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UHi, Myself 30F from NCR (if that matters). I purchased a phone in 2022 for my mother while availing loan through Zest Money (loan facilitating company) for 6 months EMIs. During my second last EMI, they didnot update my amount paid. I raised a complaint.
Modus Operandi: CC rep called me to resolve the complaint. He had all my account details with Zest money and everything. Pretending to be helping me out, he sought OTP from me and issued two Myntra gift vouchers amoutning to Rs14k on his personal account on loan on my behalf as soon as I realised, there was nothing I could do.* He also tried to initiate another loan of ₹54,000 in my name, which I managed to stop in time by immediately closing the receiving account→ clearly I had no intention to take or misuse any loan
* I filed a Cyber Cell complaint on the **same day** (Dec 2022)
* Even informed Lending company regarding the fraud after no response from ZEST MONEY
* Despite that, nothing has been resolved till now
* Being unemployed and victim of fraud, I did not pay any EMI. The loan has now turned into NPA (~₹26k) at current date and has been transferred to an ARC (Asset Restructuring Company).Current situation:
* I am currently unemployed since 02 years dependent on family for food and already under financial stress
* I receive frequent calls from recovery agents, and sometimes the tone/language is quite distressing
* It’s becoming mentally exhausting to deal with this daily**AM I LEGALLY OBLIGATED TO PAY?**
**ARC has been sent me a letter regarding sale of my assets, invoking SARAFAESI ACT? I only have family car registered in my name and some gold items.**
**CAN THEY REALLY DO THIS, SINCE THERE IS NO COLLATERAL INVOLVED; UNSECURED LOAN?**
What I’m planning:
* SHould I Pay
* I want to go for a **One-Time Settlement (OTS)** just to close this matter and move on
* I am sending formal emails explaining the fraud and requesting a reduced settlement (without admitting liability)My questions:
1. Has anyone here successfully settled with an ARC in such cases? What % of the amount did you finally pay?
2. What is the general thumb rule for OTS %age against outstanding amount?
3. If I go for OTS, does it weaken my legal position later since this was actually a fraud case?
4. Should I Email them regarding willfully closing the loan with OTS?
5. How do I deal with recovery agents calling repeatedly? Any practical tips?
6. Should I escalate this to RBI/NBFC ombudsman now, or wait?
7. How badly will this impact my CIBIL score after settlement? Can it be corrected later?I’m just trying to close this issue with minimal financial and mental damage.
PS: Post refined with AI
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