38-year-old single man from Chennai struggling to pay his EMI on five loans (four credit cards and one personal loan). He was being harassed by all his creditors and feared that they were going to contact all his friends and family and desperately wanted us to make him debt free. He had savings of ₹3,50,000 to settle all his loans and he had a total outstanding balance of ₹6,43,767.

We negotiated the following settlements to help him become debt free:

1. HDFC Bank for a personal loan, we negotiated a discount of 40%, he had missed 4 EMI with a total outstanding of ₹1,25,000. We were able to negotiate a OTS of ₹75,000 saving him ₹50,000.
2. SBI Card for a credit card, we were able to negotiate a discount of 58%, he had missed 4 EMI with a total outstanding of ₹1,41,806. We were able to negotiate a OTS of ₹60,000 saving him ₹81,806.
3. SBI Card for another credit card, we were able to negotiate a discount of 68%, he had missed 8 EMI with a total outstanding of ₹46,292. We negotiated a OTS of ₹15,000 saving ₹31,292.
4. HDFC Bank for a credit card, we negotiated a discount of 64%, he had missed 6 EMI with a total outstanding of ₹1,92,208. We negotiated a OTS of ₹90,000 saving ₹48,461
5. Indusind Bank for a credit card, we negotiated a discount of 35%, he had missed 2 EMI with a total outstanding of ₹1,38,461. We negotiated a OTS of ₹90,000 with a saving of ₹48,461.

Within four weeks we were able to negotiate with all his creditors with an average settlement discount of 53%, saving him ₹3,33,767. We successfully negotiated all the loans for a combined settlement figure of ₹3,10,000 within the client’s budget of ₹3,50,000

Our advocates checked the authenticity of the bank’s letters, vetted all the settlement letters and ensured that the creditors stopped chasing the loans before they advised him to pay the creditors. He is now debt free with no creditor harassment.