Loan defaults and repayments are not just limited to business owners or unemployed individuals. Even salaried professionals working in big and reputed companies can fall into a debt trap due to multiple loans, high EMIs and increasing financial pressure. This is the story of Mr. Mahendra Pratap Singh who found himself unable to manage his loans despite working in an MNC.
Borrower’s Background
Mr. Mahendra Pratap Singh is a 40 years old IT professional and lives in Surat. He had to take some loans to meet his financial needs like other people do. So, he took loans from 5-6 different financial institutions. The total amount of loans was very big, it was somewhere around 50 lacs. Hence, it became a big problem for him to pay back those loans.
He had to pay EMIs of all these loans and the total amount of EMIs was also very high. It was more than what he could pay from his monthly income. Then, he started missing some EMIs and paying late which made the whole situation even worse.
It ultimately means that he could not pay all the EMIs on time and recovery agents from the companies started calling and visiting him to collect the money. He was so worried about his loan problem and that is why he contacted the Loan Resolve Services for help. In this case study, we will have a look at how Loan Resolve Services helped Mr. Singh in detail.
Problems Faced by Borrower
Let’s have a look at all the problems that he faced first.
Many Loans from Different Companies
He borrowed money from different financial companies and each of them had given him a loan with their own terms and EMIs. So, having many loans from different places made it very difficult for him to keep a track of each of them. Each loan had its own EMI date, amount and interest rate and it was very confusing for Mr. Singh to remember all these details.
High Total EMI Amount
As we have discussed that the total EMI amount was massive and he was struggling to pay them back. As a result, he missed the payments and could not pay the EMIs on time. Moreover, when he missed the payments, the companies charged him penalties like extra interest rates which amplified the amount further.
Harassment by Recovery Agents
The recovery agents of all those companies started calling him again and again. They even visited his home to ask for the payment. These things happened to him because he could not pay the EMIs properly on time. The agents were persistent and kept reminding him again and again. This made him stressed and he could not even focus on his work.
No Proper Plan to Repay Loans
Mr. Singh did not have any plans or expert help to manage his loans. Even though he was trying to pay as much as possible but failed as he did not have any good plan to repay the personal loans. It was difficult for him to know which loan to pay first or how to reduce his debt without a clear repayment plan.
How Loan Resolve Helped Mr. Singh
Now, we will understand the steps in which his loans were settled with the help of Loan Resolve Services.
Step 1: Complete Loan Review
The first thing Loan Resolve did was to review all the loans of Mr. Singh carefully before helping him in the loan settlement process. We gathered the important details of each loan like the outstanding amount, EMI amount, loan tenure and interest rates. This helped us to understand the full picture of his loan problem. We also checked how much he could pay monthly without any trouble.
Step 2: Making a Simple Settlement Plan
Then, we made a customized repayment strategy for him to reduce his loans. We thoroughly examined his ability to repay the loans during the time of building that strategy. After that, we decided to talk to all the companies to settle the loans for less than what he owed them. We also gave him an easy EMI plan which he could pay easily every month.
Step 3: Negotiation with Loan Companies
We spoke to all the companies on the behalf of him and explained them his situation and asked to reduce the loan amounts by negotiating in an effective way.
Step 4: New Easy EMI Plan
Once the settlement was approved, we helped Mr. Singh to craft a new EMI plan. The new EMI amount was much better and quite affordable for him to pay every month. This made it possible for him to pay without much stress and manage his monthly payments.
Step 5: Harassment Stopped
The harassment from the recovery agents stopped when we informed the companies about the settlement. Everything like calls and visits of the recovery agents stopped immediately. Mr. Singh was quite relieved that he no longer has to worry about the recovery agents calling and visiting him surprisingly.
Details of Loan Settlements
Here are the numerical-based details of Mr. Singh’s loan settlements:
Loan Settlement 1
- Total loan amount: 8 lacs 76 thousand
- Settlement amount: 3 lacs 60 thousand
- EMIs: 5
Mr. Singh had taken a loan of 8.76 lakh rupees. We successfully negotiated with the lenders to reduce this outstanding amount to 3.60 lakh rupees. This settlement was structured in 5 affordable EMIs which enabled Mr. Singh to clear this loan efficiently.
Loan Settlement 2
- Total loan amount: 2 lacs 76 thousand
- Settlement amount: 76000
- EMIs: 3
Another loan that he took had an outstanding amount of 2.76 lakh rupees. We negotiated this loan to just 76,000 rupees as the settlement amount. He had to pay 3 EMIs on this loan before the settlement was finalized and the remaining balance was cleared under the new settlement agreement.
Benefits Mr. Singh Got from Loan Resolve
It is the perfect time to understand what all the benefits Mr. Singh received by contacting us for help.
Big Reduction in Loan Amount
The total loan amount which Mr. Singh was obligated to pay before the loan settlement was reduced so much that it became easy for him to repay them.
Affordable EMIs
The new EMIs were much affordable than the previous EMIs which enabled him to pay on time without any problem.
No More Recovery Calls
The recovery agents stopped calling and visiting him unnecessarily to ask for the same thing again and again.
Peace of Mind
Once the settlements of his personal loans got approved, he started feeling relaxed. This helped him manage his money well and focus on his work and family.
Summary of Mr. Singh’s Journey
Mr. Singh was under heavy loan burden with no way out in the beginning. The EMIs were too high and recovery agents disturbed him almost every single day. He was confused, hopeless and helpless about how to repay all these loans. Then, one day he contacted the Loan Resolve Services and everything changed for the better after that.
We checked all his loans and made a simple plan for him after considering all the necessary details. We talked to all the companies on his behalf and got his loan amount reduced and helped him start paying small EMIs by crafting a plan which suited his monthly income well. The recovery agents stopped calling and Mr. Singh got his peace and control over his finances back.
Why People Like Mr. Singh Should Choose Loan Resolve
If you also have many loans and are unable to pay the EMIs then Loan Resolve Services can help you.
- First of all, we will study your loan situation carefully.
- Then we will talk to all your lenders and try to reduce your loan amount by negotiating.
- We will make a clear repayment plan that you can afford.
So that you can pay your loans slowly and easily without having to stress about them. Most importantly, once the settlement is done the recovery calls and visits will be stopped and you will get relief from the stress.
Final Words
Mr. Singh’s case shows that even if you have big loan problems then there is always a way out. You can reduce your loans and repay without stress with the right help and a proper plan. Loan Resolve Services gave Mr. Singh the support that he needed to become debt free. We helped him save money, pay easily and live peacefully again.
If you are also facing similar loan problems like him then do not wait. Contact us now and take the first step towards freedom from the debt!