Bajaj Fin Overdraft loan default
2 weeks ago
i had unsecure overdraft from Bajaj Finance. I was not able to pay it off. and then there collection agent came to my house and abused us. I have not paid them since (year 2020 onwards). Now they have sent me message with case no and mentioning that an warrant is issued by Court. I don't know what to do now on this. as i am unable to pay them back and they have increased the whole amount as well.
A.Dear client, if the court had issued a warrent then it is mandatory for you to go to the court. The court on hearing the both parties accordingly will make an order for attaching any property in payment of the debt amount. You can also plead for settlement of the debt in a certain period of time for specific amount if you can't pay the full amount.
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A.If there is a warrant issued then you need to ensure to appear in the court and get the warrant recalled after taking bail or else it will create more problems for you.
After that along with fighting the case you can negotiate with them to settle the loan amount may be through OTS
After that along with fighting the case you can negotiate with them to settle the loan amount may be through OTS
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A.Dear sir
If you not issued any cheque then it cannot be a criminal offence and no warrant can be issued. Approach local lawyer and get solution.
If you not issued any cheque then it cannot be a criminal offence and no warrant can be issued. Approach local lawyer and get solution.
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A.Dear Client,
A borrower of a loan or debt is held liable personally for his or her debt for non-payment of the outstanding amount of the loan. Once the repayment of the loan stops or bounces for consecutive 3 installments, the Bank initiates a routine course of action for recovery of the loan from the borrower marking the loan as a bad loan/NPA. If a suit for recovery of an outstanding loan from the borrower is filed by the Bank before a Civil Court, after hearing both parties Court may even pass an order for attachment of immovable or movable property of the borrower for recovery of the loan apart from the engagement of recovery agents. You can try to negotiate a debt settlement on your own if your pocket permits, but sometimes 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 the payment of fees or service charges. Debt settlement is an agreement between a lender Bank and a borrower in which the borrower repays a portion of a loan balance and the lender forgives the balance. 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 fraud/scam operations. So, if you're considering one, the Consumer Financial Protection Bureau(CFPB) suggests contacting your state Attorney General's(AG) office and local consumer protection agency to ask if they have any consumer complaints pending on file about that company. Some states require that debt settlement companies be licensed, which may provide some added protection. Although a debt settlement can offload some of your financial burden, there are also a few potential risks and downsides to consider. First, a debt settlement will affect your credit score in CIBIL. That will make it more difficult for you to get credit or good interest rates in the future. Another potential drawback is that when you settle debt, you could face tax consequences. Finally, when you settle a debt with a credit card company, your account is closed once the settlement is complete. So you could potentially have no credit facility to use a credit card further owing to your poor credit score. Further, a quick counseling session with a certified credit counselor can help you discover your options and choose the right path forward.
A borrower of a loan or debt is held liable personally for his or her debt for non-payment of the outstanding amount of the loan. Once the repayment of the loan stops or bounces for consecutive 3 installments, the Bank initiates a routine course of action for recovery of the loan from the borrower marking the loan as a bad loan/NPA. If a suit for recovery of an outstanding loan from the borrower is filed by the Bank before a Civil Court, after hearing both parties Court may even pass an order for attachment of immovable or movable property of the borrower for recovery of the loan apart from the engagement of recovery agents. You can try to negotiate a debt settlement on your own if your pocket permits, but sometimes 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 the payment of fees or service charges. Debt settlement is an agreement between a lender Bank and a borrower in which the borrower repays a portion of a loan balance and the lender forgives the balance. 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 fraud/scam operations. So, if you're considering one, the Consumer Financial Protection Bureau(CFPB) suggests contacting your state Attorney General's(AG) office and local consumer protection agency to ask if they have any consumer complaints pending on file about that company. Some states require that debt settlement companies be licensed, which may provide some added protection. Although a debt settlement can offload some of your financial burden, there are also a few potential risks and downsides to consider. First, a debt settlement will affect your credit score in CIBIL. That will make it more difficult for you to get credit or good interest rates in the future. Another potential drawback is that when you settle debt, you could face tax consequences. Finally, when you settle a debt with a credit card company, your account is closed once the settlement is complete. So you could potentially have no credit facility to use a credit card further owing to your poor credit score. Further, a quick counseling session with a certified credit counselor can help you discover your options and choose the right path forward.
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