Loan settlement is usually the right choice if:
- You’ve lost your job or main source of income
- You’re facing medical emergencies or sudden expenses
- Your EMI amount is higher than your current earnings
- You’re receiving legal notices or calls from recovery agents
- You’re being affected by agent harassment or bank harassment
- You’ve already missed multiple payments and are in default
In all these cases, repaying the full amount may be impossible. Loan settlement lets you settle the loan by paying a reduced amount and closing the account legally.
When Loan Settlement May Not Be Needed
Loan settlement isn’t for everyone. If you can still manage to pay your EMIs (even with a bit of difficulty), or if your loan is under control, you might want to continue regular payments. Settlement is usually a last option — used when there’s no realistic way to pay the full balance.
Also, if your credit score is a top priority right now, keep in mind that loan settlement may reduce your score temporarily. However, it’s still better than going into bankruptcy or default.
How Loanifyr Helps You Decide
At Loanifyr, we don’t push loan settlement on everyone. We look at your current situation, your loan type, and your repayment capacity. Then, we give you honest advice on whether you should go for settlement or explore other options.
If credit card debt settlement is what you need, or you’re tired of harassment and legal pressure, we step in — negotiate with banks, handle the paperwork, and protect you from further stress.
Ready to take the right step?
Visit www.loanifyr.in and talk to our experts. We’ll help you decide if loan settlement is right for you — and if it is, we’ll make the process smooth and stress-free.