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ALL YOU NEED TO KNOW ABOUT BAD DEBTS AND HOW TO DEAL WITH IT
Bad debts, the unrecoverable amounts owed to lenders, pose challenges in various industries. Whether arising from financial struggles, bankruptcy, or disputes, businesses face the need
Bad debts, the unrecoverable amounts owed to lenders, pose challenges in various industries. Whether arising from financial struggles, bankruptcy, or disputes, businesses face the need
INTRODUCTION We all have heard about individuals and businesses going bankrupt many times, but what is it? In simple terms, it is a legal process
Loan settlement is an agreement between the borrower and the lender, where the former pays a portion of the amount that is outstanding to the
Debt management is crucial for individuals and businesses facing financial challenges. It involves strategic planning to minimize risks, ensuring financial stability, and meeting goals. Effective
Life always doesn’t go how we plan it to and we face certain situations in which we have never expected. Going through a financial crisis is one of them. Having a debt can feel like a burden and the weight keeps adding on with the accumulating interest rates, regular calls from the lenders, etc, it leads to stress and anxiety. It can take a serious toll on your mental health and if the problem is not addressed then it will further increase the burden on you.
The credit card has become popular due to the convenience offered by it. It’s a type of unsecured borrowing that lets you borrow according to your pre-decided credit limit under a bank or non-banking finance company (NBFC). You can make transactions with your credit card for various transactions as per your credit limit and then pay it back in due time. When you make a purchase, the amount is deducted from your predefined credit limit and when you repay, the amount is again added back to your credit limit. This enables you to have continuous access to credit as long as you are using less than your credit limit. However, if you do not repay the due amounts on time the bank will charge interest on the outstanding amount and this will keep adding up until you have cleared your bills. You can make transactions as per your credit limit, beyond that the transaction will be rejected by the credit card issuer. Various types are credit cards are available to meet the needs of customers ranging from student credit cards to lifestyle credit cards.
A personal loan is an amount that can be borrowed for a variety of uses such as house renovation, debt consolidation, emergency expenses such as medical emergencies, wedding expenses, vacation expenses, etc. It is used to cover personal expenses and is offered by a variety of institutions such as banks, lenders, or credit lending companies. The amount borrowed can be repaid in monthly installments or EMIs. Depending on the loan taken, interest rates, terms, and repayment procedure varies.
Loan settlement is an agreement between the borrower and the lender where the borrower repays a portion of the debt to the lender which is usually less than the outstanding amount as a final settlement.
Usually, during times of financial hardships such as medical emergencies, job loss, or some other unforeseen events, the borrower is not in the capacity to repay the loan, and depending on the genuineness of the reason the lender can forgive some amount of debt. When the lender pays the agreed amount, the loan is marked as “settled”.
Loan settlement can help the borrower to reach financial steadiness. By doing loan settlement, the borrower can eliminate a financial obligation which will help him to reallocate his funds to other important aspects like savings, emergency funds, investment, etc.
THE IMPORTANCE OF HIRING PROFESSIONALS IN LOAN SETTLEMENT INTRODUCTION Before understanding the importance of hiring professionals for loan settlement let’s see what a loan settlement
Loan Settlement: Meaning, Significance in Financial Stability and Loan Settlement Process. Loan Settlement is an agreement between the borrower and the lender where the borrower
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