Paytm personal loan query

[Cosmicgaze]

Friend has an ongoing personal loan from Paytm. Lender being hero fincorp since July 23. He has always been up to date with payments infact would make the payment on Paytm app before the auto debit.
Today he recieved a sms from CIBIL about changes to his report.
Since he does not subscribe to it anymore he used Paytm’s credit score check which fetched the latest report.
Under loans showed only his post paid active but not the personal loan. The loan amounts also do not reflect it.
So he checked closed accounts and there it was marked as settled opening it further. Shows willfulldefault settled.
However he has been making timely payments and never received any notifications that emi was overdue even the loan statements shows current balance and zero over dues.
What should he do about this?

 

[prash1161]

brooooooooo take loan and delete paytm

 

[D₹V]

Friend has an ongoing personal loan from Paytm. Lender being hero fincorp since July 23. He has always been up to date with payments infact would make the payment on Paytm app before the auto debit.
Today he recieved a sms from CIBIL about changes to his report.
Since he does not subscribe to it anymore he used Paytm’s credit score check which fetched the latest report.
Under loans showed only his post paid active but not the personal loan. The loan amounts also do not reflect it.
So he checked closed accounts and there it was marked as settled opening it further. Shows willfulldefault settled.
However he has been making timely payments and never received any notifications that emi was overdue even the loan statements shows current balance and zero over dues.
What should he do about this?

Email hero corp about discrepancy

 

[gauravbhati]

Friend has an ongoing personal loan from Paytm. Lender being hero fincorp since July 23. He has always been up to date with payments infact would make the payment on Paytm app before the auto debit.
Today he recieved a sms from CIBIL about changes to his report.
Since he does not subscribe to it anymore he used Paytm’s credit score check which fetched the latest report.
Under loans showed only his post paid active but not the personal loan. The loan amounts also do not reflect it.
So he checked closed accounts and there it was marked as settled opening it further. Shows willfulldefault settled.
However he has been making timely payments and never received any notifications that emi was overdue even the loan statements shows current balance and zero over dues.
What should he do about this?

It must show as close if the loan is repaid fully. If it is showing as settled it means the person has defaulted it and later settled it for any fix amount.
This is the first time I've seen a personal loan being settled. It mostly happens in the businesses where the company or partners default and later the bank do OTS(one time settlement) and on the credit report it shows as Settled....

Ask him to contact to the lender and the lender might send the correction report to the credit bureaus .....

 

[gauravbhati]

brooooooooo take loan and delete paytm

🤣🤣 but the loan amount they offers is too small not worthy of causing the huge damage to CIBIL

 

[Cosmicgaze]

It must show as close if the loan is repaid fully. If it is showing as settled it means the person has defaulted it and later settled it for any fix amount.
This is the first time I've seen a personal loan being settled. It mostly happens in the businesses where the company or partners default and later the bank do OTS(one time settlement) and on the credit report it shows as Settled....

Ask him to contact to the lender and the lender might send the correction report to the credit bureaus .....

The loan still has about a years tenure left, as said before he said he has not received any calls regarding missed payments even the CIBIL report shows 0 missed payments

But shows this text.
Suit_filed_wilful_default_written_off_settled


HERO FINCORP

His scored dropped 7 points. From 790 to 783

Have asked him to mail Paytm as well as hero will update their reply.

 

[gauravbhati]

The loan still has about a years tenure left, as said before he said he has not received any calls regarding missed payments even the CIBIL report shows 0 missed payments

But shows this text.
Suit_filed_wilful_default_written_off_settled


HERO FINCORP

His scored dropped 7 points. From 790 to 783

Have asked him to mail Paytm as well as hero will update their reply.

Well in my knowledge this means that they have filed a formal complaint or a lawsuit as they have not received the payment against the loan.

Make sure to visit the office and do not just wait for their reply on mail.

The only person who can solve this problem at the current stage is the lender.

Even if ur friend has not missed any payment it is necessary to make the clarification with the lender to avoid legal troubles.

 

[Cosmicgaze]

Well in my knowledge this means that they have filed a formal complaint or a lawsuit as they have not received the payment against the loan.

Make sure to visit the office and do not just wait for their reply on mail.

