Legal Question in Credit and Debt Law in India
Dear Sir,
I obtained apersonnel loan from icici bank. The loan sanctioned to me against my salary status. Due to world wide recession, I lost my job. Besides, I invested the loan amount in an institute and frame the returns @ 160000/- pm. The same was absolutely earmarked to the personnel loan's emi. But unfortuately the institute was shut down thier biz.
Sinc,e the said reasons I'm bankrupt now, so, can you pls assistme, how to come out form this issue.
Awaiting for your helpw isr.
With Rgd
Venakt
NB:
My intention is always to repay the amount and not to cheat the bank.
2 Answers from Attorneys
It is unfortunate that you lost your job and your investment of borrowed money too failed.Yet you want to repay the loan. This speaks well about your honesty.
However, you do not have to lose heart as there are suitable legal remedy for you. You can either issue lawyer notice and negotiate for a fair settlement amount in a reasonable time in view of your insolvent status or try to get time for repayment through court. You can then pay back when you get another job or otherwise when your finances improve.
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