Suit filed wilful default and written off bajaj finance

Dear Client,
Once a borrower fails to repay his EMI against overdraft or loans by the due date as per the ECS mandate, it adversely affects the credit score and the repayment capacity of the borrower, and the lender initiates the recovery process by filing civil suits for recovery of dues before Civil Court/DRT serving a notice to the defaulted borrower/customer. Section 19 of the DRT Act enables a bank or a financial institution to recover any debt from any person by making an application under the aforesaid section before the Debt Recovery Tribunal having jurisdiction. So, in the absence of any notice to the defaulter, Bank or NBFC cannot initiate a recovery process against the defaulter. So, in the given scenario, you can raise your grievance against the Bajaj Finance to RBI on its grievance redressal portal under the integrated Banking Ombudsman Scheme at https://cms.rbi.org.in for a quick resolution to the matter or on the Digital Complaint Management System (CMS) Portal: https://cms.rbi.org.in/cms/IndexPage.aspx. This is a unified portal for Banking, NBFC as well as Digital Transactions related grievances. You can also file a complaint online to the regulatory authority, NPCI (National Payments Corporation of India) at https://www.npci.org.in/register-a-complaint for a resolution in the matter. If required, consult with an Advocate specializing in DRT and banking laws to navigate the issue effectively. Further, a quick counseling session with a certified credit counselor can help you discover your options and choose the right path to resolve or settle the matter with the Bank/NBFC.

Dear Client ,
The message on your credit report stating "suit filed" indicates that Bajaj Finance has taken action related to your unpaid overdraft facility. "Wilful default" means they believe you chose not to repay the loan despite having the capacity to do so, while "suit filed" suggests they may have started legal proceedings to recover the dues, even if you haven’t received a court notice yet.

"Written off" shows they've declared the loan as a loss in their records, and "settled" implies the account was closed by paying less than the full amount owed though you mention you never agreed to such a settlement. These terms severely damage your credit profile and can stay on your report for years.

You should urgently contact Bajaj Finance for documentation regarding these actions and dispute any incorrect information with credit bureaus. It's also advisable to consult a legal expert to clarify your options and protect your creditworthiness.