Not able to pay EMI
2 months ago
I took 20 lac of loan from the NBFC and I have other debt as well,now the situation arrive that where my liabilities are more than my salary and due to which I couldn't repay the EMI.
What could be the feasible solution on this?
If anything happen wrong while recovery procedure under which section I can file complaint against them?
Note: Previously I had recovery issue and raised concerned in RBI ombudsman but it got rejected and no action has been taken against them.
I'm not willfully defaulter I also want to repay the EMI but situation is arise like that I'm not able to pay.
A.the feasible solution on this is that we can help you out to restructure your financial liabilities once you share the details of the loan of 20 lac and accordingly a feasible solution can be given.
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A.Dear Client,
When a borrower defaults on a loan, the bank classifies it as a Non-Performing Asset (NPA), prompting a series of actions. The bank issues repayment notices to the borrower and, if unanswered, proceeds with legal measures, extending to the guarantor's liability. Despite the guarantor's potential plea for more time, they remain accountable, subject to legal actions, civil suits, or criminal proceedings. Debt recovery tribunals may also be engaged.
While lenders aren't obligated to settle debts, they may opt for settlements to mitigate financial losses. Negotiating settlements can occur directly or through third-party debt relief companies. This process involves repaying a portion of the loan, with the lender forgiving the remainder. Initial negotiations may propose a percentage of the outstanding balance.
Caution is crucial to avoid scams, especially with debt settlement companies. Verification of legitimacy is recommended by checking with state attorney general offices and consumer protection agencies for any complaints. Seeking advice from certified credit counsellors can aid in understanding options and making informed decisions in handling outstanding debts.
When a borrower defaults on a loan, the bank classifies it as a Non-Performing Asset (NPA), prompting a series of actions. The bank issues repayment notices to the borrower and, if unanswered, proceeds with legal measures, extending to the guarantor's liability. Despite the guarantor's potential plea for more time, they remain accountable, subject to legal actions, civil suits, or criminal proceedings. Debt recovery tribunals may also be engaged.
While lenders aren't obligated to settle debts, they may opt for settlements to mitigate financial losses. Negotiating settlements can occur directly or through third-party debt relief companies. This process involves repaying a portion of the loan, with the lender forgiving the remainder. Initial negotiations may propose a percentage of the outstanding balance.
Caution is crucial to avoid scams, especially with debt settlement companies. Verification of legitimacy is recommended by checking with state attorney general offices and consumer protection agencies for any complaints. Seeking advice from certified credit counsellors can aid in understanding options and making informed decisions in handling outstanding debts.
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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 counselling session with a certified credit counsellor can help you to discover your options and choose the right path ahead.
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 counselling session with a certified credit counsellor can help you to discover your options and choose the right path ahead.
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