DEBT FREE SOLUTIONS

This is one of the solutions bankinglawyers is providing is to work up a payment plan that will allow you to pay off all of your unsecured debts in a manageable plan. As stated in RBI's working document, this is known as a Debt Management Plan (DMP), which SettleLoan will set up and maintain with all of your creditors. The debts covered by this debt management plan are unsecured debts, or liabilities that are not secured by your assets or properties. Personal loans, credit cards, student loans, and bank overdrafts.

In your appointment, bankinglawyers will determine the appropriate monthly payment amount, and if you decide to join with us, we'll approach your creditors about accepting manageable payments. In our experience, the majority of creditors tend to agree with these as we explain your financial circumstances to them

  • You'll just make monthly payments that you can afford.
  • We'll lower your monthly payments to a manageable amount.
  • You'll only be able to pay off all of your debt with a single, manageable monthly payment.
  • On your behalf, we'll communicate with your lenders
  • We handle dealing with creditors so you won't have to.
  • On your behalf, we respond to every correspondence from your creditors.
  • We can assist you in getting out of debt so you can get your life back on track.

It can be challenging to know what to do, what options are available, and who to turn to for assistance when you are dealing with debt. The hardest but most crucial step in regaining control over your finances is frequently choosing to get help. A debt management plan can be the best option for you if you are having trouble making your monthly payments on unsecured debts (loans, credit cards, student loans, overdrafts). Consolidating all monthly payments into a single monthly instalment is one of the main advantages of a debt management plan. In some circumstances, it might also be feasible to freeze interest and any other extra charger.

PARALEGAL

Creditors begin their recovery process when someone misses an EMI, thus you will go through the following:

  • frequent phone calls
  • unwanted visits to your home and workplace
  • Legal Notices

These actions are within the limits of the RBI guidelines, but based on the experiences of our customers, we have learned that the creditors frequently go beyond the bounds of the law and begin to use tactics like intimidation and harassment.

You can forward harassing phone calls to our paralegal team, who will take them on your behalf, if you frequently receive them. You can direct creditors who visit your home or place of business to our paralegals and Advocates, who will handle them legally.

LEGAL

Our team of attorneys can provide legal notices, bank account closures for salaries, ECS halts, bank account liens, arbitration hearing and order preparation, bounced check resolution, and court hearing advice.

If our debt plan is the best option, our insolvency lawyers (IL) will set up and handle any unsecured debts under it. A comprehensive "financial health audit" of all the unsecured loan accounts is conducted by the IL as part of the debt plan supervision.

Our IL will consider asking for the wiping off of the interest and charges if it is determined that the creditors have not adhered to the RBI requirements, there has been irresponsible lending, or the interest has not been applied correctly.