One Time Settlement
- One-time settlement, called OTS, comes when you are unable to pay up and the interest accrued becomes more than the principal. OTS is arranging short-term funding to pay one-time settlement cases. Settling a loan means paying a part of the total amount due as you are unable to pay in full. This can also be done if there is a dispute between you and the lender.
- The need for OTS arises due to the fact that whenever the recovery proceedings are initiated and legal notices are issued to recover dues from the defaulting borrowers, the defaulters in most of the cases obtain different kinds of stay orders from different Courts and the matter remains pending for a long time. There is an increase in tendency from banks to prefer one-time settlement (OTS) as against enforcement of security interest or recovery through legal route. The trend is gaining momentum because of the tardy legal process involved.
Short Term finance
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