The only person who can solve this problem at the current stage is the lender.

Even if ur friend has not missed any payment it is necessary to make the clarification with the lender to avoid legal troubles.

Makes sense thanks. Paytm is the one who has been collecting the Emis.

 

[gauravbhati]

Makes sense thanks. Paytm is the one who has been collecting the Emis.

So they might not have forwarded the EMIs or some technical issues might have cause this.

The lender has updated as wilful default which shows the person is capable of paying but is intentionally denying to pay the loan EMI.

Anyways mail them, call them.. until they clarify the reason behind such negligence.

 

[prash1161]

🤣🤣 but the loan amount they offers is too small not worthy of causing the huge damage to CIBIL

i have simpl pay 15k limit, they don't have my real name and also do not have addhar and pan. just my real number haha

 

[Cosmicgaze]

So they might not have forwarded the EMIs or some technical issues might have cause this.

The lender has updated as wilful default which shows the person is capable of paying but is intentionally denying to pay the loan EMI.

Anyways mail them, call them.. until they clarify the reason behind such negligence.

We were just pulling out documents (agreement) to mail them with the ac number.
The Paytm app personal loan passbook shows a different account number starting with delppl and the current statement from the passbook Shows pytmplhe

CIBIL report also shows the delppl account
This is very confusing 🫤

 

[gauravbhati]

We were just pulling out documents (agreement) to mail them with the ac number.
The Paytm app personal loan passbook shows a different account number starting with delppl and the current statement from the passbook Shows pytmplhe

CIBIL report also shows the delppl account
This is very confusing 🫤

Mail the lender to clear out the confusion.

The a/c no. are the one which is shown on the cibil. The other one might be just some reference number used by the intermediary to fulfill the payment b/w customer and merchant.

 

[gauravbhati]

i have simpl pay 15k limit, they don't have my real name and also do not have addhar and pan. just my real number haha

yaa simpl is different... but they will annoy u on your real number 😂

 

[prash1161]

yaa simpl is different... but they will annoy u on your real number 😂

it takes a day to change number in all banks and yo. but i am not in mood to do it.

 

[Cosmicgaze]

Mail the lender to clear out the confusion.

The a/c no. are the one which is shown on the cibil. The other one might be just some reference number used by the intermediary to fulfill the payment b/w customer and merchant.

Mailed them. Gave them reference of both the numbers, Paytm’s contact us throws onto the faq section so have dmed them.
Let’s see what they have to say.

 

[gauravbhati]

it takes a day to change number in all banks and yo. but i am not in mood to do it.

yaaa simpl is helpful sometimes... Low network area and one click payment...

 

[gauravbhati]

Mailed them. Gave them reference of both the numbers, Paytm’s contact us throws onto the faq section so have dmed them.
Let’s see what they have to say.

The paytm customer support is not so good. Cannot contact them directly.

Last year had to close paytm postpaid... for 2-3 months I had to go to help nd support and on that submit a closure request as there was no alternative to submit postpaid closure...

 

[akshayhs]

These third party apps are notorious for inaccuracies. One of my loans from Kotak is marked settled in One score. Spoke to people at kotak and they assured me in a letter that they have reported accurately and to get back to them if these inaccuracies continue. I currently don't have a cibil subscription and I have to wait till 01/04 to finally know the truth.

 

[gauravbhati]

These third party apps are notorious for inaccuracies. One of my loans from Kotak is marked settled in One score. Spoke to people at kotak and they assured me in a letter that they have reported accurately and to get back to them if these inaccuracies continue. I currently don't have a cibil subscription and I have to wait till 01/04 to finally know the truth.

yaaa but I guess it'll be updated in CIBIL in 45 days ... anyways if u want to check CIBIL for free... u can refer to this thread

Trick to get unlimited free reports from CIBIL website (free account)

Hi I found a way to get on unlimited CIBIL report using a free CIBIL account. To avoid the trick getting patched, I will share the trick in DM. Like the post and DM me, I will share the steps.

www.technofino.in

 

[Cosmicgaze]

Hero customer care was prompt asked him to give a soft copy of the CIBIL report and control number. He did the needful and they responded will investigate and then responded the necessary corrections will be visible in 45 days.