Case Study 2: One Time Settlement (OTS)

One Time Settlement (OTS) on five loans to become debt free. Total outstanding debt was ₹6,43,767 and settled for ₹3,10,000

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.

 

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3 Responses

    1. Sorry to hear about your job loss. We at Settle My Loan specialize in helping people navigate loan and credit card settlements. We offer free consultations to discuss your options.

      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

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