Legal Question in Credit and Debt Law in India
sir i am personal loan defaulter cause i lost my job and not in the position to pay my dues i went to the bank and told my entire case and asked for settlement and for the best repayment option but still they are forcing me to pay the amount in there time limit which is not possible for me. i have also given a request letter for my settlement. what is can be done now
1 Answer from Attorneys
22.01.2015
Dear Sir / Madam,
In reply to your request letter for settlement, you should obtain a letter of settlement from the Bank stating the date by which you are required to repay and settle the personal loan. You should immediately seek any alternative job so that your monthly earnings restart, out of which you should deposit a fixed amount per month towards repayment of your personal loan. You must show the Bank that you are determined to repay and settle the personal loan availed by you from the Bank. Alternatively, you may also temporarily borrow money from your family members, colleagues, friends or relatives and settle your personal loan and close the Bank Loan A/c by obtaining a 'no dues' letter from the Bank.
Regards,
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