Great Companies: How did you get your idea or concept for the business?
Harish Parmar: My business idea was inspired by my extensive experience in marketing and financial services in the UK, which spans over 40 years. During my 30-year visits to India, I noticed that there was a gap in the Indian market for debt management services.
After offering debt management in India for five years, I observed that the way banks recover debt in India required a different approach, leading the business to adapt their services to better serve their customers.
The company now offers not only debt management but also counselling, legal services, and financial literacy courses to help individuals deal with debt. This unique approach was developed based on the needs of the Indian public, and it sets the business apart from the debt management services we provided in the UK.
Great Companies: What are the various services provided by SingleDebt?
Harish Parmar: SingleDebt provides financial and legal services to individuals and MSME businesses struggling with debt.
The services include debt management services, Personal Debt Programme (PDP), and restructuring of business loans.
The PDP is designed specifically for the Indian debt market to assist people who are struggling with unsecured debts like credit cards and personal loans.
The services provided under PDP include a free initial consultation with insolvency advocates and financial advisors, assistance with legal services associated with debts, proposing a PDP to creditors based on the client’s financial circumstances, dealing with calls, correspondence, and legal notices from creditors, counselling for emotional crisis situations, mental illness issues and suicidal ideation, and supervising the PDP by the insolvency advocates.
Great Companies: What makes SingleDebt different from hundreds of other similar service providers?
Harish Parmar: SingleDebt stands out from other similar service providers in several ways.
Firstly, SingleDebt is the first and only debt management company in India, unlike other providers that are actually settlement companies. Additionally, SingleDebt has a remarkable 35-year track record of consumer debt management and running a debt management company in the UK, which provides them with the necessary expertise to offer top-notch debt management services in India.
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Secondly, SingleDebt offers a non-lending solution to individuals and MSME businesses struggling with debt, which is different from other providers who offer loans to pay off debts. Instead, SingleDebt offers a debt management plan that enables clients to pay off their debts in a manageable manner.
Thirdly, SingleDebt has created a Personal Debt Programme (PDP) that caters specifically to the Indian market. This program is designed to assist people struggling with unsecured debts and who may not be well-informed about their financial rights.
Fourthly, SingleDebt provides a comprehensive range of services to clients, including legal services, financial counselling, and assistance with restructuring business loans. This ensures that clients receive a holistic solution to their debt problems.
Finally, SingleDebt has a team of experienced and qualified professionals, including legal advocates, barristers in law, insolvency lawyers, financial advisors, creditor’s liaison personnel, and certified accountants. This ensures that clients receive high-quality services and support throughout their debt management journey.
Overall, SingleDebt's experience, non-lending solution, PDP, comprehensive services, and professional personnel make it stand out from other settlement providers in India, setting it apart as a leading debt management company in the country.
Great Companies: What were the struggles and challenges you faced and how did you overcome them?
Harish Parmar: Introducing a new concept like debt management in India came with its own set of struggles and challenges. We had to bring in trainers from the UK to train our new staff in India and have bespoke software developed.
We also had to adapt approach to suit the Indian debt market and convince the banks of the benefits of our services.
In addition, educating the public about the concept of debt management was also a challenge that required extensive marketing and PR efforts. Over time, however, our efforts paid off, as evidenced by the positive testimonials and Google reviews from satisfied customers.
Nevertheless, as the financial market constantly evolves with new players and loan products, there will still be new challenges to overcome. Despite this, we remain committed to our service and continue to believe in the positive impact it has on our customers.
Great Companies: How do you plan to grow in the future? What does 5 years down the line look like for SingleDebt?
Harish Parmar: There are several ways we can grow in the future. These include expanding our services to offer a wider range of debt solutions, partnering with other businesses to reach new customer segments, investing in marketing and advertising to increase brand awareness.
Ultimately, the strategies that we choose will depend on the opportunities available in the debt management industry. Over the next five years, the debt market in India may continue to evolve, presenting new challenges and opportunities for SingleDebt.
For example, changes in the regulatory environment, shifts in consumer behaviour. We continue to adapt our services to meet the changing needs of our customers and provide high-quality service, we could potentially expand our customer base and grow our business.
In addition, as financial literacy continues to increase in India, more individuals may become aware of the benefits of debt management and seek out SingleDebt’s services.
Furthermore, as the Indian economy continues to grow, there may be a greater need for debt management services, which could create more opportunities for SingleDebt to expand their business.
Great Companies: If you had one piece of advice to someone just starting out, what would it be?
Harish Parmar: To start a successful business, it's important to focus on solving a problem or addressing a need. This involves identifying a problem that people have and finding a way to solve it in a better, faster, or cheaper way than existing solutions.
This could be anything from developing a new product or service, improving a process, or enhancing the customer experience.
After identifying the problem and solution, conducting thorough research is crucial. Understanding the target market, competitors, and industry landscape is essential in refining the offering and ensuring it meets the needs of potential customers.
Gathering feedback from potential customers can help fine-tune the offering and ensure it resonates with the market.
Starting a business requires taking risks and persistence. There will inevitably be challenges and setbacks along the way, but staying passionate and committed to the vision can lead to success.
It’s important to stay focused on goals, remain flexible, and continue learning and growing. With hard work, dedication, and a strong focus, a successful business can be within reach. Best of luck!
WebSite: http://www.singledebt.in