Comprehensive Legal Services & Guidance | Legals365.com

(Public) June 05, 02:17 PM Recent

Q. How long does a settled status remain on my credit report?

Ans.

A “settled” status usually sticks around on your credit report for about seven years from the date of settlement. It’s there as a reminder to lenders that you didn’t pay back the full amount you owed, and that can make it harder—or more expensive—to borrow money down the line.

This is where Legals365 and Advocate B K Singh come in:

They’ll walk you through exactly how a settled status will affect your credit, so you’re not left guessing.
They’ll help you see if there’s a better option, like restructuring, consolidating, or refinancing, to avoid that “settled” mark altogether.
If settling really is the best choice, they’ll make sure it’s done properly, protect your rights, and handle the paperwork so you’re not stuck with unexpected problems later.
Most importantly, they’ll be there to talk you through it, answer your questions, and help you feel confident in your choices—because navigating debt shouldn’t be something you have to figure out alone.

Learn more and get the expert support you deserve:
Visit: www.legals365.com
Call: +91 9625961599

Questions? Advocate B.K. Singh and the team are here to support you!

If you’re not sure what’s right for you, don’t go it alone. Chat with Legals365 or Advocate B K Singh—they’ll help you find a path that protects your credit and your peace of mind. Let me know if you’d like to go deeper on any of this!

(Public) June 05, 02:17 PM Recent

Q. Does settling a loan affect my credit score?

Ans.

Yes, settling a loan does have an impact on your credit score. When you settle, you’re paying less than what you originally owed, and lenders record that on your credit report as “settled” instead of “closed.” That difference matters.

Here’s how it can affect you:

It tells future lenders that you didn’t pay back the full loan, which can make them more hesitant to lend to you again.
It can lower your credit score, making it harder (and sometimes more expensive) to borrow in the future.
The settled status can stay on your credit report for up to seven years.

How Legals365 and Advocate B K Singh can help:

They’ll help you understand exactly how settling could affect your credit and your future borrowing options.
They’ll review your whole situation and see if there are better options—like loan restructuring, refinancing, or debt consolidation—to avoid a settlement in the first place.
If settlement is your only choice, they’ll handle the paperwork and negotiations to make sure you’re protected and not stuck with hidden clauses that could hurt you later.
They’ll be by your side every step of the way—so you’re not left wondering if you’re doing the right thing.

If you’re not sure whether settling is worth it or if there might be another path forward, talking to Legals365 or Advocate B K Singh is a smart first step. They’ll help you figure out what makes sense for you—and how to protect your credit (and your future). Let me know if you’d like to dig deeper into any of this!

Learn more and get the expert support you deserve:
Visit: www.legals365.com
Call: +91 9625961599

Questions? Advocate B.K. Singh and the team are here to support you!

(Public) June 05, 02:16 PM Recent

Q. What is loan settlement, and how does it work?

Ans.

Loan settlement is basically when you and your lender agree that you’ll pay less than what you originally owed to close out your loan. Let’s say you’re struggling to keep up with payments, and the lender realizes it might be tough to get the full amount back. They might agree to take a smaller lump sum instead—this is the “settlement.”

Here’s how it works:

You explain your financial situation to the lender and offer a lump-sum amount that’s less than your total loan balance.
If they agree, they’ll mark the loan as “settled” in your credit report—meaning you paid part of it, but not all.
The lender writes off the remaining balance, and legally, the loan is closed.

But here’s the catch:
A settled loan isn’t the same as a fully paid loan. That “settled” status can stay on your credit report for years (usually seven), which can hurt your ability to get new credit or loans down the line.

How Legals365 and Advocate B K Singh can help:

They’ll look at your whole situation and help you decide if settlement is really your best move—or if options like restructuring, refinancing, or consolidating might be better.
If you do settle, they’ll make sure you understand every detail of the agreement, so you don’t get hit with unexpected issues later.
They’ll negotiate on your behalf, so you’re getting the best possible terms—and your rights are protected.

If you’re feeling unsure or overwhelmed, reaching out to Legals365 or Advocate B K Singh is a smart first step. They’ll help you see your options clearly and find the best way forward—no guesswork, no surprises. Let me know if you’d like me to expand on any part of this!

Learn more and get the expert support you deserve:
Visit: www.legals365.com
Call: +91 9625961599

Questions? Advocate B.K. Singh and the team are here to support you!

(Public) June 05, 02:16 PM Recent

Q. How many EMI defaults lead to a loan being classified as NPA?

Ans.

Typically, when you miss three consecutive EMIs (equivalent to 90 days of payment default), your loan is classified as a Non-Performing Asset (NPA) by the bank.

Here’s why:
Banks usually treat a loan as “in default” if the borrower has missed payments for more than 90 days. So, if you skip three monthly payments in a row, the bank sees that as a sign you’re not able to repay—and the loan moves into NPA status.

Why does this matter?

Once a loan becomes an NPA, the bank has to set aside money to cover the risk, which can make them more aggressive in recovering the debt.
It also has a direct impact on your credit score, making it much harder (and more expensive) to borrow money in the future.

If you’re worried about your loan slipping into NPA status, it’s a good idea to talk to your bank—or better yet, to experts like Legals365 or Advocate B K Singh. They can help you understand your rights, explore restructuring or repayment options, and guide you through the process to protect your financial future.

Let me know if you’d like me to explain how to avoid having your loan turn into an NPA!

Learn more and get the expert support you deserve:
Visit: www.legals365.com
Call: +91 9625961599

Questions? Advocate B.K. Singh and the team are here to support you!

(Public) June 05, 02:15 PM Recent

Q. What are the charges for an EMI bounce?

Ans.

When your EMI payment bounces (for example, due to insufficient funds in your bank account), your bank or lender usually charges a penalty fee. This is called an EMI bounce charge.

Here’s what to know:

The fee amount varies from bank to bank, but typically it can be anywhere from ₹200 to ₹500 (sometimes even higher, depending on the lender).
On top of this, your bank might also charge you an extra fee for the dishonored cheque or ECS debit—often around ₹200–₹500 as well.
Missing your EMI can also lead to late payment fees or extra interest charges, adding to the overall cost.

Why does this matter?
Apart from the extra fees, frequent EMI bounces can hurt your credit score because they show lenders you’re not managing repayments well. It’s important to make sure your account has enough funds on the EMI due date to avoid these charges and protect your credit.

If you’re worried about repeated EMI bounces, talking to your lender—or getting advice from professionals like Legals365 and Advocate B K Singh—can help you find a way to restructure your payments or explore other options so you’re not stuck in a cycle of fees.

Let me know if you’d like to see typical EMI bounce fees from major banks—I’d be happy to pull that together!

Learn more and get the expert support you deserve:
Visit: www.legals365.com
Call: +91 9625961599

Questions? Advocate B.K. Singh and the team are here to support you!

Phone-image

mail-image

location-image