Loan against salary
2 months ago
We couldn't pay EMI as my brother is suspended from bank since last one year n from last month he is in jail due to this he couldn't pay EMI
A.If you do not pay the bank EMI you do not have to go to jail, we can remove him from the jail and then he can pay the EMI
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A.Dear Client,
When a borrower defaults on a loan, the bank initiates recovery procedures after three consecutive missed payments, marking the loan as bad debt. Legal action, including attachment of collateral, may be pursued by the bank. Negotiating a debt settlement can be attempted, either personally or through third-party companies, where a portion of the loan is repaid, and the rest is forgiven. However, potential risks include credit score impact and tax consequences. Before opting for debt settlement, it's advised to check the legitimacy of companies and consult a certified credit counselor for guidance on available options.
When a borrower defaults on a loan, the bank initiates recovery procedures after three consecutive missed payments, marking the loan as bad debt. Legal action, including attachment of collateral, may be pursued by the bank. Negotiating a debt settlement can be attempted, either personally or through third-party companies, where a portion of the loan is repaid, and the rest is forgiven. However, potential risks include credit score impact and tax consequences. Before opting for debt settlement, it's advised to check the legitimacy of companies and consult a certified credit counselor for guidance on available options.
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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. 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. Further, a quick counseling session with a certified credit counselor can help you to discover your options and choose the right path forward.
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