Loan settlement, also called debt settlement, debt relief, or debt resolution, is the process of talking to creditors to pay off a debt based on what you can afford. It involves negotiations to find a manageable way to clear the debt.
Loan settlement comes with various benefits. Firstly, it can be a speedy way to get out of debt. If making your monthly payments is a challenge, settling your loans offers some relief and can be a big help when money is tight. It gives you a breather from financial stress.
Yes, In India, debt settlement is entirely legal and allowed.
The process of loan settlement involves talking to creditors and coming to an agreement on repaying the debt based on what you can afford. This creates a win-win scenario where the creditor gets paid, and you successfully get rid of your debt.
When the bank or recovery agents contact you, it’s important to know that they must adhere to specific rules outlined by the RBI and the Supreme Court of India. You have the option to redirect these calls to our team, and our legal experts will manage the communication in accordance with the established guidelines and laws of the country.