Legal Question in Credit and Debt Law in India

Credit card and personal loan defaulting
Please tell me if i could not pay my regular EMI for 3-4 months and i have move to other city without informing the bank. Because i cud not pay for the above period and i need a settlement, how could i proceed for settlement with the bank and what will be the action taken by bank?

Asked on 2/14/09, 11:37 am

Prof.Somnath Mukherjee s.mukherjee associates,09874053359

0 users found helpful

0 attorneys agreed

Re: Credit card and personal loan defaulting

The settlement is purely depend upon you and the bank so you accept the term which ever is beneficial for you.

Answered on 2/14/09, 11:49 am

Sudershan Goel India Law Offices of Sudershan Goel - Advocate

0 users found helpful

0 attorneys agreed

Re: Credit card and personal loan defaulting

The bank may initiate recovery proceedings against you; and if they have blank/post dated cheques, they may present the same.

You may write to the bank about your intentions for settlement of the dues tendering apologies for the missed EMIs.

You may bring your correct/latest address on record and schedule a meeting with their officials in your area, if possible.

Answered on 2/14/09, 7:52 pm

Keywords

Match Any Match All

Country

State

Area of Law