New Delhi, Aug. 22 -- A financial setback can easily turn into a more complicated situation if not handled properly. In the worst cases, it can result in forced recoveries and legal ramifications for the borrower. This is because missed repayments, coupled with accrued interest, can pile up quickly.

This calls for proper due diligence and an understanding of the borrowed debt on the part of borrowers, along with a clear and frank conversation with their lender before the situation worsens and gets out of hand.

Vijendra Shekhawat, CEO, Choice Finserv, explains this in detail, stating, "When repayment turns difficult, silence is the costliest choice a borrower can make. Reaching out to your lender early opens the door to a workable arrang...