What documents are required while negotiating a personal loan settlement with a bank?

Dear Inquirer

We are pleased to serve you and address your inquiries.

Following the agreement, a final settlement agreement is concluded between the two parties, specifying the obligations of each party and the final settlement amount

If anything else is required, don’t hesitate to contact us via email at Connect@nja.ae or call our offices in Dubai or Sharjah.

Jasim Al Haddad Law Firm Legal Counsel and Consultations

You will need:

- Details of the borrower (you) and the bank (lender)

- Original loan amount

- Outstanding loan amount at the time of settlement-

- Agreed-upon settlement amount (what you will pay to resolve the debt)

- Payment method and deadline(s) for settling the debt, and other details.

If you need further clarification regarding the settlement we will arrange a consultation session.

Kindly share your WhatsApp number to proceed.

You don’t have to worry about protecting your legal rights as we can assist you with the legal drafting of the settlement agreement as well as ensuring proper closure to any legal action taken by the bank and obtaining the closing statement from the bank.

You can reach out to us through WhatsApp for swift assistance.

The bank should provide a settlement offer letter with the exact time frame that has been agreed upon for settlement.

After completing the payment within the given time frame, you need to request a clearance certificate.

Thank you!