Lock customers device in Europe was a long time awaited service by collection agencies, lending companies, and device sellers. Big thanks to our legal team, who find the way how to offer our phone collateral technology in Europe.
Estimated reading time: 3 minutes
Firstly, our Phone collateral loan is ready from the legal and process view to be live in Europe. And we already start negotiation with the biggest European lenders.
Secondly, our Phone collateral payment plans were already tested by a Czech collections agency. We received very positive feedback from their local legal team. The biggest awards were signed agreement and trust by top managers.
Thirdly, our Phone collateral description was presented to one of the biggest European telecom companies famous Vodafone. Managers take time to discuss with their legal team how to start lock customer devices remotely from a legal view. In the case of technology is ready by the Maloni team.
How to lock customers device from a legal view
According to § 2010 of the Civil Code, the following applies: “A debt can be secured if a third party commits to the creditor or in favor of the creditor for the debtor’s performance, or if someone gives the creditor or in favor of the creditor property security that the debtor will fulfill his debt. The debt may be established by arranging a contractual penalty or by recognizing the debt. ” How easy is to lock customers’ devices!
A real example of a legal clause
“In accordance with § 1746 paragraph 2 of Act No. 89/2012 Coll., The Civil Code, the debtor undertakes to hand over to the creditor the Samsung Galaxy A21s 32GB white mobile phone, IMEI code: 012345678912345, which he expressly declares to be in his possession, for temporary use with the suspensive condition that the debtor is in arrears (hereinafter referred to as “Temporary Use”). Temporary use shall be subject to the condition that the debtor repays the debt. ” Just press the button or fully automate and you can lock customers device.
How to lock customers device simple way saying
The Borrower enters into an unnamed contract with the following contents: The Borrower will leave the Samsung mobile phone, which it expressly declares is in its possession, to the Lender for temporary use, which will begin when the Borrower defaults, which we will call “Temporary Use”.
This Temporary Use will end once the Borrower has repaid the Debt. Thus, at the moment when the debtor is in arrears, you (or the collection agency) will be able to use the debtor’s phone, i.e. block it or lock the customer’s. Once the debtor has settled the debt, the Temporary Use will be terminated and the phone will be unblocked.
After that, the debtor will be able to use the phone again, on the contrary, you will not be able to use (block) it, theoretically again until he is in arrears. The specific parameters will depend on the collection agency, as in most of the repayment calendar it is agreed to repay the entire debt in the event If the debtor is in arrears with a single payment.
Therefore, after the blockade, the debtor would have to pay the entire debt (not just a single installment) and the blockade would probably occur only once, but as we have already mentioned, it depends on the collection agency, how these processes are set up. In the end, it’s very simple to lock the customer’s device.
How to lock device remotely. More information you can find on our Phone collateral news page. Below or here you can check how phone collateral works.