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TERMS AND CONDITIONS OF BUISNESS Of YES LOANS PRIVATE LIMITED TRADING AS SETTLE MY LOAN.
Definition of terms used hereunder:
“Agreement” means the agreement between you and us made mainly on these terms and conditions of business.
“Advocate and Lawyers” means empanel Advocates and Lawyers who are independent entities that work for Yes Loans Pvt. Ltd.
“Breathing Space” means assisting you from Creditor’s legal action and harassment during the LSS.
“Business Day” means a day (other than a public holiday) on which banks are open for general business in Mumbai.
“Credit Score” means the score which is reflected on the Credit Information Report which shall be computed by Credit Information companies.
“CICRA” shall mean the Credit Information Companies (Regulation) Act, 2005 read with the Credit Information Companies Rules, 2006 and the Credit Information Companies Regulations, 2006, and shall include any other rules and regulations prescribed thereunder.
“Credit Information Report” means the credit information / scores/ aggregates / variables / inferences or reports which shall be generated by Credit Information Companies;
“Creditors” means all your unsecured creditors whose details you will provide to us in accordance with your list of Enrolled Debts.
“Enrolled Debts” means the unsecured debts that you have indicated / informed to us for providing settlement.
“Fees” means the Settlement fees & Subscription fees, that we will charge you for settlement services for your debts from the amount you have paid to us to immediately to undertake your settlement. (as more particularly described in clause 14)
“Subscription fees” refer to the amount you pay on a monthly basis for keeping your services active as outlined in the terms and conditions.
“Settlement fees” refer to the aggregate amount charged to the client for a settlement service, encompassing all applicable charges, including but not limited to base fees, taxes, surcharges, and any additional costs incurred as part of the provision of the service or fulfillment of the settlement.”
“Letter Of Authority” means authority given by you to act & negotiate on your behalf under LSS.
“Loan Settlement Service (LSS)” means SML will provide you with a settlement negotiation services based on availability of funds to pay your creditors.
Lock in period – Lock In period means a period during which no party is allowed to exit / terminate or withdraw the contract executed between each other. And defaulting party is liable for penalty as agreed.
“Period” means the agreed period during which your “Loan Settlement Services” (LSS) will be activated.
“Payment Schedule” is the schedule of the agreed monthly payments that needs to be paid into the LSS.
“Settle My Loan (SML)” Is the trading name of Yes Loans Pvt. Ltd., under which the settlement service is provided.
“Services” means the services we agree to provide you with under this Agreement.
“SML Client Account (SCA)” is the name for the Special Purpose Account for the operation of LSS.
“Types Of Settlement” means the different types of settlement that SML can negotiate with the Creditors and they are One Time Settlement (OTS), Term Settlement also known as On Going Settlement (OGS), OTS & OGS with Credit Clearance, Moratorium Settlement and Reversal Settlement.
“Special Purpose Account” means a Bank account which we will open, whereby an entrusted licensed independent third party (Trustee) will manage the account. The Trustee holds and regulates payment of the funds required for the operation of the LSS. For SML to negotiate on your behalf, you must deposit the settlement funds and/or adhere to a regular schedule of deposits. These funds will be deposited into the Special Purpose Account that SML will control via the Trustee. Under all circumstances SML will have custody or control of the funds you have deposited. (in accordance with. Clause 13).
“Us” and “We” mean Yes Loans Pvt. Ltd. trading as Settle My Loan acting under this Agreement.
“You” & “I” means you (the person – who is enrolled onto LSS and your partner where any of the debts are in joint. names
“Term and Conditions of Business” – (T & C) means these terms and conditions of business mentioned hereunder.
You have voluntarily appointed us and we have agreed to provide the Settlement Services as define
2.1 – This Agreement will commence the date we receive the “Letter Of Authority”, the T & C duly signed and your first deposit into the Special Purpose Account.
2.2 – The day we are notified of your first deposit into the Special Purpose Account from you may not be the same day you have received the T & Cs the deposit date will not affect the commencement of your plan or your ability to cancel. This Agreement will continue for the period unless terminated earlier by you.
3.1 – The purpose of this Agreement is to allow us to work together to negotiate and settle your unsecured debts. SML will negotiate with your creditors (the “Creditors”) when you have deposited sufficient funds under “Loan Settlement Service” (LSS).
3.2 – If you do not have sufficient funds, then you can enroll onto a settlement services called Loan Settlement Services (LSS). You will save sufficient or enroll on to LSS and saved sufficient funds. Only thereafter will SML negotiate with your creditors (the “Creditors”) once clear sufficient funds are deposited to LSS or saved by you.
