60% Term Settlement Over Two Months for Debt Reduction

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:

1. 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.
2. 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.
3. 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.

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Multi-Loan Term & OTS Settlement with 58% Discount

Debt free after settling four loans with an average discount of 58%, one on a term settlement and others on OTS. Total debt outstanding was ₹10,24,337 and settled for ₹4,32,000

A male resident of Mumbai contacted us to help him become debt free. He was heavily in debt with credit card debts of ₹10,24,337. He was being harassed by the creditors with continuous telephone calls and visits to his home whilst he was at work and his parents were recuperating alone at home.

Due to the ill health of his parents, most of his income was being used for medical treatment and due to this he had started to miss the EMI on his credit cards

The client had no savings and was raising funds from family and friends and needed time to gather all the funds which was ₹4.5 lacs.

We were able to negotiate with all his creditors and obtained an average 58% settlement discount, saving him ₹5,92,337 and making him debt free.

We explained his circumstances and provided evidence of the ill health of his parents to all his creditors during our negotiations. We were able to negotiate a term settlement and onetime settlements (OTS). This allowed him some breathing space to successfully raise the funds for the settlements.

Following were the settlement discounts we were able to negotiate for him to become debt free:

Following were the settlement discounts we were able to negotiate for her:

1. HDFC credit card we negotiated a discount of 60%, he had missed 6 EMI and had an outstanding of ₹3,64,681. We negotiated a term settlement, to be paid over two months of ₹1,46,000, saving him ₹2,18.68.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.
2. SBI Card for two credit cards, we were able to negotiate an average discount of 54%, he had missed 6 EMI and had a total outstanding of ₹5,01,248. We negotiated one-time settlements for both these cards for ₹2,30,000 with a total saving of ₹2,71,248. 
3. RBL Bank credit card, we were able to negotiate a discount of 65%, he had missed 6 EMI and had an outstanding of ₹1,58,408. We negotiated a one-time settlement for ₹56,000 with a saving of ₹1,02,406.

The total debts on these credit cards were ₹10,24,337 and we were able to get them all settled for ₹4,32,000 giving him a total saving of ₹5,92,337.

After settling these credit cards, he became debt free and our Advocates checked the authenticity of the bank’s settlement letter. Vetted the settlement letters and ensured that the creditors in their letter had confirmed that the debts would be recorded as “Full and Final” or “Closed”. In addition, we confirmed that creditors would stop the visits and phone calls before we advised the client to pay the settlement in full.

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Term Settlement with Credit Clearance: Resolving Multiple Debts & Harassment

We negotiated Term Settlements with credit clearance, improved their credit score and making them debt free. Total debt was ₹6,22,771 and settled for ₹5,27,290

Two examples are a client from Mumbai and another from Bangalore. We negotiated term settlements with credit clearance with payments terms of 5 months for both.

The first client from Mumbai had struggled to make payments on his loan and had missed 10 EMIs, whereas our second client from Bangalore had foreclosed on a credit card and did not obtain an NOC and the loan was showing as “Written Off” on his credit file. 

In the case of our client from Mumbai, who had a credit card debt with SBI Card with outstanding of ₹66,533 and had missed 10 EMI. He had an entry on his credit file of “Written Off” which was hindering him from obtaining further credit. He had approached us to get this adverse entry removed from his credit file so that he could obtain further credit. We successfully negotiated a term settlement over five months with credit clearances. We obtained a 15% discount and settled the outstanding for ₹56,553 saving him ₹9,980 and had the adverse entry of “Written Off” removed and replaces with “NIL Outstanding” and improved his credit score.

We were able to negotiate for our client from Bangalore also a term settlement over five months with 15% discount and credit clearance. The client had missed 5 EMI and was being harassed. The total debt outstanding was ₹5,56,238 and we were able to settle for ₹4,70,737, obtaining a saving of ₹85,501. We had stopped the harassment and negotiated a credit clearance where the adverse entry was removed and replaced with “NIL” and improved his credit score.

Our Advocates checked the authenticity of both the bank’s settlement letters and ensured that both the letters had all the terms as negotiated and that “NDC” would be released on final payments and that any adverse entry would be replaced with “Full and Final” or “Closed” with the adverse entry removed this improved their credit score.

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