Personal loans
2 months ago
Hello sir I took different personal loans and credit cards and invested in crypto market and lost all money and crypto futures ,this is 1st month iam not able to repay all due to tight ,what should I do already there are harassing through call dbs and rbl cards are call continuously
Please tell what should I do I only have option of suicide,iam doing a non it job ,and staying in rented home I don't have a own house.
A.Dear Client,
Banks are not legally obliged to settle a debt 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 on your own if your pocket permits to repay the entire outstanding at a time for a one-time settlement(OTS) of dues, 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 chargeable fees/service charges. 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 remainder. 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 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 crisis, 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.
Banks are not legally obliged to settle a debt 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 on your own if your pocket permits to repay the entire outstanding at a time for a one-time settlement(OTS) of dues, 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 chargeable fees/service charges. 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 remainder. 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 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 crisis, 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,
I'm sorry to hear that you're dealing with harassment over the phone. It's important to take steps to protect yourself. You can start by blocking the numbers of the individuals who are harassing you. If the calls persist, you may want to consider contacting your phone service provider to see if they can help. Additionally, you can report the harassment to the appropriate authorities, such as the police or a consumer protection agency. It's important to prioritize your safety and well-being in these situations.
I'm sorry to hear that you're dealing with harassment over the phone. It's important to take steps to protect yourself. You can start by blocking the numbers of the individuals who are harassing you. If the calls persist, you may want to consider contacting your phone service provider to see if they can help. Additionally, you can report the harassment to the appropriate authorities, such as the police or a consumer protection agency. It's important to prioritize your safety and well-being in these situations.
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
