Legal Question in Credit and Debt Law in India

Re: personal loan

Sir,

If you are unable to pay the outstanding loan then your both movable and immovable property may be attached for the recovery and you salary (if employed) could be attached. If you do not have any property then, a notice under Insolvancy may be intiated against you. Further, it is in my opinion you should meet the Officer of the Credit Card and try to settle the matter amicably.

With regards,

E.Venkatesh Babu,

Advocate, Chennai

Re: personal loan

You may suffer recovery and also civil imprisonment.

If your liabilities are more than your assets and you do not have sufficient means / capacity to meet your payment liability, you may consider filing an insolvency petition in the local court.