Sometimes a conciliator will call a respondent and you might hear that a collection agent from the bank has met them in person and offered them a better deal/ higher waiver.
Why is this happening?
ICICI Bank’s leadership team has informed us that any parallel process that takes place cannot be stopped altogether. However, assurance has been given from the Bank’s end that any and all negotiations or negotiated terms that are discussed by the Party and the Recovery Agent would be finally discussed with the conciliator in order to capture the terms in the Conciliation award.
What should I tell the respondent in these situations?
- Tell them who you are. You are a conciliator from Sama. You are not from the bank nor are you representing the bank. You are a neutral professional. Also how the process of conciliation is collaborative and you will work to your best capability to help them and the bank come to a solution that works for both parties.
- The fact that you have access to the direct decision maker in the bank relating to the respondent’s account
- They will have a clean and final settlement that will be signed by not just them but you and the bank as well.
What should I do on the platform?
Step 1
Mark the case as consented.
Step 2
Inform the bank of the waiver, the fact that there is a parallel process and mark this update as a QUERY.
Step 3
Based on what the bank says help them settle (involve the collection agent as well if needed) which will lead to a conciliation award and status - Settled
or
It does not reach a successful settlement and you will create a failure report and mark the case with the status - Closed - No Settlement