TrueBalance Settlement Letter: You may have defaulted on your TrueBalance loan EMI. You may have forgotten to make your TrueBalance app loan repayment. You might be unable to pay your TrueBalance loan instalment. Perhaps you cannot pay your EMI or full outstanding balance. Maybe you cannot clear your current instalment and want to settle your TrueBalance loan with a settlement amount. Regardless if you want to settle your loan or not, if there is money owed through TrueBalance and you want the constant recovery calls to stop then you can write a settlement request letter to your lender.
TrueBalance Settlement Letter For:
Legal Notice Problems With TrueBalance Loan
There can be several reasons why your TrueBalance loan payments may be overdue. Your employer might not have paid you your salary on time this month. You could have faced unexpected medical costs or a family emergency came up. You might have lost your job or been laid off. Self employed borrowers may not get a lot of client payments within a month. Business owners may have slow months, bad sales or late receivables.
TrueBalance Marks Loan Overdue: Your loan account will become overdue when you miss the due date to make your scheduled payment. That payment could be your EMI, loan instalment or repayment of your entire outstanding loan amount. Once TrueBalance marks your loan overdue the lenders will officially consider your account overdue. TrueBalance lenders will start charging your account late fees, penal charges and interest on your overdue balance.
TrueBalance Sends Demand Recall Notice: Collection calls and reminders will start coming the day after your payment is overdue. You'll start receiving demand notices or recall notices from lenders and collection agencies. Collection agents will call you about your overdue amount that they say you owe. If you do not reply back to lenders in writing the reminders and calls will continue.
TrueBalance Recovery Agents Contacting You: You will receive letters, emails and SMS from lenders. You will also get phone calls, app notifications and WhatsApp messages. Recovery agents will call you to request immediate repayment of your loan dues. You will also start receiving emails from lenders about your overdue payment.
TrueBalance Starts Lok Adalat or Arbitration: TrueBalance lenders may initiate Lok Adalat or arbitration depending on your loan agreement and stage of recovery. If TrueBalance will actually start legal recovery action against you will depend on your loan agreement. Amount overdue stated on your loan documents, your repayment history, stage your account is at and how long your account has been overdue.
TrueBalance Recovery Agents Harassing You Over Phone: Recovery agents and collection teams should not harass you over the phone. They can call you about the overdue amount you owe but cannot embarrass you at work, threaten you or blackmail you over the phone. Agents cannot force you to make illegal payments and should not use abusive language with you.
Sample Notices and Replies
Reply to lenders when you receive a TrueBalance demand notice. Tell lenders you cannot pay back your entire loan amount. Write TrueBalance lenders using a proper demand notice reply format and offer to pay what you can.
Take action immediately if you receive any loan recovery notice from TrueBalance. Having your loan recovered is a serious matter, write a reply as soon as you receive any legal notice from lenders.
Write lenders requesting them to settle your overdue loan amount. Ask lenders to waive your dues if you can repay part of your entire outstanding balance. You can also request lenders to settle penal charges, interest or any other additional charges.
Depending on your loan agreement and stage of your account lenders may start Lok Adalat or arbitration. TrueBalance can start legal action against you depending on your loan agreement. Verify your loan documents if TrueBalance forwards you any legal notices.
How to write a TrueBalance Settlement Letter?
OTS means One Time Settlement. You can ask for OTS on most app based loans, Non-Banking Financial Company loans, NBFC loans and loans taken from any other lender partners. Each lenders OTS amounts will vary. All lenders will have different terms and conditions. If you cannot pay back your TrueBalance loan in full you can send lenders a settlement request letter.
Fill out an OTS application form or write your own OTS request letter. Include your loan account number with TrueBalance, your registered phone number with TrueBalance and the total overdue amount lenders are claiming your account is overdue for.
Attach any documents that will support your reason for not being able to pay lenders back. You can attach your bank statement or salary slip to prove income. Provide medical documents if you had any medical emergencies or fell ill. If you were laid off from work provide proof of termination from your employer. Self employed borrowers can attach their ITR as income proof.
Wait for TrueBalance or lender partner to respond to your OTS request. They can accept your OTS request, reject your request or give you a counter offer. If you get a counter offer then you can negotiate with lenders in writing. All of this will depend on your loan type, repayment history and overdue amount.
Negotiate how much you can afford to pay lenders towards settling your loan. Try to negotiate late fees, penal charges, recovery fees, collection charges and interest on your overdue loan amount.
You should not make any settlement payment until you receive written confirmation from lenders. TrueBalance lenders should send you written confirmation on the settlement amount agreed upon, payoff date and closure terms via email or official communication channel. Make the settlement amount through authorised payment link, cheque, UPI ID or bank transfer. Once payment has been made ask lenders for a receipt and proof of closure.
Lenders can reject your OTS request letter. Perhaps you offered too low of an amount and lenders were not willing to accept it. Maybe lenders did not find your situation genuine enough. Perhaps you did not attach proper documents to validate your reason for not paying. Maybe your account is too far in the recovery stage.
If your account is more than 60 days overdue it may be difficult to negotiate a settlement. Just because TrueBalance lenders can technically recover the entire amount you owe, it does not mean they have no obligation to settle with you. You can always write another OTS letter with a higher offer. Attach better documents that prove your reason for not paying. Explain to TrueBalance why you could not repay your loan amount.
Your Borrower Rights Against Harassment
Collection agents should not intimidate or harass you over the phone about your overdue loan repayment amount. Agents should not threaten you by warning of police action or legal misuse.
Loan collectors working for TrueBalance lenders cannot abuse you verbally. Agents should not visit your workplace without a valid reason. Recovery agents should not speak to your employer, manager or coworkers using abusive language.
If you received any loan recall notice, demand notice, recovery notice, Lok Adalat notice or arbitration notice. You have every right to send lenders a written reply back.
Collection agents should not bully you into making payment arrangements for your dues. You can send lenders a written complaint if agents abuse you verbally. Threaten you with police or legal action and extort money from you or blackmail you.
Recovery agents should not stress you by calling you at work, unnecessarily contact third parties. Or visit your house or office if they don't have a valid reason to come by.
TrueBalance Settlement Letter FAQs
Are TrueBalance lenders harassing you for payment? Did lenders from TrueBalance send you legal notices or recovery letters? Did the matter escalate something more serious with legal notices, Lok Adalat or arbitration threats? Take a deep breath. Collect all screenshots, call logs, emails and messages. Send a proper written reply back to every legal notice you receive.
Loan Settlement Agency does not work with, represent or have any association with any lenders. We have a 0% relationship with TrueBalance lenders, lawyers or their recovery teams. Sending any settlement request letter, waiver request is entirely at your own risk and lenders approval.
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