Intent is a noun that signifies objective, aim, and purpose. Translated to an adjective, it shows the extent of determination or resolve. What is the objective of a debt management firm? Indeed, it intends to transform lives and live up to the expectations of its debt-laden customers, setting them debt free.
In our previous write-ups, we talked about how the journey with FREED is about handholding and trust. In a partnership of faith, intent plays a key reciprocal role.
Let’s look at why a debt management firm would care about intent.
Evaluation of eligibility: An individual’s unexpected medical emergency has led him to overspend on his credit cards and even take out a personal loan. He realises he is unable to manage his debt and seeks help from a debt management firm. He acknowledges his situation and shows intent to resolve his evident debt problem. A debt management firm evaluates his intent to understand his commitment to repay his debts. A lack of intent could mean that the debt management firm’s efforts may not yield results.
Evaluation of success: Upon interacting with the debt management firm, the individual shows a strong intent to make the necessary changes to his overall spending and budget. This strong intent is an indicator of his determination to get debt free. The firm offers consolidation or a repayment plan that requires the individual to make regular monthly payments that are dispersed to the creditors, based on the individual’s commitment. The individual’s intent ensures that payments are not compromised, and the firm is able to negotiate with the creditors to help him become debt free.
Evaluation of risk: A debt management firm needs to ensure that its service is being used for legitimate purposes and that it is not encouraging individuals to become defaulters by intentionally evading debts. An individual who does not actively participate in the program by refusing to provide required financial information or resisting counselling sessions shows apparent intent issues. The firm safeguards itself from engaging in any unlawful or unethical activity by gauging the individual's intent and unwillingness to contribute.
Evaluation of resilience: A debt relief journey comes with its own set of obstacles and challenges. Intent plays a crucial role in assessing and building resilience to overcome these hurdles. An individual with strong intent has increased chances of persevering in adversity. Intent can act as an inner source of strength that keeps the individual from losing self-belief and staying determined during challenging times. Furthermore, it enhances the individual’s capability of finding innovative solutions to overcome difficulties.
Ultimately, intent is the foremost deciding factor for the success of any journey-based program. By paying attention to intent, a debt management firm secures its chances to deliver on the ‘Promise’ of a debt free life while simultaneously instilling lessons and behaviours on financial discipline for life-changing financial stability.
