i got harrasment call from mpocket
5 months ago
i got harrasment call from mpocket due to an accidental situation i was unable to make the payment becuase i was completely bedrest and i didnt had a job and income , now only i came to a new job and the amount now is very large for me as interest also added how can i overcome the situation sir.
A.Dear Client, Once a loan is not repaid 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 starts the routine process of action prescribed under relevant laws for recovery of debt lying outstanding against the Borrower and, Guarantor who is equally liable for repayment of debt of principal Borrower and if after exercising all the steps for recovery of debt against the Borrower fails, the Bank takes steps for recovery of debts from the Guarantor attaching the security offered by guarantor against the loan. Being 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. Usually, Lenders are not legally obliged to settle a debt lowering the outstanding lying against 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 the lender Bank, along with chargeable fees. Debt settlement is an agreement between a lender and a borrower/Guarantor in which the borrower/Guarantor 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 of fake entities. So, if you're considering for settlement of dues, the Consumer Financial Protection Bureau(CFPB) suggests 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.. Further, a quick counseling session with a certified credit counselor can help you to discover your options and choose the right path ahead.
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