Legal Question in Credit and Debt Law in India

abt persnol loan
Sir,
i have persnol loan of hsbc bank ammount of 95000
due to high finicial problem unable to pay emi. 4m last 3 month.

I know bank send my name in defaulter as well as take legal action..

What should i do..
I have no money.
And no any propety or assest on my name..

Plz advise what to do

Asked on 4/12/09, 5:44 am

Sudershan Goel India Law Offices of Sudershan Goel - Advocate

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Re: abt persnol loan

You may request the bank to reschedule your repayments and try to make payments in smaller instalments than that fixed earlier.

They may file a recovery suit and seek your civil imprisonment.

Since the amount is not very large, filing bankruptcy may be expensive, though that may be the last resort.

Answered on 4/14/09, 9:18 pm

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