mPokket Loan Settlement Letter: Maybe you missed your mPokket loan EMI payment. Maybe you forgot to repay your mPokket app based loan. Perhaps you were unable to pay your mPokket loan instalment. Your couldn’t pay your EMI or your full outstanding loan repayment amount. You might also be unable to pay this instalment and want to pay lenders back a settlement amount. Whatever the case may be you owe lenders or collectors money through mPokket and their calls are becoming annoying.
mPokket Loan Settlement Letter For:
Legal Notice Issues With mPokket Loan
There are many reasons you might not be able to pay lenders back your loan amount that you owe to mPokket. Your employer might have not given you your salary on time. You might have had an emergency come up that required you to spend money. Maybe you got fired from your job, or were laid off from work. Self employed borrowers might not have received many client this month. Business owners may not have had many sales this month. There can be hundreds of reasons your monthly income may have been affected.
mPokket Marks Your Loan Overdue: Your loan can become overdue when you miss the deadline to make your scheduled payment. That payment can be your EMI, loan instalment or your entire amount owed. When your mPokket loan payment is past due your account will be classified as overdue. Lenders can charge your account late fees, penal charges and interest on your overdue loan amount.
mPokket Sends Demand or Recall Notice: Lenders will start calling you about your overdue payment once it becomes past due. You may also receive a demand notice or recall notice from lenders or collectors. Collection agents will call you about your overdue amount owed lenders. If you refuse to pay lenders back they’ll keep calling you until you pay them.
mPokket Sends Recovery Communication: Lenders will contact you through letters, email and phone calls. Recovery agents will call you to ask for repayment of your dues. You will start receiving recovery SMS messages from lenders and they may even call you on WhatsApp. You may even start receiving recovery emails from lenders about your past due payment.
mPokket Starts Lok Adalat or Arbitration: Depending on your loan lenders can start Lok Adalat against you. Lenders can recover their money back from you through Lok Adalat. Arbitration can also begin depending on the agreement you signed with lenders. Both Lok Adalat and arbitration can start depending on your loan amount overdue. Your recovery stage, how long your account has been overdue. There are many things that determine if Lok Adalat or arbitration will begin.
mPokket Recovery Agents Are Calling You: Collection agents should not be harassing you over the phone about your overdue payment. Agents who work for lenders will call you about the amount you owe lenders. But, they should not be embarrassing you at work or threatening you to make a payment. Loan collectors should not demand you to make illegal payments over the phone.
Sample Notices and Replies
Reply lenders when you received a demand notice from mPokket. Tell lenders you cannot pay back your full outstanding loan amount. Write mPokket lenders a letter and offer them a settlement amount you can pay.
Take action immediately after you receive a loan recovery notice from mPokket. If you happen to receive any legal notices from lenders, act quickly. You do not want to fall deeper into debt over your loan that you took.
Write lenders an OTS request letter. Request lenders to settle your overdue loan amount that you owe them. You can also ask lenders to waive your overdue loan amount.
If lenders are unable to recover their money back from you, they can initiate Lok Adalat. Lenders can also take legal action against you with arbitration. Your lenders can initiate Lok Adalat proceedings to recover your debt. Or else arbitration can begin by lenders that work for mPokket.
How to Settle mPokket Loan?
OTS means one time settlement. You can do OTS on most app based loans, NBFCs and lender partners. OTS amounts vary with each lender. Some lenders have different rules and policies than others. If you absolutely cannot pay back your mPokket loan amount then write lenders a letter.
You can fill out an application for OTS or write your own application. Include your loan account number that you owe with mPokket lenders. Write your mPokket registered mobile number associated with your loan. Include the total amount overdue on your account.
Attach proof that can validate your reason for not being able to pay lenders. Include bank statements or your salary slip as income proof. Attach medical documents if you had any medical emergencies. Include your termination letter from employer if you lost your job. Self employed borrowers can include their income tax returns.
Wait a couple days for mPokket to respond to your OTS request. They may accept your request, deny you right away or give you a counter offer. If they give you a counter offer than negotiate with lenders. The final outcome depends on your loan type, repayment history and overdue amount.
How much are you willing to pay lenders to settle your loan? Negotiate with lenders what late fees they’re trying to charge you. Negotiate how much interest they’ve added onto your recovery account. They will have added recovery charges, penal charges and collection charges. You can even negotiate how long will lenders want you to repay them.
Never make a payment to lenders until you receive written confirmation. Lenders should email you that they’ve accepted your settlement amount. Payment should be made through authorised sources only. Sources can include their payment link, cheque, UPI or bank transfer payment. Once you make payment ask lenders for proof of payment.
Your OTS request letter can get denied by lenders. You may have offered them too low of an amount. Or maybe lenders did not find your situation reasonable. Perhaps you did not attach the correct documents or enough documentation. Your account might be in heavy recovery, meaning lenders are not going to negotiate with you. If mPokket rejects your settlement offer it doesn't mean you lost.
You can write lenders another OTS letter if you wish. But make sure you offer lenders more than you did the first time. Provide lenders more proper documentation to validate your situation. Tell lenders why you could not pay back mPokket your loan amount. If you received any sort of demand notice or recall notice you can respond to lenders.
Borrower Rights Against Harassment
Collection agents should not be bullying you over the phone about your overdue loan amount. They should not be threatening you to make a payment. Agents should not be embarrassing you at work or threaten you. Agents should not force you to make illegal payments over the phone.
Agents working for lenders mPokket cannot abuse you in any manner. They cannot threaten you to pay lenders what you owe. Agents cannot visit you at work without any valid reason. They should not be going around your employers office, managers or co workers. Loan collectors should not force you into making illegal payments.
If you receive any sort of legal notices like a demand notice or recall notice. You have the right to respond back to lender mPokket and their legal notices in writing.
Collection agents should not be bullying you over the phone about repayment of your dues. You have the right to send mPokket lenders a written complaint against them. Agents should not abuse you in person to get money out of you. Loan collectors should not force you into making illegal payments over the phone.
mPokket Loan Settlement FAQs
Are lenders from mPokket harassing you for payment? Did lenders send you recovery letters, a demand notice? Did lenders further increase harassment by sending you legal notices? Maybe lenders started Lok Adalat or have been calling you threatening to sue? Dont panic and reply every notice you received. First take screenshots of harassment then start writing back to lenders.
Loan Settlement Agency does not work for, represent or work with any lenders. We have 0 % connection with mPokket lenders or there collection teams. Any settlement request you send, or waiver request is done at your own risk.
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