ZestMoney Settlement Letter: Maybe you defaulted on your ZestMoney loan EMI. You forgot to pay your ZestMoney app loan repayment. You lost your job and can’t make your ZestMoney loan instalment payment. You can’t afford to pay your EMI or full outstanding balance. You can pay your current instalment but can’t pay off the entire balance. You want to settle your ZestMoney loan amount with a settlement amount. Even if you do not wish to settle your loan. If there is an outstanding balance through ZestMoney and you want the harassing recovery calls to stop. You can write your lender a settlement request letter.
ZestMoney Settlement Letter For:
Legal Notice Problems With ZestMoney Loan
You could be behind on your ZestMoney loan payments for many reasons. Your employer may not have paid you this month. You could have had unexpected medical expenditures or an emergency. Maybe you were laid off or lost your job. Self employed borrowers may not receive many client payments in one month. Business owners could of had a slow month or late client payments.
ZestMoney Marks Loan Overdue: When your scheduled payment is past due your loan account will be considered overdue. Whether it be your EMI,loan instalment or repayment of your outstanding loan amount. Once ZestMoney marks your loan overdue lenders will officially consider your account delinquent. Lenders will begin charging your account late fees, penal charges and interest on your overdue loan balance.
ZestMoney Sends Demand Recall Notice: Collection calls and reminders will begin the day after your scheduled payment is overdue. You will begin receiving demand notices/recall notices from lenders and collection agencies. Collection agencies will call you about the overdue balance you owe. If you do not respond to lenders in writing you will continue to receive reminders and calls.
ZestMoney Recovery Agents Contacting You: Recovery agents will begin to contact you via letters, emails and SMS. You will also receive calls, app notifications and WhatsApp messages. Agents will contact you demanding immediate repayment of your loan balance. You'll also start receiving emails from lenders regarding your overdue payment.
ZestMoney Starts Lok Adalat or Arbitration: ZestMoney lenders may either start Lok Adalat or arbitration. It all depends on your loan agreement and how far your account is in the recovery process. If ZestMoney will actually take you to court depends on your loan agreement. The amount your loan documents state your overdue by, repayment history. How far your account is and how long your account has been overdue.
ZestMoney Recovery Agents Harassing You Over Phone: Recovery agents and collection teams should not harass you over the phone. They can call you about the balance you owe but there are certain things they cannot do. Agents cannot embarrass you at work, threaten you or black mail you over the phone. They cannot coerce you into making illegal payments and should not be abusive to you.
Sample Notices and Replies
Reply lenders if you receive a ZestMoney demand notice. Tell lenders you cannot pay back your entire balance. Write lenders using a proper demand notice reply format. Offer to pay lenders what you can afford toward settling your loan.
Act quickly if you receive any loan recovery notice from ZestMoney. Loan recovery is a serious matter you should write a reply as soon as you receive notice. From lenders in recovery or any legal notices.
Write lenders requesting them to settle your balance with you. Ask lenders to waive your dues if you can pay lenders part your outstanding balance. You can request lenders to settle penal charges, interest or other additional fees.
Depending on your loan agreement lenders may start Lok Adalat or arbitration. ZestMoney can take legal recovery action against you depending on your loan agreement. Check your loan documents if ZestMoney forwards you any legal notices.
How to write a ZestMoney Settlement Letter?
OTS stands for One Time Settlement. You can request OTS for most app based loans, Non-Banking Financial Company loans(NBFC loans). NBFC loans and loans from any other lending partners. Every lenders OTS amount will be different. All lenders have different terms and conditions. If you cannot pay back the full amount you owe ZestMoney 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 ZestMoney. Add your registered phone number with ZestMoney and total overdue amount. Amount lenders are saying your account owes.
Attach documents that will support your inability to pay lenders back. You can attach your bank statement or salary slip to show proof of income. Attach medical documents if you had medical emergencies or got sick. If you were laid off from work attach proof. Self employed borrowers can attach their ITR as proof of income.
Wait for ZestMoney lenders to respond to your OTS request. They may accept your OTS request. They can reject your OTS request or give you a counter offer. If you receive a counter offer you can counter back in writing. All of this will also depend on your loan type, repayment history and overdue amount.
Try to negotiate how much you can realistically pay lenders. Towards settling your loan. Try to negotiate late fees, penal charges, recovery fees, collection charges. As well as interest on your overdue loan balance.
You should not make any payment until you receive written confirmation from lenders. Lenders should email you written confirmation of your settlement amount. Include payoff date and loan closure terms via email or official means of communication. Make payment through authorised payment link provided, cheque, UPI ID or bank transfer. Once payment has been made request lenders for proof of closure and receipt.
Lenders are not obligated to accept your OTS request letter. You might have offered too low of an amount and they don't want it. Lenders might not have found your situation genuine enough. You might not have attached enough documents to validate your reason. Your account might be too far along in the recovery process.
If your account is over 60 days overdue it will be difficult to negotiate a settlement. Just because ZestMoney lenders can take legal action to recover amount. You owe does not mean they have the obligations to settle with you. You can always write lenders another OTS letter with a higher offer. Attach better documentation to prove your reason for not paying. Tell ZestMoney why you were unable to repay your loan.
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 stating police action will be taken. Or they can go legal on you for non-payment.
Loan collectors working for ZestMoney lenders should not abuse you verbally. Agents should not visit you at your workplace without reason. Recovery agents should not speak to coworkers, employers or manager.
If you received any loan recall notice, demand notice, recovery notice, Lok Adalat notice. You can even reply back to arbitration notice in writing from lenders.
Loan collectors should not bully you into making payment arrangements. For your outstanding loan amount. You can write a written complaint to local authorities if they abuse you verbally. Threaten you with police, legal action and attempt to extort money out of you. Blackmail you over the phone about false offenses.
ZestMoney Settlement Letter FAQs
Are lenders from ZestMoney harassing you for payment? Did ZestMoney send you legal notices or recovery letters? Did the matter get too far something more serious happened. Like legal notices, Lok Adalat or arbitration? Take a deep breath. Gather all of your screenshots, call logs, emails and messages.
Loan Settlement Agency does not work with, represent or have any lawyer associated with lenders. We have a 0% relationship with ZestMoney lenders, lawyers or their recovery agents. Sending ZestMoney any settlement request letter, waiver request is entirely at your own risk. And approval from lenders.
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