Loan settlement is a smart way to resolve your debt when full repayment isn’t possible. But when you’re dealing with banks or NBFCs, one wrong move can hurt your chances. That’s why it’s important to understand the right and wrong way to handle loan settlement negotiations.
Here are some key dos and don’ts you should follow, especially if you’re working with experts like Loanifyr.
Do: Understand Your Financial Limits
Before offering a settlement, know exactly how much you can afford to pay. Be honest with yourself and the lender. This makes your proposal more realistic and acceptable.
Don’t: Agree to Any Verbal Deals
Always ask for written confirmation from the bank or NBFC. Never agree to a verbal settlement. Without written proof, you may still be liable for the full amount.
Do: Document Everything
Every letter, email, or agreement must be kept for your records. When you settle a loan, the paperwork is your protection in case of future disputes.
Don’t: Ignore Recovery Agents’ Threats
If you’re facing agent harassment or bank harassment, don’t panic or react emotionally. Instead, get help from Loanifyr. We deal with the bank professionally so you don’t have to face pressure alone.
Do: Offer a One-Time Payment
Lenders prefer a lump-sum payment during settlement. If you can pay a single reduced amount, your chances of getting a better deal improve.
Don’t: Assume Settlement Clears Your Credit Instantly
Loan settlement affects your credit score. But it’s still better than going into default or bankruptcy. Over time, you can rebuild your credit — and Loanifyr can guide you on how to do that.
Do: Get a No Dues Certificate
After you make the payment, always ask for an official No Dues Certificate. This confirms your account is closed and protects you from future legal trouble.
Don’t: Try to Handle Everything Alone
Loan settlement is complex and often emotional. Let the experts at Loanifyr manage it for you. We negotiate on your behalf, stop harassment, and make sure everything is handled legally.
If you’re considering credit card debt settlement or any loan settlement, visit www.loanifyr.in. Let us help you do it the right way.