Whether it is to take a home loan, car loan, home appliance loan, or credit card. All the banks are always ready to give you all kinds of loans considering their benefits and in return charge you a hefty interest. When bankers give loans showing full sympathy to the customer, they talk to him very lovingly and make the customer happy. In today’s era, most of the youth doing good jobs definitely take loans and credit cards from banks. Due to this, a lot of business in banks is done by these youths. Banks always run various schemes and offer offers to promote their business. Due to this the youth get trapped in the greed of the schemes of the bankers.

How Does A Debt Settlement Position Arise?

Due to a sudden big problem, you are not able to pay the instalment of the loan taken from the banks i.e. EMI or are not able to pay the credit card bill. In such a situation, the situation of loan settlement comes in front of you. At that time, you should take any step after thinking carefully.

1. These situations arise when the borrower suddenly loses a good job for some reason, his source of income stops for a few days, and then he first takes care of his food, clothes and family expenses. keeps. Banks will retain or repay the loan.

2. Similarly, if a person suddenly develops a major disease and has to spend all his accumulated capital on expensive treatment to save his life, then in that situation he becomes unable to repay the loan.

3. If a sudden major accident happens to the borrower or someone in his family, in which all his money is lost, he is not in a position to repay the loan.

Supporters Turn Tough

Due to similar reasons, such a compulsion comes in front of the borrower that he does not repay his loan or credit card bill and is not in a position to repay further, then he has only one way to settle the loan. But in the beginning, the attitude of the bankers is quite strict. And he tries to recover the principal amount of the loan, interest thereon and late penalty from the borrower. While the borrower is not in a position to repay even the principal amount. At that time you have to work with all your heart. Otherwise, you will have to give in order to receive.

Threatened To Send Recovery Agents

When banks or financial institutions come to know that the condition of such and such a customer has become such that they see him losing his money, they start putting pressure on him. First of all, an attempt is made to harass in different ways by calling. Even after that, when you don’t repay their loan, they try their best to intimidate and pressure you by sending their associated recovery agents to your home. Many people fall prey to the threats of those recovery agents. At that time the bank does not give you any concession as it has to pay its commission to the recovery agent’s company.

What Should Be Done And What Should Not Be Done?

Suppose you are unable to repay the loan because of an accident that happened to you and you have initially given an application to the bank for settlement of the loan. To pressurize you, the bank rejects your application and asks you to pay in full. So you should keep quiet and wait for a month or two. If during this time the bankers contact you again and ask you to settle, you should negotiate with them and make the full and final payment at the minimum payment. At that time the bankers can settle with you by taking at least the principal amount. Late payment fees and interest may be waived back at the time of settlement.

You Have To Be Patient And Show Courage

Now if you want to give less than this or at least, then you have to show some courage and patience. When the payment is not received even after repeated calls to the bankers, they send it to the recovery team. This recovery team also comes in front of you and threatens you, provokes you and instigates you in such a way that you pay in anger. For this, they play with your status and try to humiliate you in a way by coming again and again into your society. Along with this, they also express the fear of going to jail.

No Need To Panic With Recovery Agent Threats

They also tell you that the bank has registered an FIR against you, and a summons will be coming from the police. If you do not take the summons, a non-bailable warrant can be issued against you. After that, you can also be taken to jail. By creating pressure like this, they try to create pressure on you. Some people succumb to their pressure and get ready to compromise on the terms of the bank. Even at that time, the bankers keep their point above.

At that time, show courage, do not come under any of their threats and do not be careful. These recovery agents will stop coming to your place after two-three months. You don’t need to do anything, you just stay calm. After this, after a few days, when you get a call from the bank again, you should talk to them.

What To Do Before Settlement

You have to catch the cleverness of the bank before settlement. After that, they should be talked to and the matter should be dragged on as long as possible. The more time that passes, the more you are going to benefit. While talking to you, the bankers will tell you your bill is outstanding by telling you the outstanding amount and leaving a little of it, which will put pressure on you for settlement. Now you know what are things Outstanding. There are mainly three things in arrears, which are as follows:-

• Principal Amount: The outstanding amount of your loan consists of the principal amount. The principal amount is also known as the principal amount. If we say it in simple language, then the amount of loan you have taken is called principal or principal amount.
• LPF i.e:  Late Payment Fine: Now that you have stopped paying your EMI, the bankers start adding a late payment fine to your account considering you a defaulter. However, this late payment fine rate is not fixed. Bankers arbitrarily increase your budget by adding this late payment fine.
• Interest: Third is interest and conversion charge, so you know that bankers talk about hiding interest in circles, but when it comes to settlement, they show you the agreement and show all the interest and surcharge hidden in it.
• By making an out stand in this way and making a long bill in front of you, we talk about the settlement with you. Since you are not aware of the dues, the bankers can walk you through them.
• Know what you have to do now. When the banker calls you for settlement, you should accept his call. Also, you must take some time for settlement from the bank. At this time you have to gather all the information about the outstanding.
• We tell you how we will collect this information. You have to contact the bank customer care centre or website and ask them for all the details of your bank loan. The answer will come in return. It will also give you your dues and the principal, late payment penalty and interest will be given separately. Now you will know what is the principal amount and will have to settle the loan with the same amount.

Now Be Like This

Now you separate the principal amount from it and then forget everything else. Because only the principal amount is discussed in the settlement. This can also be reduced. It is a matter of your patience. If you do not want to prolong it, you can settle on the principal amount.

If you have to pay less than the original amount, then you reject the banker’s offer two to three times, then the bankers will keep reducing this amount. In the first instance, they will offer you 80 per cent. If you don’t listen to him, he will do 70 percent of your tax. Similarly, it can fall down to 50 percent. At that time, if you talk about giving 40 percent by talking about the one-time settlement, then after a tussle, your point can be made. Even if it is not made, you can settle at 50 per cent. This way you can save a lot of money.

Now You Have To Take One More Precaution

At the time of loan settlement, you will have to take the statement and NOC from the bank, otherwise after taking the payment, they will again start talking to you about the settlement.

When the loan settlement is finalized between you and the bank and before the final payment, you can tell the bank that we will make the full payment you ask for in one go within the time specified by you, but you have to agree that will be mine What do you want to assure, if you do not know then we tell you. You have to tell the bankers that you will give us a letter on your letter pad that you have made full and final payment through loan settlement in lieu of our loan application number, date and amount availed and henceforth no transaction in There is no balance against the loan. That means the account has been settled. Keep that paper handy and be at ease.

Don’t Worry About Cibil Score

When you have stopped paying EMI due to your problem and did not pay after repeated requests from bankers, then at the same time bankers send your name to the CIBIL scorer and by giving evidence against you your CIBIL score gets damaged. Are. In this way, your CIBIL score is already damaged. But you don’t need to worry about it.

What to do to fix your CIBIL score, the bank from which you have repaid the loan will never give you a loan. But you don’t need to panic. If you have a credit card from another bank, use it. If you repay it on time, your CIBIL score will be fine from there. If not, then you will have to try to find several private companies that provide online loans, take a loan from the company that is ready to give you the least amount and pay on time. By doing this many times your CIBIL score will be the same as before. After this, you can take a loan from anywhere.