I. How do debts arise in credit activities?
In essence, a credit contract is a property loan contract between individuals, organizations and the other party is credit institutions on the basis of repaying principal and interest of the debt as the parties’ agreement. Therefore, debts arising from credit contract are debts arising when it is overdue but the debtor cannot pay full and in time principal and interest to the credit institution, which leads to the liquidation of collateral or the inclusion of the debt in bad debt by credit institutions.
II. Who are TNTP’s Clients in collecting debts in credit activities?
TNTP’s Clients in debt collection in credit activities mainly include the following subjects:
- The bank needs to collect bad debts, including secured debts and unsecured debts;
- Other credit institutions are allowed to lend such as financial companies.
III. What do Clients need to prepare before working with TNTP?
With credit activities, before working with TNTP, Clients need to prepare the following information, documents:
- Credit contract; Collateral mortgage contract (if any);
- Documents related to the borrower’s principal and interest payment process;
- Documents related to the credit institution’s debt collection process such as Working Minutes; Borrower’s application for debt relief; Dispatch requesting to pay the debt before the due date; Notice of overdue interest payment; Notice of transferring from credit debt to bad debt; …
- Other documents related to the debt (if any).
IV. How does TNTP receive and process information?
When Clients contact TNTP, TNTP’s Lawyers will receive and process information as follows:
- Step 1: Based on the information, documents provided by Clients as well as discussions with Clients, Lawyers of TNTP will research the case and give some initial consultation.
- Step 2: Then, TNTP will send a Quotation attached to a detailed implementation Plan to Clients so that Clients can consider signing Legal Service Agreement with TNTP.
- Step 3: In case Clients agree with the Quotation, TNTP will send a Legal Service Agreement to Clients. The Parties will sign Agreement and Clients will pay legal services fee to TNTP (if any).
Kindly be noted that the legal service fees of TNTP are exclusive of Value Added Tax, court fees, arbitration fees, fees according to state regulations, travel expenses for lawyers, translation, photocopying, notarization, and authentication fees, long-distance telephone, postage charges, and other reasonably incurred expenses. In case the above-mentioned expenses are incurred, TNTP will propose opinions to Clients and TNTP will only perform the work if Clients agree to pay reasonably incurred expenses.
After signing the Agreement and receive service fees (in case there is a fixed service fee), TNTP will perform works according to the Quotation and the implementation Plan that Clients has agreed.
V. Works that TNTP will implement when providing legal service over debt collection
Normally, works that TNTP will implement when collecting debts include:
- Searching for information about the debtor: name, tax code, legal representative, actual operation address, operation, and business status, …
- Contact the debtor directly or by phone, messages, e-mails to request the debtor to pay the Debt for the Client.
- Send a Letter of Demand (LOD) to the debtor to request the debtor to pay the Debt for the Client.
- Representing the Client to attend meetings with the debtor to agree on the payment schedule and the settlement plan of the debt.
- Searching for legal violations of the debtor and sending a Denunciation to the competent authority about violations in case the debtor evades, does not pay the Debt to the Client.
- Proceed to initiate a lawsuit to collect the Debt in case TNTP considers that the lawsuit is feasible and the Client agrees with the lawsuit plan
VI. TNTP’s commitment to legal service
With the attitude of protecting the legal rights and interests of the Client, TNTP has been and will try to bring Clients trust and comfort when using TNTP’s legal services.
Throughout the process of providing legal services, TNTP commits to support Clients and perform the work in the fastest, most timely and effective way, regularly report the progress of the case as well as give the next plan so that Clients can easily monitor and evaluate the work results.