Personal Loan Default: 5 Smart Ways to Avoid Legal Notices Immediately
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News18•10-01-2026, 16:15
Personal Loan Default: 5 Smart Ways to Avoid Legal Notices Immediately
- •Do not ignore calls/messages from lenders; communicate honestly about your situation (job loss, medical emergency).
- •Banks and NBFCs offer relief options like EMI rescheduling, moratoriums, or loan tenure extensions.
- •Making partial payments can reduce outstanding amounts, limit penalties, and show your intent to pay.
- •If you receive a legal notice, do not ignore it; consult a financial advisor or lawyer for guidance.
- •Defaulting impacts your credit score, making future loans difficult; assess finances before taking new loans.
Why It Matters: Communicate with lenders, explore relief options, and make partial payments to avoid legal action and protect your credit score.
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