3.3 – SML will negotiate settlement with your Creditors and the Type of Settlement will depend on your circumstances, and on the discretion and policies of the Bank and NBFC.
3.4 – SML will inform you about suitable settlement offers to pay off your unsecured, enrolled debts once obtained by SML, after your approval and pay directly to Creditors. SML will be permitted by you to speak and negotiate in respect of your debts with the Creditors. You are responsible to ensure that all debts included in the LSS are unsecured. The only unsecured debts that SML will negotiate for settlement are listed under “Enrolled Debts” in your letter of engagement.
3.5 – If you do not have sufficient funds to immediately undertake a settlement, then SML provide you with other services to give you the time to save sufficient funds (Breathing Space) and protect you from Creditors legal action and harassment by paying the agreed monthly stipulated fees.
3.6 – In consultation with you, we will negotiate with your creditors to Loan Settlement services (LSS) by which you can pay off your creditors through a settlement. The LSS is designed for you to make monthly payments into the Special Purpose Account which will take account of your Creditors and of our Fees. It will not take account of any matters you have not told us about.
3.7 – We will negotiate with your Creditors and attempt to agree settlement terms with them with the intent of eliminating debts to an amount that will enable you to pay the reduced balance as full settlement of all enrolled debts. This agreement will enable LSS to act as and facilitate a meditation platform between you and the creditor. You also understand that LSS will never be an agent for you within the meaning of principal agent relation and shall not be held liable for and on behalf of you as an agent.
4.1 – We take any complaint regarding our practices seriously. Any complaints can be sent in writing to the Complaints Officer at customercare@settlemyloan.in . Your complaint will be acknowledged within 07 working days, and a response to your complaint will be made within 14 days.
If you are not happy with the response your complaint will be escalated to the compliance officer and all communication regarding the complaint will only be in writing. You will receive a copy of our Code of Conduct and Complaint procedure. Any Data Access requests must be completed on our company access request form and accompanied by a fee of 500/- Rupees this request must be made in writing only by the data subject.
4.2 – To protect us against “troll-like” virulent reviews, often posted solely for vengeance purposes, and false or misleading, inappropriate, or irrelevant reviews. You would need to inform us of your dissatisfaction or complaint and give us the opportunity to re-address it to both of our satisfaction as above. If we are unable to resolve the complaint, arising out of this Agreement then this will be resolved by way of procedure provided under the Arbitration and Conciliation Act, 1996 (amended till date). The Venue and the seat of the Arbitration shall be Mumbai. The Arbitration is to be conducted by a sole Arbitrator appointed by Yes Loans Pvt. Ltd. Thereafter you will be entitled to post a review, prior to this any act / did / conduct on your part will be in violation of this provision and would be liable to pay liquidated damages and Company’s legal fees. We will be at liberty to initiate appropriate Civil or Criminal Complaint for the same.
In respect to any legal matters, our empaneled Lawyers will advise you on any legal points in respect to the LSS and legal notices, ECS & bounced cheques, Banking nodal officer / Ombudsman, mediation & arbitration hearings. If you engage our empaneled lawyers to deal with attending any hearings related to reply to your legal notices, bounced cheque, filing complaint with Banking nodal officer / Ombudsman, mediation, attending arbitration & any other litigation than the Advocate or Lawyer will inform you of their charges in handling that particular matter.
6.1 – You must meet the criteria of the SML, LSSs. SML will rely on the accuracy and truthfulness of all information provided by you. You will be responsible to comply with the following items.
6.2 – You will sign any necessary forms of authority i.e. Letter of Authority (LOA) or any other documents so that we may negotiate and make payments to your Creditors on your behalf:
a. You shall provide complete and accurate information related to the debts to SML in writing,
b. You agree to provide the name, address, telephone number, Email address and last loan statement from each Creditor to SML along with all other information SML deems necessary to assist it in negotiating proper resolution of each Debt.
c. You to promptly provide/ communicate any change in financial position, debt, or any other information which could affect the outcome of debt settlement policy.
d. You shall disclose any pending court cases and litigation.
e. You will fill out and promptly return any papers and questionnaires supplied and/or requested by SML.
f. You shall consider SML’s recommendations regarding any potential settlements.
g. You will alert SML of any material changes to your financial status.
h. You shall pay into the Special Purpose Account which will be set up by us for Settlement funds for SML’s settlement negotiations and for payment of settlement amounts to creditors and LSS fees.
i. Furthermore, you agree to comply with every settlement offer secured by the SML and expressly authorizes SML to transfer the funds to the Creditor from the Special Purpose Account balance. You also agree and authorizes SML to make timely payments to the creditors in accordance with negotiated settlements;
j. You shall timely pay SML for its fees as described herein and acknowledges that all fees are considered “earned” by SML when paid for services including but not limited to, Account Setup, Analysis of Debts for Enrolment, Processing, Review of Documents, Marketing, Client Acquisition, Operational Costs, Negotiations, Enrolment costs, Legal and Creditor’s call diversion services.
