Re- settlement of loan
2 months ago
I had opted for settlement in Sep 2023 with option of 03 EMIs but due to bad financial condition was unable to pay 02 EMIs. Now the loan is re-activated. Can I ask again for settlement? I have arranged funds for 50% amount.
A.Dear Sir,
Yes, you can ask for settlement again as loan was reactivated and get revised settlement plan in coordination with the Bankers.
Yes, you can ask for settlement again as loan was reactivated and get revised settlement plan in coordination with the Bankers.
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A.Dear Client,
You can explore the option of settling your loan by approaching the lender again. While lenders are not legally obligated to agree to debt settlements, they may be willing to negotiate to avoid further financial loss. You can attempt to negotiate the settlement on your own or hire a third-party debt relief company for assistance. These companies may negotiate with the lender on your behalf, and you make payments to them along with fees. Debt settlement involves repaying a portion of the loan balance, and the lender forgives the remaining amount. When negotiating, you could start by offering to pay a percentage of the outstanding balance, like 25% or 30%. However, it's crucial to be cautious of potential scams among debt relief companies, and checking with your state attorney general's office or local consumer protection agency can provide insights. Keep in mind that debt settlement can impact your credit score and may have tax consequences. Seeking advice from a certified credit counselor can help you explore options and make informed decisions on settling your debts with the bank.
You can explore the option of settling your loan by approaching the lender again. While lenders are not legally obligated to agree to debt settlements, they may be willing to negotiate to avoid further financial loss. You can attempt to negotiate the settlement on your own or hire a third-party debt relief company for assistance. These companies may negotiate with the lender on your behalf, and you make payments to them along with fees. Debt settlement involves repaying a portion of the loan balance, and the lender forgives the remaining amount. When negotiating, you could start by offering to pay a percentage of the outstanding balance, like 25% or 30%. However, it's crucial to be cautious of potential scams among debt relief companies, and checking with your state attorney general's office or local consumer protection agency can provide insights. Keep in mind that debt settlement can impact your credit score and may have tax consequences. Seeking advice from a certified credit counselor can help you explore options and make informed decisions on settling your debts with the bank.
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A.Dear Client,
You can approach your lender again for settlement of the loan. Lenders 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 one-time settlement 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 a certain amount of 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. Further, a quick counselling session with a certified credit counsellor can help you to discover your options and choose the right path forward to settle the debts/loan with the Bank.
You can approach your lender again for settlement of the loan. Lenders 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 one-time settlement 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 a certain amount of 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. Further, a quick counselling session with a certified credit counsellor can help you to discover your options and choose the right path forward to settle the debts/loan with the Bank.
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