Debtors Watch – recourse for bad debts

Bad debts are the agony of every business person. Despite hardwork, one often has no control over bad debts that not only wipe away a part of your revenue but also leave a lingering distaste in the mouth.

The founder, Deepanjan Periwal, a Chartered Accountant by profession, ideated the concept of Debtors Watch when he experienced bad debt in an advisory role and found no recourse against the debtor. “I struggled to find what I could do to recover my dues or to prevent bad debts in future? Could I have conducted a background check on the client before engaging with them? Unfortunately, I found no solution to these questions which motivated me to come up with the concept of Debtors Watch,” explains Deepanjan. “Debtors Watch finally provides an easy online portal where users can report trade defaults and check the creditworthiness of their clients,” he adds.

How does it work?

Debtors Watch is an online portal where users can report their bad debts for free. On reporting of a default the portal sends email and text reminder to debtors to pay their dues. Failure to comply will result in the default being registered against the debtor on the portal and show up when others are researching their creditworthiness in the future.

Additionally, Debtors Watch also provides access to data aggregated from the Ministry of Company Affairs (MCA) and judgments of courts and tribunals allowing users to carry out a thorough background check on their clients.

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“Users can not only do a creditworthiness check on potential clients, they can also add their list of customers to their watch list on the portal and monitor their creditworthiness on an ongoing basis. Integrating carefully aggregated data and latest technology, we ensure that no incorrect information is reported on the portal. To make the process even more effective, we also allow defaulters to defend claims against themselves by documenting their responses against the claim on the portal,” adds Deepanjan.

In a nutshell, Debtors Watch is user-friendly platform that helps all types of business prevent bad debts and improve their cash flows. By giving access to a pool of factual data in the form of defaults reported on the platform to its users, it empowers businesses to verify the creditworthiness of their clients before offering a credit period thereby increasing overall revenue and efficiency of an organisation.

As Trade Default Reporting turns into a BAU (business as usual) matter, Debtors Watch urges all small and big businesses to report trade defaults for the common good of the economy as a whole. The innovative service is currently bootstrapped and dedicated to constantly upgrade by automating reporting of defaults and providing effective credit analysis tools.