Settlement of personal loan
2 years ago
I want to settle my personal loan with bajaj
I am asking 50% waiver of the principle amount
Is it possible
A.Dear Client, Lenders are not legally obliged to settle a debt lowering or waiving your outstanding debt, but because they want to protect their bottom line, they may agree to a debt settlement to avoid further financial loss. You can try to negotiate a debt settlement on your own, but sometimes it's typically done through third parties like debt relief companies, which you may hire to negotiate the settlement matter with the lender on your behalf. With this method, you will make payments to the debt settlement company rather than your creditors/lenders, along with the chargeable fees. Debt settlement is an agreement between a lender and a borrower in which the borrower repays a portion of a loan balance and the lender forgives the remainder. You may consider starting the negotiation by offering to pay 25% or 30% of your outstanding balance in return for forgiveness on the rest. But, it may be noted that while there are legitimate debt relief/settlement companies, there are also many scam/fraud operations in the market. So, if you're considering one, the Consumer Financial Protection Bureau(CFPB) suggests for contacting your state attorney general's office and local consumer protection agency to ask if they have any consumer complaints on file about that company. Some states require that debt settlement companies be licensed, which may provide some added protection. Although a debt settlement can offload some of your instant financial crisis arising out of unpaid personal loan, there are also a few potential risks and downsides to consider. First, a debt settlement will affect your credit score. That will make it more difficult for you to get credit or good interest rates on loans in the future. Another potential drawback is that when you settle debt, you could face tax consequences. Further, a quick counseling session with a certified credit counselor can help you to discover your options and choose the right path forward.
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Sidhaarth
Responded 2 years ago
A.No, principal amount cannot be waived.
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A.Hi,
You can make representation with the lending bank, that you are unable to pay the loan amount, and you want to settle the loan. Though the loan transaction comes to an end in the form of settlement, it is still not a usual closure. Therefore, credit rating agencies term the transaction as ‘settled’ making other lenders view it as a negative credit behaviour. Your credit score will drop.
You can make representation with the lending bank, that you are unable to pay the loan amount, and you want to settle the loan. Though the loan transaction comes to an end in the form of settlement, it is still not a usual closure. Therefore, credit rating agencies term the transaction as ‘settled’ making other lenders view it as a negative credit behaviour. Your credit score will drop.
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Ayantika Mondal @ Prime Legal
Responded 2 years ago
A.Hi,
If you are finding it difficult to repay your loan, you can ask for loan settlement with the lender bank, however loan settlement can negatively impact your cibil score, and will hinder your loan taking capability.
If you are finding it difficult to repay your loan, you can ask for loan settlement with the lender bank, however loan settlement can negatively impact your cibil score, and will hinder your loan taking capability.
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A.You can reach out to them and speak to them. Due to covid lot of banks/credit card companies are looking forward to restructure and or settle the loan and close the account than let it become NPA so you can give it a try.
You can also initiate ODR- Online Dispute Resolution process through Vidhi Samaadhaan, to know more click at this link https://www.vidhikarya.com/online-dispute-resolution to resolve this.
You can also initiate ODR- Online Dispute Resolution process through Vidhi Samaadhaan, to know more click at this link https://www.vidhikarya.com/online-dispute-resolution to resolve this.
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Pardeep Kumar Dhiman Dhiman
Responded 2 years ago
A.Aap party se direct baat kare. Ho sakta hai aap ki baat ban jae. Nhi to aap ko pura rinh dena padega.
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