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September 14, 2023 - Settlements module
Network Members can now build rules engines that turbo-drive how they field, negotiate and document settlement agreements with traditional debt settlement firms.
Centralize fragmented negotiation channels, automate decisions with negotiation rulesets while reviewing proposals in bulk which rulesets can't auto-approve. eSign generated settlement agreements in-platform.
Dictate how consumer consents are gathered, ensure organizations follow consent guidelines and support counterparties with embedded tools to satisfy consent requirements.
Work with a broad ecosystem of debt settlement firms and accept or decline to work with existing firms. Invite new counterparties to quickly onboard to the Kredit network.
Recognize, understand and react to trends, analyze negotiation data to drive wholistic strategy and compare liquidation across portfolios and counterparties. Focus resources on investing in high value activities.
As Advisors (debt settlement firms, credit counseling agencies and law firms) upload enrolled consumers to Kredit's application and initiate the negotiation process, consumer profiles will become available for Network Members to view and respond.
Navigate to the Consumers tab under the Settlements module.
Network Members can quickly locate specific consumer profiles without the need to navigate manually through an extensive list. Type consumer names or account number into the Search consumers field to find a specific consumer.
Consumer profiles provide a comprehensive overview of consumer's information and account(s), highlighting key information relevant to the relationship.
Network Members can use consumer profiles to find consumer details, negotiate, review settlement details, and see required consumer payments.
Displayed at the top of the page is the consumer's personal details.
Displayed under consumer's personal details are their settlement account(s). Account(s) that require action will display a red dot.
Click on the arrow to expand or collapse the account card. The expanded view shows the settlement progress tracker for each individual account.
The Payments section shows a ledger of required consumer payments specific to that consumer.
The Documents ledger lists collateral relevant to consumer's account(s). Click Add to upload a document or download documents generated during the negotiation process.
The Settlement progress tracker illustrates the status of each account negotiation through the pipeline to a completed settlement agreement.
Every account negotiation goes through a structured flow which allows Network Members to track consumer consents and have a document trail for compliance tracking purposes.
Click the aligned button (see below) to complete a task. Once a task is completed, a download button will become available to save associated documentation.
The account view provides a comprehensive overview of a consumer account, highlighting key information relevant to the relationship. Network Members can use the account view to find account details, negotiate, review settlement agreement details, and see required consumer payments for this account.
Within a consumer's profile, click Details to pull up an account profile.
Settlement progress tracker
Displayed at the top of the account view is the settlement progress tracker for that specific account. Network members can download files for their records when tasks are completed.
Displayed at the top of the account view is the Account details. Click Refresh to update account details.
Review the conditions of the agreement in the Settlement details section.
The Payments section show a ledger of required consumer payments specific to this account.
The Documents ledger lists collateral relevant to the account.
Network Members can manage the settlement plans submitted by Advisors in the Proposals section.
Navigate to the Proposals tab under the Settlements module.
The Proposals dashboard provides an at-a-glance view of proposal details in one central location. This transparency allows Network Members to easily track the progress of each proposal and understand its current status.
Filtering proposals by status help Network Members prioritize actions based on which proposals are in need of immediate attention and manage workflow effectively, ensuring that proposals move smoothly through each stage.
- All - All proposals regardless of the status.
- Open - Negotiations are ongoing.
- Active - The consumer is actively paying on the settlement.
- Completed - The consumer resolved the account.
- Declined - Network member did not accept the proposal.
Network Members can see a proposal view for more details on a proposal.
PROPOSALS WITH OPEN STATUS
Step 5: Click Counter and Get started to edit proposal details.
Step 6: The proposed terms are displayed to easily enter updated parameters. Click Continue to progress with countered proposal.
Step 7: Review the counter proposal details before selecting Confirm.
Step 8: Successfully submitted proposals are delivered to Advisors. Unsuccessful submissions will prompt network members re-start the counter process.
Network Members can define rules to programmatically approve and reject proposals.
Navigate to the Rules tab under the Settlements module.
Network Members can apply rules to portfolios that automate decision making, allowing team members to address proposals that rulesets cannot approve.
Network Members can tailor settlement strategies by creating multiple rules within a ruleset. Rules provide flexible control over settlement rates, initial balances, and plan types (including one-time, regular installments, or custom series).
Step 3: Under Create a new Rule, Network Members can enter rule parameters. Click Activate rule to make a rule active.
- Rule Name - Title the rule to clearly communicate the focus or intent
- Minimum and maximum starting balance - Define the range of starting balances to which the rule will be applicable. Minimum and maximum ranges must be equal to $0.01 or more.
- Discount (%) - Define the discount applied to the range of starting balances
- Plan type - Select the rule plan type:
- One-time payment is a lump sum.
- Regular installments are recurring payments.
- Custom series are tailored recurring payments with variable payment amounts, frequency, and duration. Advisors can propose custom installment plans with variable number of installments and payment amounts, as long as they follow set guardrails.
Network Members can update, pause or delete rules at anytime.
My Settlement rules displays a rule cards for each rule that has been defined within a ruleset. Rule cards provide a snapshot of rule variables:
- Minimum and maximum starting balance range
- Number of payments or time interval (i.e. number of weeks or months)
- Discount percent
- Minimum payment amount
- Plan type
Network Members can manage counterparties to engage with, and see the state where both parties have mutually accepted the connection request and are currently connected.
Navigate to the Settings tab under the Settlements module.
Network Members can invite counterparties to join the Kredit network and manage settlement negotiations.
Network Members can choose Advisors to interact with. Interacting with an Advisor allows the organization to search account data in the Network Member's system of record.