SingleDebt India’s Trusted Debt Management Company.

Single Debt, founded in 1994 by Harish Parmar, is India’s first and leading debt management company, headquartered in Mumbai, Maharashtra.

Operating under City Credit Management LLP, Single Debt has emerged as a trusted name in providing tailored debt management plans (DMPs), legal support, and financial literacy programs to individuals and micro, small, and medium enterprises (MSMEs) grappling with debt.

With a mission to deliver clear, ethical, and jargon-free advice, Single Debt has helped over 50,000 clients across India and Europe achieve financial stability.

Recognized as the Best Debt Management Company in India and the UAE by SOS Nitelife, Single Debt holds ISO 27001 and ISO 9001 certifications, ensuring high standards in quality and information security.

This article explores Single Debt’s history, services, impact, challenges, and future outlook, complemented by a table summarizing its key offerings.

The Genesis and Evolution

Single Debt’s origins trace back to 1994, when Harish Parmar, born in Surat, Gujarat, identified a gap in India’s financial services landscape for professional debt management solutions.

Initially, Parmar founded One Debt in the UK, catering to British nationals during a period of rising consumer debt, which peaked at 156.4% of household disposable income in 2008.

The success of One Debt prompted Parmar to replicate the model in India, launching Single Debt to address the unique challenges of Indian borrowers, including creditor harassment and complex debt structures.

The company’s early focus was on consolidating multiple creditor repayments into a single, affordable equated monthly installment (EMI), a novel concept in India at the time.

By 2000, Single Debt had established a business process outsourcing (BPO) unit to service financial products for banks in the UK and USA, enhancing its operational capabilities.

The entry of Parmar’s sons, Yagnesh and Dhananjay, as Director and Head of Marketing, respectively, marked a turning point. They introduced a bespoke customer relationship management (CRM) system and a customer-centric digital strategy, expanding Single Debt’s reach across India.

By 2020, the launch of the Single Debt app and customer portal led to a 1200% increase in clients benefiting from debt solutions, solidifying its market leadership.

Business Model and Operations

Single Debt operates as a non-funded company, relying on operational revenues rather than external investments. Its business model centers on three pillars: debt management plans, legal support, and financial education.

The company consolidates unsecured debts—such as Personal loans, credit cards, and overdrafts—into a single affordable payment, negotiating lower interest rates with creditors under RBI guidelines.

Legal services include representation against creditor harassment and protection from unethical recovery practices, while financial literacy programs empower clients to manage their finances effectively.

Single Debt’s operations are supported by a team of 69 employees (as of December 2024) and a network of financial advisors, advocates, and lawyers. The company’s digital platforms, including the Single Debt app, enable clients to track account status, payments, and legal updates in real-time.

Features like free CIBIL score checks and ticket-raising for legal support enhance user experience. Single Debt’s expansion into the UAE, with a Dubai headquarters, marks its international growth, serving clients across the Gulf Cooperation Council (GCC) region.

The company’s adherence to RBI regulations and its membership in the Indian Chamber of Commerce of Affirmative Action (ICCAA) underscore its commitment to ethical practices.

Single Debt’s ISO certifications ensure robust data security and quality management, fostering client trust. Its headquarters at Shah Industrial Estate, Andheri West, Mumbai, serves as the nerve center for its operations, with contact points like 96191 03594 and 022 6876 2605 facilitating client engagement.

Services and Offerings

Single Debt’s services are designed to address the multifaceted challenges of debt, offering a holistic approach to financial recovery. Key offerings include:

1. Debt Management Plans (DMPs): Single Debt consolidates multiple unsecured debts into one affordable EMI, tailored to the client’s income and expenses. The company negotiates with creditors to reduce interest rates and waive penalties, making repayments sustainable.

2. Legal Support: Single Debt’s in-house paralegal team provides representation against creditor harassment, responds to legal notices, and protects clients from unethical recovery agents. The team sends official notices to creditors, informing them of the client’s enrollment in a professional DMP.

3. Financial Literacy Programs: Single Debt offers workshops and online resources to educate clients on budgeting, credit management, and financial planning, empowering them to avoid future debt traps.

4. Credit Score Improvement: By restructuring debt repayments and ensuring timely payments, Single Debt helps clients rebuild their CIBIL scores, enhancing future borrowing eligibility.

