Legal Question in Credit and Debt Law in India

Credit card default

Dear sir, i have credit cards from 4 banks worth 2.25 lacs and using for last 5 years, till feb 2009 i was promptly paying due amt but aftr tht i lost job in march and was not able to pay the amount. i have taken loans for 6 lacs and emi is 19 K per month.i called citibank and hsbc for settlement, hsbc finanlised 55K but i paid 20K as im not able to pay any amount. i am scared of legal actions tht will be taken agianst me. please suggest me wht should i do as my income is only 27K and 19 K for loans will go. i joined a new compny in may and offred me only 50% of my previous salary. also i got married in sep 08 i am scared of recovery agents as well as seen so many bad thing in news. so i recently changed my house to new place for a very low rent. also i have applied for my Provident fund closure from previos compny which will come to 1 lacs. i requested banks several times tht i will pay the amt once i receive the PF amt but thy are forcing me to pay. i will be getting the pf amt by aug or sept. kindly suggest me a solution for my problem. i dnt want to get into any legal problems


Asked on 6/11/09, 5:40 am

2 Answers from Attorneys
KAMAL GROVER

Re: Credit card default

You can ask the bank and issue a post dated cheque of october or november coz till then you will get amont or can arrange also.

You may contact us

we can help out you in this case.

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Answered on 6/11/09, 5:44 am
Sudershan Goel India Law Offices of Sudershan Goel - Advocate

Re: Credit card default

the problems are already there. you may need to pacify the creditors by continuing making small payments in instalments and by taking them into confidence about your intention to pay.

The last resort may be filing for bankruptcy which may be expensive and may not be good in long term.

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Answered on 6/11/09, 11:10 am


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