One Time Settlement (OTS) Settle Pending Loan Dues with Banks

Description

OTS stands for One Time Settlement. One Time Settlement refers to a condition where the lender and borrower have mutually agreed to pay off the loan dues by way of a one-time agreed-upon payment. This can occur during overdue loans, NPAs, recovery suits, etc. or financial hardship. Before agreeing to One Time Settlement offer issued by your bank or financial institution know the terms of the settlement, due date on which you have to pay, understand how it will affect your credit-report, know about waiver if any and get everything in writing.

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