Legal Question in Credit and Debt Law in India
About Recovery/Banking Procedures
I'm doing Business,and for the past 3 yrs. i'm using 6 credit cards and some personal loans, properly paying all the dues promptly on time. But due to the current market scenario, i'm finding very difficult to pay even the minimum balance or monthly emi's. In this current situation i've not paid my dues last month and getting more than thirty forty calls from collection peoples repeately.Unable to concentrate in business properly because of this. They're not seeing my past records and even after pleading with them, they're not understanding the financial problem's i'm facing.Is there any possibility of getting some breathing time (6 to 8 months) legally to pay back my dues? Pls advise me.
2 Answers from Attorneys
Re: About Recovery/Banking Procedures
Hello.
I would advise you to contact the authorities in person where your dues are remaining and that will be the only way out.
Re: About Recovery/Banking Procedures
You may consider filing a petition for insolvency; and if satisfy your debts within 6 - 8 months, you may withdraw the petition.
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