive into the active.
• Directly represent customers to work with the Bank and related parties to proactively complain, initiate lawsuits or propose in favor of customers.
• Provide effective and timely solutions to prevent and respond to illegal threats, pressure or to seize and handle the Bank's collateral.

With its professionalism, in addition to legal solutions, financial solutions and risk management solutions of HT Legal VN contribute to solving the problem, because after all, the Bank wants to recover the debt, and the customer wants to repay the debt and the sale of the property, the transfer of the property or the raising of money is the final destination. The important thing is to agree or fight to calculate more losses in this disputed relationship.

Finally, with the scope of this article, HT Legal VN aims to pay close attention to the legal issues of the borrower - mortgagor, with the desire to provide professional and effective legal solutions and help best protect the legitimate rights and interests of customers.

Contact HT Lawyers to protect borrowers and mortgagors

HT LEGAL VN LAW FIRM

Office 1: 37/12 Alley 602 Dien Bien Phu, W.22, Binh Thanh District, Ho Chi Minh city.

Offfice 2: 207B Nguyen Phuc Chu, W.15, Tan Binh District, Ho Chi Minh city.

Email: info@htlegalvn.com Hotline: 09 6161 4040 - 09 0161 4040