High debt around 20 lakh of PL CREDIT CARD
7 months ago
I am not able to pay emi of personal loan and credit card that is amounting 20 lakh my monthly income is 55000 and monthly emi is 95000 please suggest what can I do I also gone for consolidation of same but no body can do the same I am in very much stressed and thinking about something if not able to get rid of this
A.Dear client,
Negotiate with your lender – If you have been regular in paying your dues and a genuine reason has made it difficult for you to repay the loan you have the following options -
1. Deferring payment – By assessing your credit history and situation the lender may give you temporary relief to skip a month or two of EMIs. However, you will be charged a penalty during this grace period.
2. Reduction in EMI – The lender may reduce your EMI by either increasing the loan tenure or reduce the interest rate.
3. One time settlement (OTS) – The lender permits you to make a one-time payment to settle your dues by reducing the principal and waiving of the interest and charges. The OTS option drastically reduces your credit score and finds a mention in your credit report as well.
Negotiate with your lender – If you have been regular in paying your dues and a genuine reason has made it difficult for you to repay the loan you have the following options -
1. Deferring payment – By assessing your credit history and situation the lender may give you temporary relief to skip a month or two of EMIs. However, you will be charged a penalty during this grace period.
2. Reduction in EMI – The lender may reduce your EMI by either increasing the loan tenure or reduce the interest rate.
3. One time settlement (OTS) – The lender permits you to make a one-time payment to settle your dues by reducing the principal and waiving of the interest and charges. The OTS option drastically reduces your credit score and finds a mention in your credit report as well.
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A.Dear Client,
Lenders are not legally obliged to settle a debt lying outstanding against your credit card or any other loan lowering 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 with the Bank 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 amount of 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 balance. 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 operations. So, if you're considering one, the Consumer Financial Protection Bureau(CFPB) suggests for contacting your state attorney general's(AG) 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 financial burden, 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 in the future. Another potential drawback is that when you settle debt, you could face tax consequences. Finally, when you settle a debt with a credit card company, your account is closed once the settlement is complete. So you could potentially have no credit facility to use a credit card further owing to your poor credit score. Further, a quick counseling session with a certified credit counselor can help you to discover your options and choose the right path forward.
Lenders are not legally obliged to settle a debt lying outstanding against your credit card or any other loan lowering 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 with the Bank 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 amount of 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 balance. 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 operations. So, if you're considering one, the Consumer Financial Protection Bureau(CFPB) suggests for contacting your state attorney general's(AG) 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 financial burden, 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 in the future. Another potential drawback is that when you settle debt, you could face tax consequences. Finally, when you settle a debt with a credit card company, your account is closed once the settlement is complete. So you could potentially have no credit facility to use a credit card further owing to your poor credit score. 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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A.Hi client,
If you have taken a loan it is obvious that you will have to pay it.
You can do the following things in the current situation-
1. Have a discussion of the entire matter with the bank manager.
2.Seek time from the bank.
3. Give everything in writing.
4.They will settle it and the amount will be reduced, after certain deductions.
Once a loan is taken you have to pay it, now or later. Choosing any path other than paying would be enough foolish, think and act. If unable to handle let an advocate speak on your behalf with the bank.
If you have taken a loan it is obvious that you will have to pay it.
You can do the following things in the current situation-
1. Have a discussion of the entire matter with the bank manager.
2.Seek time from the bank.
3. Give everything in writing.
4.They will settle it and the amount will be reduced, after certain deductions.
Once a loan is taken you have to pay it, now or later. Choosing any path other than paying would be enough foolish, think and act. If unable to handle let an advocate speak on your behalf with the bank.
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