5. Digital Tools: The Single Debt app provides real-time account updates, payment tracking, and harassment reporting, while the customer portal offers CIBIL score checks and loan statement downloads.

6. Customized Solutions: Single Debt’s DMPs are personalized, considering each client’s financial situation, income, and goals, ensuring affordability and sustainability.

Table: Single Debt Key Services and Benefits

Impact and Achievements

Single Debt’s impact is profound, having assisted over 50,000 clients in India and Europe. Its recognition as the Best Debt Management Company in India and the UAE by SOS Nitelife highlights its industry leadership. The company’s 1200% client growth since 2020, driven by its app and portal, underscores its scalability.

Single Debt’s legal interventions have shielded thousands from creditor harassment, with reviewers on Trustpilot praising the paralegal team’s professionalism and responsiveness.

For instance, a client noted that paralegal Narendra Yadav “listened with care and supported every step,” while another credited Single Debt with resolving unauthorized collection agent visits.

The company’s financial literacy programs have empowered clients to manage budgets and avoid debt cycles, contributing to India’s financial inclusion goals.

Single Debt’s annual revenue of ₹9.97 crore as of March 2024 reflects its financial stability, despite being an unfunded entity. Its expansion into the UAE and partnerships with global financial institutions position it as a regional leader.

Challenges and Criticisms

Single Debt has faced challenges, particularly in transparency and customer service. Some Trustpilot reviews, as of August 2025, criticize hidden charges, noting that the first two months’ payments are retained as fees, with no refunds for early debt clearance.

One reviewer described Single Debt as a “fraud” for not disclosing fees upfront and failing to pay creditors promptly, citing a case where payments from September 2024 were not disbursed until January 2025. These complaints highlight the need for clearer communication and improved account management.

Regulatory compliance is another challenge. While Single Debt adheres to RBI guidelines, the evolving NBFC regulatory landscape requires constant vigilance. The company’s reliance on operational revenues limits its ability to scale rapidly, unlike funded competitors like FREED and Beyond Finance.

Market competition from debt settlement firms, which focus on lump-sum settlements rather than DMPs, poses a threat, as noted in a Tracxn report identifying 87 active competitors, including 10 funded entities.

Corporate Social Responsibility (CSR)

Single Debt’s CSR initiatives focus on financial empowerment, particularly for women. A LinkedIn post from March 2024 highlighted that only 47% of female earners in India make independent financial choices, per a DBS Bank India and CRISIL report.

Single Debt’s programs aim to bridge this gap, offering tailored DMPs and financial literacy workshops for women. The company also supports community initiatives, such as anti-harassment campaigns, aligning with its mission to reduce Financial stress.

Leadership and Vision

Led by CEO Harish Parmar, Single Debt combines industry expertise with a customer-first approach. Yagnesh and Dhananjay Parmar’s contributions in digital strategy and marketing have modernized operations, while the in-house legal team ensures robust client protection.

Single Debt’s vision is to lead India’s debt management sector, promoting a #DebtFreeIndia through ethical and accessible solutions. Its mission emphasizes legal, affordable, and stress-free debt resolution, supported by a team of experienced financial advisors and advocates.

Future Outlook

Single Debt’s future is promising, with plans to expand its digital footprint and regional presence. The company aims to enhance its app with AI-driven features, such as predictive budgeting tools and automated creditor negotiations, by 2026.

Expansion into additional GCC markets and partnerships with fintechs could drive growth. Single Debt focus on financial literacy aligns with India’s push for financial inclusion, targeting 10 million underserved borrowers by 2030.

However, addressing customer complaints and improving transparency will be critical. Investments in customer service training and clearer fee disclosures could enhance trust.

Single Debt’s unfunded status may necessitate strategic partnerships or funding rounds to compete with global players like Resuelve tu Deuda. Posts on X, such as @Single_Debt’s August 2025 tweet about reducing EMI burdens, reflect its commitment to client-centric innovation.

Conclusion

Single Debt’s pioneering role in India’s debt management sector is a testament to its innovative and ethical approach. By consolidating debts, providing legal protection, and promoting financial literacy, Single Debt empowers clients to regain control of their finances.

Despite challenges like transparency concerns and market competition, its ISO certifications, digital platforms, and client-centric model position it for sustained success.

As SingleDebt expands its reach and enhances its offerings, it remains a beacon of hope for those navigating debt, driving India toward a financially stable future.