VMPL
New Delhi [India], April 15: Lawyer Panel, a unit of Eresolution Consultancy Services Pvt Ltd, today released official statistics confirming its stature as India's largest dispute resolution platform, having counselled over 30,000 individuals and resolved debt of over INR 1700 Crore. The company is dedicated to helping individuals navigate and resolve their debt-related challenges effectively. With a mission to provide accessible, transparent, and efficient legal support, Lawyer Panel is transforming how debt disputes are handled across the country.
With a vast network of experienced legal professionals and dispute resolution specialists, the company is committed to promoting ethical debt resolution practices and enhancing financial literacy among borrowers, helping individuals navigate and resolve their debt-related challenges effectively.
India's household borrowings have grown significantly in the last few years as per a recent report by The Reserve Bank of India (RBI). As of June 2024, household debt stood at 42.9 per cent of the GDP. The report identified three primary purposes for household borrowing -- consumption, asset creation, and productive activities. Consumption loans include personal loans, credit card debt, and loans for consumer durables. Asset creation loans cover mortgages, vehicle loans, and two-wheeler loans. Loans for productive activities include financing for agriculture, business ventures, and education.
As per the Reserve Bank of India (RBI), unsecured loans stood at Rs 16.37 lakh crore as of January 2024, up from Rs 10.34 lakh crore in January 2022, marking a 26 per cent compounded annual growth. Unsecured loans include credit card dues, consumer durables loans, and other personal loans. Aggressive lending practices by banks and NBFCs have resulted in borrowers taking loans beyond their capacity to repay, leading to increased defaults and financial and mental stress among the borrowers.
This is where the Lawyer Panel is playing a significant role. As the financial landscape continues to evolve, a growing number of individuals face challenges in managing their debts, dealing with creditors, and overcoming legal complexities. The platform acts as a bridge between borrowers and lenders, offering expert legal assistance, mediation services, and strategic debt resolution solutions that empower individuals to regain financial stability.
Anurag Mehra, Director of Lawyer Panel, shared his insights, saying, "We understand the stress and uncertainty that come with debt-related issues. Our goal is to provide structured, legally sound, and customer-friendly solutions to help individuals resolve their debt problems with dignity and confidence."
At present, the key offerings by Lawyer Panel include Consumer Education, Stopping Harassment, Negotiation and Mediation & Arbitration. By educating borrowers on their rights, Lawyer Panel helps individuals understand their rights as per RBI rules and guidelines. The firm also ensures recovery agents comply with RBI guidelines and protects borrowers from unfair practices and harassment. Furthermore, Lawyer Panel acts as a mediator to help borrowers find practical debt resolutions by negotiating resolutions with lenders, while also providing mediation & arbitration assistance by facilitating structured dispute resolution.
About Lawyer Panel
Lawyer Panel, a unit of Eresolution Consultancy Services Pvt Ltd, is India's leading dispute resolution platform specializing in debt-related legal services. By leveraging expert legal knowledge and a client-centric approach, the company helps individuals achieve effective debt resolutions while safeguarding their rights.
The company is run by experienced entrepreneurs who are alumni of IIT, IIM and MIT USA, with more than 30 years of experience helping individuals and corporates through financial, legal, and business advice.
For more information, visit www.lawyerpanel.org or write to info@lawyerpanel.org.
(ADVERTORIAL DISCLAIMER: The above press release has been provided by VMPL. ANI will not be responsible in any way for the content of the same)
