Case Study 1: One time Settlement (OTS)
One Time Settlement (OTS) for a businessman wishing to clear two loans. Total outstanding debt was ₹19,13,269 settlement agreed for ₹6,40,000 enabling the client to be debt free with a saving of ₹12,73,269
A company director from Mahabubnagar had approached us to obtain a settlement for two of his loans. He was struggling to service them due to a downturn in business because of the Covid-19 lockdown and wanted to be debt free. He was experiencing creditor harassment with continuous calls and visits to his business address.
He had unsecured loans from Bajaj Finserv and had missed 6 EMI payments. The total outstanding debt was ₹19,13,269. We were able to negotiate a one-time settlement with a 67% discount reducing the balance owed to just ₹6,40,000 as full settlement of the loans. Saving him ₹12,73,269 from the original balance due.
Our Advocates checked the authenticity of the bank’s settlement, vetted the settlement letters to ensure that the debt was marked as full and final as per the negotiated terms.
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Bajaj finserve gave me a loan of 1600000 plus in the year 2023, the insurance amount of 131000 was deducted at source from loan capital, my monthly emi is 80281 per month for 2 years , now facing problem paying emi , these people are so heartless, they visit my residence every day without information and when I said i hv insurance, they say it’s for Bajaj , and insurance has no benifit to customer(me) this is heights, last month I had to borrow money to pay emi because they kept on visiting and calls were really bothering .
We understand the distress caused by financial challenges, and we empathize with your situation. It is unacceptable to experience harassment from lenders.
Regarding the insurance deduction, we recommend carefully reviewing the loan agreement to understand the specific terms and benefits associated with the insurance coverage.
We strongly advise against borrowing to meet EMI payments as this can exacerbate financial difficulties.
Settle My Loan specializes in assisting borrowers with debt resolution. We can help you negotiate with Bajaj Finserv to explore potential solutions such as EMI reduction, tenure extension, or other suitable options. Our services are free of charge, and we operate on a success-fee basis.
To discuss your situation further, please contact us at:
022 68762607
+91 86554 48389
Email us: info@settlemyloan.in
We are committed to assisting you in finding a sustainable solution.
Sincerely,
The Settle My Loan Team