Cheque Bounce & Debt Recovery Published & Fact-Checked 1 Sept 2026

What is a Debt Settlement Agreement and how does it legally protect borrowers?

A Debt Settlement Agreement or One-Time Settlement (OTS) is a binding contract between borrower and lender resolving debt at a negotiated lump-sum amount. Once paid, the bank must issue a full No Dues Certificate (NDC) and withdraw all pending court cases.

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