7.1 – SML will open the Special Purpose Account with its banker, for the purpose for you to deposit funds for settlement (LSS) or save funds for SML’s settlement negotiations and for payment of settlement amounts to creditors and LSS fees.
7.2 – SML shall hold your personal information in the strictest confidence, except as is necessary during SML performance of this Agreement.
7.3 – Specifically, and among other reasons, you authorizes SML to:
(a) disclose to any of the Creditors any information concerning your financial condition and status including, but not limited to, income, debts, credits, earnings, and/or location information; and
(b) obtain necessary financial information concerning you from any of the Creditors. SML will perform the duties described in this Agreement, will keep you reasonably informed of progress in the pursuit of the Agreement’s objectives, and will respond promptly to your inquiries and communications.
7.4 – SML may, at its sole discretion, transfer part or all your information to independent support service providers specifically to provide account support, settlement processing, legal and customer service features for your benefit. SML may, at its option, change support service processors from time to time. You agree to cooperate and work with any designated support services.
7.5 – SML to disclose every possible outcome of the debt settlement policy and to disclose every risk involved in the debt settlement policy. Both the parties understand and agree to provide the complete and accurate information to each other.
8.1 – SML does not provide any credit repair or correction services whatsoever, you understand that if you do not make regular payments to creditors or if creditors are unwilling to accept a settlement, added interest, late fees, delinquencies, collection efforts, and legal action could result. Such may also result in a substantial reduction in your credit score and negative credit report.
8.2 – If you have chosen not to remain current on your payment obligations, you may lose important benefits of credit, including loans or refinances, or have existing credit revoked and could also Which will impact your borrowings in future.
8.3 – You also understands that you should not have any account with the bank / NBFC / lender where you have taken any debts to be repaid. In such situation, lender may take funds from your other accounts to pay your obligations. After complete full awareness and consideration of all these possibilities, you still wish to proceed with the terms and conditions of this Agreement.
8.4 – You understands and agrees that in event of non-compliance of LSS and the obligations assigned gives the right to us to terminate the agreement immediately and to initiate legal action for recovering settlement fees or legal charges (if any).
Yes Loans Pvt. Ltd., trading as Settle my loan (SML) provides a method of debt resolution known as debt settlement. The following disclosures are to make consumers aware of the advantages and disadvantages of a debt settlement.
By Initializing each item below, you understand:
9.1 – You are enrolling into a debt settlement services after voluntarily seeking assistance from SML. The goal you have set is to develop a plan or to negotiate mutually agreeable settlements between you and your creditor(s) for payment of certain unsecured debt(s) described as enrolled Debts. While no specific results can be predicted or guaranteed; SML specializes in the process of negotiations and settlement and will work to the fullest to realize your goals.
9.2 – In entering into this Agreement, you acknowledge that SML will be undertaking any action solely in its capacity as your Non- exclusive Agent pursuant to the terms of this Agreement and the Letter of Authority that you have signed. You acknowledge that SML has not advised you to reduce or terminate payments to your creditors and you have been advised that SML will not take any action that might be construed as interfering with the contractual relationships between you and your creditors.
9.3 – In entering into this Agreement, you represent that no enrolled creditor accounts are secured by collateral or cross collateralized with another account or property. Secured debt is debt for which the creditor has collateral in the form of a security interest in personal and/ or real property. Should you fail to make timely payments on a secured debt, the creditor is entitled to repossess the property and sell it. Cross−collateralized debt exists where security has been mortgaged and pledged to a creditor under a document that provides that the collateral not only secures primary obligations such as a property or a car, but also other debt that may include enrolled debt. A creditor may also have the right to offset your enrolled obligations against bank or other accounts maintained by that creditor in your name.
9.4 – Most creditors and collectors are likely to negotiate with SML, but SML cannot force the negotiations and cannot force creditors to accept a settlement. Your creditors are likely to continue collection efforts on delinquent accounts while you are enrolled on LSS. SML makes no claim that we will be able to stop these collection activities but will continue to negotiate these accounts throughout the process. In many cases creditors and collectors will negotiate on payment and /or debt settlement even if a lawsuit has been filed.
