If the debts to the banks are not paid, the contracts that cause the relevant credit debt of the blacklisted consumers are sold to the asset management companies and become a different company to a lower amount than the debt value.
The asset management companies that prevent the collapse of the banking system and create new employment areas are companies that purchase the contract of the debt that consumers do not pay from banks and try to collect the related debt. In this context, it will be useful to analyze the asset management company debt inquiry, what should be done when the debt is transferred and the derivative issues.
The institutions that purchase the debts that banks cannot collect by tender and demand these from the consumers with facilities such as structuring or installment are called asset management companies.
Asset management companies participate in the tender opened by banks regarding the debts that they cannot collect and bid much lower than the total value of the debt. This proposal is a proposal based on the contracts proving the bank’s receivables and if the proposal is successful, it is transferred to the asset management company at a price far below the relevant contract value.
For example, the bank will receive a total of 1 million USD in receivables and open a tender because it cannot collect its receivables from consumers. Asset management companies tend to award contracts documenting a total receivable of 1 million USD and have purchased 1 million USD of debt for 100 thousand USD.
In this case, the bank will portray its receivable of 1 million USD as a bad credit with a loss of 900 thousand USD rather than 1 million USD. Wealth management companies, on the other hand, will earn profits for any amount over 100 thousand USD of the debt contracts they receive for 100 thousand USD. For this reason, it is recommended to negotiate with asset management companies.
A tool has been launched by the Asset Management Companies Association to find out whether debts such as credit or credit cards have been transferred to the asset management company and, if so, to see which asset management company is transferred. You can make inquiries with the necessary information from the debt inquiry page, which can be accessed.
Asset management companies resort to almost all kinds of ways to collect the debt before applying foreclosures and incurred the costs of the related process, but they do not even hesitate to apply for lien because they follow a debt much more closely than banks if they have a problem in collecting.
Therefore, it may be useful to know that asset management companies have foreclosure powers and realize that they can take action much faster than banks and realize goods foreclosures when it comes to this level.