Unable to repay the amount taken as zip pay later on mobikwik app
2 months ago
What should I do as I was unable to pay the amount taken as zip pay later due to job loss and medical emergency of my wife as the also sent me legal notice
A.Dear client
As you have taken a loan you have to pay it back.There is no alternative to it but you can do is file an application to delay the payment reback procedure.
Sometimes depending upon the clause, you need to go for either arbitration or any other way out.
Send a legal notice to the loan giver authority/agency and request for time.
As you have taken a loan you have to pay it back.There is no alternative to it but you can do is file an application to delay the payment reback procedure.
Sometimes depending upon the clause, you need to go for either arbitration or any other way out.
Send a legal notice to the loan giver authority/agency and request for time.
Helpful
Helpful
Share
A.Dear Client,
A borrower is held liable personally for his or her debt for non-payment of the outstanding amount of the loan. Once the repayment of the loan stops or bounces for consecutive 3 installments, the Bank initiates a routine course of action for recovery of the loan from the borrower marking the loan as a bad loan/NPA. 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 loan for any reason whatsoever. If a suit for recovery of an outstanding loan from the borrower is filed by the Bank before a Civil Court, after hearing both parties Court may pass an order for attachment of collateral security for both the borrower and guarantor for recovery of the loan. You can try to negotiate a debt settlement on your own if your pocket permits, 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 any 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.
A borrower is held liable personally for his or her debt for non-payment of the outstanding amount of the loan. Once the repayment of the loan stops or bounces for consecutive 3 installments, the Bank initiates a routine course of action for recovery of the loan from the borrower marking the loan as a bad loan/NPA. 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 loan for any reason whatsoever. If a suit for recovery of an outstanding loan from the borrower is filed by the Bank before a Civil Court, after hearing both parties Court may pass an order for attachment of collateral security for both the borrower and guarantor for recovery of the loan. You can try to negotiate a debt settlement on your own if your pocket permits, 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 any 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.
Helpful
Helpful
Share
A.Dear Client,
If you are facing difficulties repaying the amount taken as Zip Pay Later due to job loss and a medical emergency, it's crucial to communicate your situation with Zip Pay's customer support as soon as possible. Explain your financial challenges, provide any supporting documentation related to job loss or medical emergencies, and inquire about possible repayment options or restructuring plans. It's in their interest to work out a feasible solution rather than escalating the matter legally. Seeking advice from a financial counselor or legal professional may also assist you in navigating your options and addressing the situation effectively.
Thankyou
If you are facing difficulties repaying the amount taken as Zip Pay Later due to job loss and a medical emergency, it's crucial to communicate your situation with Zip Pay's customer support as soon as possible. Explain your financial challenges, provide any supporting documentation related to job loss or medical emergencies, and inquire about possible repayment options or restructuring plans. It's in their interest to work out a feasible solution rather than escalating the matter legally. Seeking advice from a financial counselor or legal professional may also assist you in navigating your options and addressing the situation effectively.
Thankyou
Helpful
Helpful
Share
Read Related Answers
Regarding surity and stay of execution
Dear sir,
You have to implead yourself as a party in the pending case if any otherwise file separate case to discharge you from suretyship.
Recovering Loan given to a Friend
Dear sir
As cheques are undated you can file cheque bounce case which is financially feasibly and you need not pay any court fees.
Credit card payment
Dear Client,
You can try to negotiate a debt settlement with the Bank on your own if your pocket permits to repay the entire outstanding of your credit cards at a time for a one-time settlement of du...
Joint account Chaque with minor signature only
Dear Sir,
Please check whether cheque is acceptable with the signature of minor normally it is not acceptable. Please get an endorsement from the Bank and then get issue a legal notice as provided und...
Cheque and pronote
Dear Sir,
You have done a blunder mistake. However, you may approach the Police and lodge a complaint of cheating for not returning your cheque leafs and pronotes. Even if no action is taken by the Po...
Read Blogs on Debt and Lending Agreement
Debt and Lending Agreement Lawyers
Find Lawyers by Location
