LOAN SETTLEMENT AND ADVICE
1 month ago
MERE PASS UNSECURED LOAN 9 HAI JISKI TOTAL OUTSTANDING 6000000/- TAK HAI ..ME NE APNE BUSSINESS K LIYE LIYA THA ...SURUVAT ME BUSSINESS ACHA CHALTA THA...TO EMI DE PATA THA LEKIN...2024 KA SAAL MANDI KA SAL HAI...JISKI VAJA SE TIME PE EMI NAHI DE PA RAHE HAI..TO PLESE IS PROBLEM SE KESE BAHAR NIKLE...PLESE HELP AND GUIDE SIR
A.Dear Client,
When a borrower fails to repay their loan for three consecutive installments, the bank typically marks the loan as a bad loan or non-performing asset (NPA) and initiates recovery procedures. While you can request more time from the bank to settle the dues, you remain personally liable for repayment. If the bank files a suit for loan recovery in a civil court, the court may order attachment of collateral security belonging to both the borrower and guarantor.
Negotiating a debt settlement can be pursued independently or through third parties like debt relief companies. These companies negotiate with lenders on behalf of the borrower, often settling for a percentage of the outstanding balance while charging fees. However, it's crucial to be cautious of potential scams and ensure the legitimacy of the debt relief company by checking with consumer protection agencies and state attorney general's office.
While debt settlement can alleviate financial burden, it comes with drawbacks. It negatively impacts credit scores, making it harder to obtain credit in the future. Additionally, settling debt may incur tax consequences. Therefore, borrowers should carefully weigh the benefits and risks before pursuing debt settlement.
When a borrower fails to repay their loan for three consecutive installments, the bank typically marks the loan as a bad loan or non-performing asset (NPA) and initiates recovery procedures. While you can request more time from the bank to settle the dues, you remain personally liable for repayment. If the bank files a suit for loan recovery in a civil court, the court may order attachment of collateral security belonging to both the borrower and guarantor.
Negotiating a debt settlement can be pursued independently or through third parties like debt relief companies. These companies negotiate with lenders on behalf of the borrower, often settling for a percentage of the outstanding balance while charging fees. However, it's crucial to be cautious of potential scams and ensure the legitimacy of the debt relief company by checking with consumer protection agencies and state attorney general's office.
While debt settlement can alleviate financial burden, it comes with drawbacks. It negatively impacts credit scores, making it harder to obtain credit in the future. Additionally, settling debt may incur tax consequences. Therefore, borrowers should carefully weigh the benefits and risks before pursuing debt settlement.
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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 the 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 the 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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