Question
Q: Do lenders offer OTS for short-term loans?
Answer
A: A lot of lenders will agree to a one-time settlement, but it has to be in writing and say "full and final" and include a promised No-Dues/closure timeline. Don't make token payments without getting something in writing first, because it could lead to repeated demands. Payments must only go through official channels that give receipts. Legals365 and Advocate BK Singh make sure that OTS terms are enforceable and keep you safe from harassment after you pay.
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By Advocate BK Singh
(Delhi High Court)
