Loan settlement
11 months ago
I have 4 loan emi 36000 and credit mount 3 lac, I am unable to pay, can i loan settled from bank, how
A.Dear Client,
Informing your inability to pay the outstanding amount of the loan to the Bank you can opt for OTS (One Time Settlement) Scheme, Bank offered occasionally for the loan defaulters extending some rebate on such kind of bad loan to get the loan settled in the prelitigation stage. You may take a chance if such OTS is now available with the Bank.
Otherwise, you may request the Bank to put up the matter before LOK ADALAT arranged occasionally by Dist. Legal Service Authority to settle the dispute at the pre-litigation stage through mediation of parties
Informing your inability to pay the outstanding amount of the loan to the Bank you can opt for OTS (One Time Settlement) Scheme, Bank offered occasionally for the loan defaulters extending some rebate on such kind of bad loan to get the loan settled in the prelitigation stage. You may take a chance if such OTS is now available with the Bank.
Otherwise, you may request the Bank to put up the matter before LOK ADALAT arranged occasionally by Dist. Legal Service Authority to settle the dispute at the pre-litigation stage through mediation of parties
Helpful
Helpful
Share
Read Related Answers
Credit card
Dear Client,
You can try to negotiate a settlement of your credit card dues with the Banks on your own if your pocket permits and the bank agrees, but sometimes it's typically done through third parti...
Harrassment and verbal attack on personal misfortune by Bajaj Finserve TVM
Dear Client,
As per the contractual obligation you are bound to repay the loan but the creditors have no right to harass you to recall the amount, there are rules set as per RBI guidelines as to how...
Complaint regarding not refunding fees.
Dear Client,
It's essential to communicate clearly with the center about your request for a refund and to provide any necessary documentation, such as receipts or enrollment agreements, to support y...
Insolvency
Dear Client,
Under the Provincial Insolvency Act, 1920 (which is now repealed as IBC Code 2016), you can file for bankruptcy if you are unable to repay a debt greater than ₹500. After analyzing whethe...
How to get stay order of property possession taken by NBFC
Dear Client,
Sub-section (3A) of Section 13 of the SARFAESI Act was introduced by way of an amendment in the year 2004 whereby (3A) the borrower is allowed to make representation or raise an objectio...
Read Blogs on Debt Collection
Debt Collection Lawyers
Find Lawyers by Location