Case Study 3: Term Settlement
Term Settlement to be paid over two months with 60% discount and become debt free. Total outstanding debt was ₹7,92,962 and settled for ₹2,91,000
A 47 year old single women from Hyderabad was experiencing creditor harassment. She had thirteen loans (eleven credit cards and two personal loans), with a total outstanding of ₹18,10,936. She approached us to help make her debt free. She only had 3 lacs in savings, so we advised her to settle her high interest credit cards. We negotiated with three of her credit card creditors an average of 60% settlement discount, to be paid over two months, and a OTS on a fourth credit card. This gave her a total saving of ₹5,01,962 and reduced her total indebtedness to ₹10,17,974.
Following were the settlement discounts we were able to negotiate for her:
- SBI Card for a credit card, we negotiated a discount of 60%, she had missed 8 EMI and had an outstanding balance of ₹84,305. We negotiated a onetime settlement for ₹35,000, saving her ₹49,305.
- RBL Bank had two credit cards we negotiated a discount of 60%, she had missed 8 EMI on both cards and had a total outstanding balance of ₹2,66,836 We negotiated a term settlement over two months saving her ₹1,86,836 and settled both cards at ₹80,000.
- ICICI credit card we were able to negotiate a discount of 60%, and she had missed 8 EMI with an outstanding balance of ₹4,41,820. We were able to negotiate a term settlement over two months and had settled at ₹1,76,000, saving her ₹2,65,820.
The total debts on these four credit cards were ₹7,92,962 and we were able to get them settled for ₹2,91,000, saving her ₹5,01,962 in total.
After settling these credit cards her harassment has drastically reduced and she is now saving to settle the other loans.
Our Advocates checked the authenticity of the bank’s settlement, vetted the settlement letters to ensure that the creditors had confirmed that these debts would not be chased in the future and that it had the term “Full and Final” on the settlement letters.
6 Responses
i am interested in settling my 4 credit cards and 2 personal loans amounting up to 8Lakhs
Thank you for reaching out to Settle My Loan. We understand that managing a debt of ₹8 lakhs across multiple credit cards and personal loans can be overwhelming.
We specialize in assisting individuals like you to negotiate with lenders and achieve significant debt reduction.
We offer a free consultation to assess your eligibility and discuss potential settlement options. Here’s how you can reach us:
Visit our website settlemyloan.in
Call us directly:
022 68762607
+91 86554 48389
Email us: info@settlemyloan.in
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Kya ham loan niptan krne ke bad un credit card ka use proper kr sakte hai
What if one does not have any savings? Do you still take up this settlement?
Dear Lavanya,
Thank you for your question. At Settle My Loan, we understand that financial situations can vary, and having savings may not always be possible.
We can still help you explore loan settlement options. Our team will work with you to assess your situation and determine the best course of action. We may be able to negotiate with your creditors to reduce your debt and create a more manageable repayment plan.
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