Greetings Group!
Have you or anyone you know ever tried to assess levels of over indebtedness in any part of India?
I am conducting research related a proposal to create debt counseling/mediation facilities. The idea is to start one city where a consumer advocacy organization already has a consumer redress center that handles financial and other sector disputes.
We would assist consumers to develop a feasible budget and payments plan, and negotiate a new payment plan with their creditors or file bankruptcy relief where the situation warrants. A related hypothesis is that the financial sector will gain by participating as they no longer have to hire thugs to debt collect, nor do they have to sell off NPLs.
Interested in your collective insight and related hypotheses.
Also, does anyone know if the RBI is measuring over indebtedness levels (in some form or other) --- for ex. like South Africa does through its national credit regulator so you can see that some 50% of consumers are 'debt impaired,' which is behind by 3 or more monthly payments on a credit obligation and legally unable to borrow more.
Thanks in advance! Hope all is well in your corners of the globe.
Best,
Jami Solli
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Posted by: Jami Solli <jamisolli@gmail.com>
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