1) accept bank offer of OTS .

2) if you fail to accept the offer bank will take recovery proceedings against firm .

3) bank will auction your friend house in recovery proceedings .

4) since loan has been taken in name of the firm report of the loan is not reflected in your CIBIL score

1. Banks and Financial Institutions send reports of defaulting borrowers to CBIL report for entering in to their record and also for updating it,

2. Your name has not yet been sent by the Bank to CIBIL as defaulter since OTS proposal is on,

3. Accept the OTS proposal and pay off the dues to get your friend's mortgaged property released,

4. Your CIBL record will also stay clean.

since you are co-borrower then you have to settle or re-pay jointly otherwise bank can auction the secured property.

CIBIL is an Autonomous Body whose full form is (Credit Information Bureau (India) Limited.). The Credit Score is gaining importance as any person having any kind of loan (Personal Loan, Home Loan, Car Loan, Two Wheeler Loan, Business Loan etc) or credit card or Overdraft Limit or even Inquiries with Financial Institutions for taking loan or even acting as guarantor or co-applicant.

CIBIL score signifies that how well have you repaid your previous loans and credit card obligations in the past basis which you get a score. CIBIL match signifies your repayment pattern - i.e how many loans have you taken from what time period of opening to close.

Dear Querist

it may be possible that the bank sent an information regarding your firm and not you or your friend, it will be better to accept the OTS & try to pay the settled amount.

the credit score and CIR not only helps loan providers identify consumers who are likely to be able to pay back their loans, but also helps them to do this more quickly and economically. This translates into faster loan approvals,Until recently, there was little visibility and transparency with regards to the loan approval process and the elements that loan providers used to evaluate your loan application. Since, CIBIL has made your credits score and CIR available to you, you will be able to see how valuable a customer you are to loan providers. it is better for you that there is no cibil update regarding your NPA

Better accept bank decision and opt OTS otherwise they will proceed with securitisation process and attached the house and recovery proceedings.so better settle it.since it is taken in e firms name you won't get it reflected in the CIBIL Score.

1. Accept the one time settlement without any delay. If you do not accept it your name will be sent by bank to CIBIL whereafter you will be listed as a defaulter which will shut out the prospects of getting any bank loan in future.

2. If you accept the settlement offered by the bank and pay off the dues the mortgage will be released. Failure to repay the loan will inevitably result in recovery proceedings being initiated against your friend. The first step in recovery proceedings will be attachment of the property which will be followed by a public auction thereof and that too at a throwaway price.

3. Accepting the offer of bank is your best bet.

you should accept the bank's offer as soon as u can otherwise bank can attach ur friend's property and can sell it off to recover its dues.....the question of ur name nt showing in CIBIL score is because the loan has been taken in the firm's name and still the bank OTS offer is pending.