9.5 – Your LSS assumes an effort that will continue for many months. The time needed to produce a settlement depends on a number of factor These may include:
(a) The financial hardship,
(b) the age and balance of the accounts that you owe your creditors,
(c) the funds you have available to pay for a settlement and
(d) the willingness of individual creditors to enter into debt settlement negotiations. While no guarantees can be given, generally the quicker you save money the sooner you will be able to reach your goals. However, each settlement must be acceptable to both you and your settling creditor.
9.6 – Since you have voluntarily decided to not make required minimum payments to your creditors you may be breaking the terms of your agreements with them. It is likely your actions will be reported to credit reference agencies (credit bureaus) as late, delinquent, charged−off or past due balances. Your creditor may also raise the interest rate on your account and impose other penalties. Your account balance will continue to grow as your creditor adds accrued interest, late fees, over−limit fees and penalties. After Settlement your creditors are obligated to properly report the status and outcome of the closed and settled account. It is the creditors’ responsibility to properly report these items to the credit bureaus. LSS may have an adverse effect on your credit report and credit score depending on your specific situation.
9.7 – The settlement services that we have committed to reach your debt settlement goal is detailed in your Letter of Engagement. Those summaries reflect the projected amount that we have estimated you will need to save to put yourself in a position to reach your goals. Actual settlement amounts, necessary settlement funds and the period required to reach your goal may vary based on creditor actions and other factors that cannot be considered at this time.
9.8 – Communications with creditors are handled on a case-by-case basis. In some instances, creditors will be notified immediately of your enrolment. In other instances, SML determines that Settlement negotiations should not begin until several months after you enrolled on LSS.
9.9 – To summarize, each case is unique, and results may vary. LSS can be a very effective way to resolve your debt, but it is not a painless process, and no guarantees can be given because the process is subject to factors that neither you nor SML may be able to control. As with any type of debt settlement, failure to complete a LSS is likely to have negative consequences on your financial situation.
10.1 – You expressly acknowledge that SML do not provide any kind of tax and/or investment advice whatsoever. However, any legal service will be provided by SML panel of Advocates, who are independent entities.
10.2 – This Agreement only covers the Debts/Creditors listed in “Enrolled Debts” and only unsecured Debts owed to the Creditors as of the date of this Agreement. Should you desire SML to assist in resolving additional debts or debts arising after the date of this Agreement, you must enter into a separate Agreement, and resolution of such additional debts would be subject to the terms of that separate Agreement. You acknowledge and understands that SML does not provide legal advice. Legal advice or representation must only be provided by an attorney at law from the panel of Advocates of SML. You understand and agrees that SML has not represented that it will advise or assist you in the modification, improvement or correction of any credit entries contained your credit reports, nor that SML can stop all collection phone calls or correspondence.
10.3 – You agree that SML does not claim to be able to improve your credit rating or credit report, nor remove any credit reference on your credit report and that SML has no responsibility or obligation for any past, present or future credit rating assigned by any of the Creditors or for any information contained in any credit reporting service.
11.1 – If you want to terminate / withdraw the contract within 6 months any time from the date of enrolment, you are liable to pay total settlement charges at a time along with legal fees or any other charges which you are liable to pay to us (if any) till the date of termination is accepted.
11.2 – If you wish to terminate the contract after expiry of lock in period of 6 months, you are liable to give 30 day’s notice in writing to us. You must send an email on customercare@settlemyloan.in to intimate your request for termination. Please note that this termination will be subject to evaluation and we will be entitled to deduct our fees for debt settlement services, our subscription charges, legal fees or any other charges with under settlement services.
Effects after termination of contract
a) You shall not be eligible for any assistance from SML in any manner.
b) You shall settle all outstanding fees dues with SML.
c) You shall keep the SML indemnified against all claims and losses.
I understands that all the fee calculations mentioned in this Agreement and in other documents are only estimates calculated by using the amount of the Enrolled Debts. The Monthly Subscription Fees is applicable throughout the tenure of the settlement services, in the case of extension of the settlement beyond the tenure, the Monthly Subscription Fees shall increase in equal proportion.
I confirm that I have read, understand, and agree to be bound by the terms & conditions of the agreement. I acknowledge that these services and the fees associated with the said services have been explained to my full satisfaction, and that I have no unanswered questions about the same.
We can negotiate your settlement so that you become debt free, in most cases without it affecting your credit score.
