What does debt custody mean?

Debt custody refers to a form of service that entrusts the debts of individuals or enterprises to professional institutions for management and coordination.

When the borrower is faced with difficulties in debt repayment or cannot reach an agreement with the creditor, he can choose to entrust the debt to a debt custody company, which will negotiate with the creditor to make a repayment plan and manage the debt on his behalf. The debt custody company will reach an agreed repayment plan through communication and consultation with creditors, and manage the borrower's debt on its behalf to ensure timely repayment.