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What does your loan’s term expiration imply?

During the summer, many banks and other financial organizations send out a large number of letters using the phrase “expired.” It’s practically become an annual tradition at the start of the summer vacation. What does it mean when something is “expired”? This statement denotes that the bank has decided to […]

During the summer, many banks and other financial organizations send out a large number of letters using the phrase “expired.” It’s practically become an annual tradition at the start of the summer vacation. What does it mean when something is “expired”? This statement denotes that the bank has decided to let the loan lapse and will not process it. If the funds have not been received for more than a month, most banks will let the loan default. They are only willing to let the loan lapse if they are doubtful whether or not the cash will be available.

While it is true that you can close your account and receive your funds after the loan expires, this is rarely a sensible decision. The bank will usually do a thorough examination of your finances to decide whether you have sufficient means to pay off the loan. Closing your account can only make issues worse if you have a lot of unpaid invoices. If you close your account, you may find yourself with more troubles than you bargained for when it comes to repaying your loan.

If you do not intend to take out a new loan, you should avoid receiving the “expired” mailings. The letter’s objective is to terrify the borrowers into taking action to address the situation and obtain the monies in order to prevent receiving the dreaded letter. People who consolidate their debts rather than taking out a new loan are more likely to face major problems when the loan matures. Borrowers are also saddled with a new debt, resulting in increased late fees. Taking out a new loan, on the other hand, will put you in a better position to make your payments on time.

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            Brijesh shah - Co- Founder & Director

            ACCA certified Professional from The UK, Mr Brijesh Shah brings more than 15 years of Overseas Education Experience to the table.
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            Jay Ruparel - Co- Founder & Director

            Mr Jay Ruparel is an alumnus of MSU Baroda.
            Having highly accredited commencements with different awarding bodies in the field of study abroad, he comes with 12 years of experience in education abroad services.
            Global Colliance and its students have hugely benefited from Mr Jay’s significant exposure to career counselling.

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            Having a rich experience in career counselling, she has managed to create great alumni students at world’s top-notch universities.
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                        Anil Rawat - Partner & Director, Global Colliance (Delhi)

                        Mr Anil Rawat is an accomplished fine artist, a teacher, and an award-winning advertising expert.
                        He is a gold medalist from the prestigious art institute of India and has been the visiting faculty of prestigious Art Colleges; also, he is an examiner at Delhi University and a member of the Board of Studies at Jamia Millia University.
                        Being a true academician, he has ensured that our students choose the best courses at the best universities according to their interest and profile, resulting in a number of successful careers for our candidates, which is the true motto of Global Colliance.

                        Shripal Shah - Partner (Vadodara New VIP Branch)

                        Mr Shripal Shah is a young and energetic businessman who lives and breathes honesty, dedication and selfless service; his stronghold over marketing and relations makes him an entrepreneur with a huge network.
                        Starting from scratch after graduating in Commerce from Gujarat University, he has excelled in establishing himself as the market leader in various trades.
                        He brings with him more than 18 years of experience in the world of business and his experience in public dealing has enabled Global Colliance to stand apart from its competition.