Seeking Guidance for Loan Settlement Case - Cheque Bounce
7 months ago
Hi everyone,
In 2004, my father took a loan of 32,000 rupees from the Bihar State Minorities Financial Corporation (BSMFC). He used to repay the loan through monthly EMIs via cheques.
During that time, one of my father's friends suggested that the loan would be forgiven if we closed the bank account. Regrettably, my father followed this advice, and as a result, the check bounced.
In 2011, a case was filed against my father. But we had no idea about it because we never received any notices at home. Now, we've just found out that there's a case against my father.
The first hearing on this matter occurred in 2018, and again, we were unaware of it as no notices were delivered to us. The next hearing is scheduled for October 2023.
How can we settle this? Please guide us.
I'll be grateful for your assistance.
Approach your Bank for settlement on repayment of the outstanding amount of the loan and request for disposal of Court case based on out-of-court settlement. , Lenders are not legally obliged to settle a debt lowering your outstanding debt, but because they want to protect their bottom line, they may agree to a debt settlement to avoid further financial loss. You can try to negotiate a debt settlement on your own if your pocket permits to repay the entire outstanding at a time for a one-time settlement of dues, but sometimes, owing to financial constraints, it's typically done through third parties like debt relief companies, which you may hire to negotiate the settlement matter with the lender on your behalf. With this method, you will make payments to the debt settlement company rather than your creditors/lenders, along with any fees. Debt settlement is an agreement between a lender and a borrower in which the borrower repays a portion of a loan balance and the lender forgives the remainder. You may consider starting the negotiation by offering to pay 25% or 30% of your outstanding balance in return for forgiveness on the rest. But, it may be noted that while there are legitimate debt relief/settlement companies, there are also many scam operations. So, if you're considering one, the Consumer Financial Protection Bureau(CFPB) suggests for contacting your state attorney general's office and local consumer protection agency to ask if they have any consumer complaints on file about that company. Some states require that debt settlement companies be licensed, which may provide some added protection. So before opting the settlement of a loan through a debt relief company, check out the background of the company and move ahead if found satisfactory for settlement of the dues of the Bank to get rid of legal consequences. Further, a quick counseling session with a certified credit counselor can help you to discover your options and choose the right path forward to resolve the crisis.
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