Payment and settlement act
6 months ago
Hello respected sir, so I have loan which I hadn't pay from last 4 months and the remaining amount is 45000 (fourty five thousand ) so the loan company has just filed a case against me for non repayment . Suggest me if I do the payment before the case (first hearing) or in the court while proceedings. I don't want the court proceedings as I live in mumbai and the case filed in delhi
A.Dear Sir,
You may appear before the Court on the date of hearing along with your advocate or in person and close the matter by paying entire amount.
You may appear before the Court on the date of hearing along with your advocate or in person and close the matter by paying entire amount.
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A.Dear Client,
Once the EMI against a loan is not repaid for consecutive 3 times by the borrower for any reason whatsoever, it is treated by the Bank as NPA. Accordingly, the Bank sends notice to the Borrower asking him/her for repayment of the entire dues lying against your loan offering suitable terms. In the absence of any response from the Borrower, the Bank started the routine process of action prescribed under relevant laws for recovery of debt lying outstanding against the Borrower and the Guarantor. You can make a prayer to the Bank for some more time to settle the dues but cannot escape yourself from your liability of repayment of your loans for any reason whatsoever. Moreover, legal actions may also be taken against you including filing a civil suit in court or initiating criminal proceedings against you. The banks may also make use of debt recovery tribunals in order to recover the dues they are owed from the defaulter borrower. However, you may negotiate or settle your dues against loans by following the steps like lowering your interest rate, arranging for a reduced interest rate is one of the most common requests a defaulter borrower can make to the Bank, creating or restructuring a repayment plan or extending the tenure of repayment of a loan, looking for debt forgiveness. considering loan consolidation, offering a one-time settlement payment. Following these steps, you may write an application requesting for settlement of dues to the concerned Bank stating why you cannot repay your outstanding dues lying against the loans. Also, write that you want to explore alternative repayment terms. Specify the amount that you can pay, as well as what you expect from the creditor Bank in return. A good starting point for negotiation could be offering around 30% of the amount that you owe. Further, a quick counseling session with a certified credit counselor can help you to discover your options and choose the right path to resolve or settle the matter
Once the EMI against a loan is not repaid for consecutive 3 times by the borrower for any reason whatsoever, it is treated by the Bank as NPA. Accordingly, the Bank sends notice to the Borrower asking him/her for repayment of the entire dues lying against your loan offering suitable terms. In the absence of any response from the Borrower, the Bank started the routine process of action prescribed under relevant laws for recovery of debt lying outstanding against the Borrower and the Guarantor. You can make a prayer to the Bank for some more time to settle the dues but cannot escape yourself from your liability of repayment of your loans for any reason whatsoever. Moreover, legal actions may also be taken against you including filing a civil suit in court or initiating criminal proceedings against you. The banks may also make use of debt recovery tribunals in order to recover the dues they are owed from the defaulter borrower. However, you may negotiate or settle your dues against loans by following the steps like lowering your interest rate, arranging for a reduced interest rate is one of the most common requests a defaulter borrower can make to the Bank, creating or restructuring a repayment plan or extending the tenure of repayment of a loan, looking for debt forgiveness. considering loan consolidation, offering a one-time settlement payment. Following these steps, you may write an application requesting for settlement of dues to the concerned Bank stating why you cannot repay your outstanding dues lying against the loans. Also, write that you want to explore alternative repayment terms. Specify the amount that you can pay, as well as what you expect from the creditor Bank in return. A good starting point for negotiation could be offering around 30% of the amount that you owe. Further, a quick counseling session with a certified credit counselor can help you to discover your options and choose the right path to resolve or settle the matter
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A.Dear
If you have the means to repay the loan, it is advisable to make the payment as soon as possible, ideally before the first hearing or as early in the legal proceedings as you can. By doing so, you can demonstrate your willingness to resolve the matter and potentially prevent the case from progressing further. This can also help you avoid additional legal complications and costs associated with a court trial.
However, if you are unable to make the full payment immediately, you should communicate with the loan company and discuss the possibility of setting up a repayment plan or negotiating an alternative solution. It's essential to maintain open communication with the loan company and express your commitment to clearing the debt.
Regards
If you have the means to repay the loan, it is advisable to make the payment as soon as possible, ideally before the first hearing or as early in the legal proceedings as you can. By doing so, you can demonstrate your willingness to resolve the matter and potentially prevent the case from progressing further. This can also help you avoid additional legal complications and costs associated with a court trial.
However, if you are unable to make the full payment immediately, you should communicate with the loan company and discuss the possibility of setting up a repayment plan or negotiating an alternative solution. It's essential to maintain open communication with the loan company and express your commitment to clearing the debt.
Regards
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