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Terms & Conditions

Term & Conditions applicable for Settlement Offer

Ver.1.0_Effective July 1, 2022

This Terms and Conditions is a legally binding document between you and True Credits Private Limited (“True Credits”). This document will be effective upon your acceptance of the same (in electronic form or by means of an electronic record or other means) and will govern the settlement of loans offered by True Credits.  

 

You understand and acknowledge that:

  1. The offer of settlement is subject to realisation of payments towards the settlement offer. 
     

  2. Your failure to make payment towards the settlement offer within the prescribed time, will make the settlement offer null and void. In such case, you will be liable to pay the total outstanding as on date with interest as per the contractual terms & conditions.  
     

  3. In case any complaint etc. has been filed by you against the Company, then you would withdraw the same within 10 days and that all your grievances/ complaints etc. have been fully and finally settled by means of present settlement.
     

  4. Further, the Company would be liable to withdraw any legal proceeding which has been filed against you by the company only if the entire settlement amount is paid in strict accordance within the prescribed payment schedule.
     

  5. Further, you have completely understood the implication of the present settlement on your credit history/ credit records/ CIBIL etc.
     

  6. As per the current procedure of Credit Bureaus, if a matter is settled by paying an amount which is less than the actual outstanding amount on a certain date, the Credit Bureau records will reflect the status as "settled". In case you want to have a clear credit record and NIL outstanding dues , the entire outstanding  amount   needs to be paid fully i.e. balance principal amount, if any along with  accumulated interest till date of such further payment.
     

  7. The Offer for settlement to a particular loan does not form a precedent for future  in any manner whatsoever and is without prejudice to the rights of the Company under the Loan documentation.
     

  8. These Terms and Conditions shall be in addition to other terms and conditions, as may be applicable to you.