What can happen in personal loan default?
When you stop paying EMIs, the account moves through clear stages: penal charges and reminders first, then a falling CIBIL score and recovery calls. Once dues are more than 90 days overdue, the account becomes a non-performing asset (NPA), which often leads to a legal notice, arbitration or a civil case. An EMI default is […]
How to avoid personal loan scams.
Personal Loan Scam : How To Avoid The market is experiencing an increase in demand, which drives up supply. In this case, the financial sector is no exception. The industry is expanding with an influx of players, but corollary issues have been cropping up with increasing frequency. Loan scams are an alarming trend in which […]
What legal action can a bank take against a credit card default in India?
Carrying a credit card requires systematic use. Like any other credit card companies, they don’t offer errors. Eventually when you miss card payments, you’ll be hit by heavy interest charges and late fees. The consequences may even get more serious and end up taking you into credit card default. Let’s take a closer look at […]
7 Tips to Help You Get Out of Debt Quickly.
If you’re someone who is unable to repay their debts and struggling to cope with their finances, there are important things that can help you to get out of debt. You may think about talking to your creditors and negotiating a solution with them. But sometimes such negotiations do not end well. In this case, […]
What to do if you miss your loan EMI payment
Are you one of those who is missing Loan EMI Payment? Well, this blog is the right place to help you! In today’s life taking a loan has become very easy and convenient for many people who need money to fulfil their desires. Along with commercial banks (private and public sector), non-banking financial corporations (NBFCs) […]
What are unsecured loans?
Before you take up a loan, from banks or NBFCs, it is to be noted that proper thorough research is required. Banks have many loans available for people. But it is your decision as to what type of loan you require. They offer secured and unsecured loans. These loans are completely different from one another. […]
Ways to pay your debts to avoid legal action
The stress of being in debt can ruin your life in many ways. It may affect your mental as well as your physical health. Moreover, it is important to know that staying in debt can have a legal impact that may devastate your entire life. Therefore, it is essential to pay your debts to avoid […]
What happens to a person who is unable to pay his debts?
If you are unable to pay your debts, you will not go to jail for that alone. In India, non-payment is mainly a civil matter. What usually follows is a sequence: penal charges, a reported default that lowers your CIBIL score, recovery calls and, if dues stay unpaid, legal notices or civil recovery action. Debt […]
What is Debt Consolidation & How Does It Work in India?
As a person, you have many responsibilities when it comes to your finances. You are either responsible for extra expenditure like shopping, movies, food, etc, or you’re in the junction of paying your business expenses. No matter what expenses you incur with a credit card or a personal loan, it is difficult to pay off […]
What is a Debt Management Plan?
A debt management plan, or DMP in short, is an easy payment plan that helps you to maintain your debts. Those who are having difficulties in repaying their debts or unable to negotiate for a lower monthly payment can set up a debt management plan. The debt management plan is an effective yet smooth procedure, […]
