One Time Settlement

Guest (Querist) 05 February 2017 This query is : Resolved
Hello All:
I want to know whether the name of the defaulter shall be erased from CIBIL if the he decides to go for OTS with the bank?
Because I've heard that defaulters who opt for OTS scheme of the bank, their names are never removed from CIBIL.

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rajeev sharma (Expert) 07 February 2017
CIBIL maintains the history of borrower and the fact of settlement is mentioned there.However banks generally don't give loan to such person for some time and lower the debt ranking

Guest (Expert) 07 February 2017
CIBIL is Not an Legal Authority.If a strong Notice is sent with Claim of damages they would be taught with a Good Lesson.OTS is nothing but the Loan is settled with the Consent of Concerned Bank and you are No More Liable to them.Consult a Good Advocate and Serve a Strong Legal Notice to CIBIL and file a Case for Defamation and Compensation.

Guest (Querist) 09 February 2017
Thank you Sirs.

So that means that names of defaulters are NOT removed even after the loan is settled, right?!

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