India’s step towards debt settlement.
India is still a developing country. Be it poor or middle-class or rich, people owe money to someone or the other. People often lose their lives due to not being able to return the debt. So debt settlement process should be known to everyone in India as people are still unaware of it.
Debt settlement is a process or an agreement between a lender and a borrower for a large one-time payment towards the balance in return for the forgiveness of the remaining debt.
A major point to keep in mind is-
• You might need a good amount of cash at one time to settle your debt.
ADVANTAGES AND DISADVANTAGES :-
Advantages of debt settlement are that-
· the unfair practices like mental harassment and torture all can be avoided which is rising in India day by day.
· Also bankruptcy can be avoided for the debtor as the debt burden is reduced.
· The most important part which is the lawsuits and legal actions could be avoided with debt settlements.
Obviously, there are some disadvantages as well-
• Unfavorable terms in the Debt Settlement Agreement.
• It leads to a negative impact on credit score.
Everyone should know their rights, everyone irrespective of the economic background should know about it because there are people out there who might use these tough times for their own personal agenda and then can exploit people’s lives. India has now started coming up with debt settlement companies which are helping people on a daily basis. Every life matters , and we all know that debt is something that can even shake the strongest person. Debt settlement if done the right way can be very useful.
For more information and articles visit our site- www.bharatdebtrelief.com