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Loan settlement is a process that involves negotiating with lenders to reduce the outstanding loan amount, helping borrowers to pay off their debt at a lower amount than initially owed. This can benefit borrowers by alleviating financial burdens and providing a more manageable path to clearing debts, especially if they are struggling to keep up with high monthly installments.
The duration of the loan settlement process varies depending on factors like the type of loan, the outstanding balance, and the lender’s policies. On average, the process can take anywhere from a few weeks to several months, as it involves negotiations and approvals from lenders. Our team will provide an estimated timeline based on your specific situation.
Yes, loan settlement may have an impact on your credit score, as it is noted as a "settled" account rather than "fully paid." This can temporarily lower your score, but it’s often a better option than defaulting entirely. Over time, with proper financial management, you can work to rebuild your credit score post-settlement.
