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Loan settlement legal services in India: a written One-Time Settlement (OTS) for personal, credit card, business and NBFC loans, led by legal experts.
Unsecured loansIf your personal loan EMIs have stopped being affordable, Legal Savvy negotiates a One-Time Settlement with your lender under the RBI Fair Practices Code. Every offer is confirmed in writing before you pay anything.
NBFC loansNBFCs follow their own RBI Fair Practices Code, separate from the one that binds banks. Legal Savvy negotiates settlements with NBFC lenders and holds their recovery conduct to those rules.
Credit cardsCredit card dues grow faster than any other unsecured borrowing. Legal Savvy negotiates a settlement directly with your card issuer and insists on a written settlement letter before any payment is made.
Business loansWhen a term loan, working capital line, or MSME facility stops being serviceable, Legal Savvy negotiates a One-Time Settlement with your lender and represents your side of the file if the account moves to recovery.
Your rightsRecovery agents work under binding RBI conduct rules on calling hours, language, and who they are allowed to contact. Legal Savvy helps you document breaches and take them to the right forum.
Digital lendingNot every lending app operates within the RBI digital lending rules. Legal Savvy checks who actually holds your loan, then negotiates a settlement with the regulated entity behind the app.
The process
What is loan settlement? Loan settlement is a one-time agreement in which your bank or NBFC accepts a reduced amount to close a loan you can no longer repay. Also called a One-Time Settlement (OTS), it ends recovery on that account, but your credit report shows the loan as “settled”, not “closed”.
Want the detail? Read our guide to One-Time Settlement and how settlement affects your CIBIL score.
Take your latest loan statement and separate principal from penal interest, late fees and charges. Note how many EMIs are overdue.
Our legal experts read your loan agreement and any notices, and tell you honestly whether settlement or restructuring suits you better.
We put a One-Time Settlement proposal to the lender in writing, backed by proof of hardship such as job loss or medical bills.
Offers and counter-offers stay on record until the lender issues a settlement letter on its letterhead, with the amount and due date.
Pay the agreed settlement amount to the lender's official account only, collect the No-Dues Certificate and check your CIBIL report.
No one can promise a fixed settlement percentage in advance. Anyone who does is guessing.
If any of these is missing, don't pay yet. Ask the lender for a corrected letter.
What is a One-Time Settlement (OTS) in a loan?
Loan settlement kya hota hai?
How much settlement amount will the bank accept?
What is the credit card settlement process?
Can I settle my loan myself, or do I need a loan settlement agency?
How long does the loan settlement process take?
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