Legal Question in Credit and Debt Law in India
need sometime for repayments
i have credit cards and personal loan with 6 banks since about 2 yrs and i was paying all my insltalments and credit cards dues promptly but from last 3 to 4 months i have become defaulter with all banks due to economy crisis and i also have health related issues.i have been diagnosed with Rheumatoid Arthritis which is a chronic, sytemic autoimmune disorder which is disabling at times and also a painful condition that has lead to substantial loss of functioning and mobility this disorder has made hard to work full time.Between the combition of the economy crisis and my health problemsit has caused me hardship and continues to be hardship. my income has cut of about 60 percent and also i have lost business capital what should i do please suggest me to think about this all the time i am getting tension and not doing my business properly. i am worring if the bankers will take leagle action what will happen i am not sleeping in night properly pls suggest me what should i do
4 Answers from Attorneys
Re: need sometime for repayments
You are request to file a suit for declaration of accounts and injunction.
Re: need sometime for repayments
Dear Sir,
First, you speak to the concerned Credit Card banks and plead for time to repay the same.
If you have some property to dispose off then you dispose the same and pay the negotiated one time settlement to the Credit Card Bank and obtain no dues certificate.
If you donot have any property to dispose at present then you file the petition for the Insolvency and furnish the accounts to the official assignee of the court at your jurisdiction.
With regards,
E.VENKATESH BABU
ADVOCATE, CHENNAI
Re: need sometime for repayments
The bankers may be entitled to take appropriate legal action against you.
You need to care for your finances. Your illness is no excuse. The debts are payable against estate / property of the person. If you do not have enough assets to pay off your liabilities, you may consider declaring bankruptcy by filing an insolvency petition in the local court.
Re: need sometime for repayments
You can file a petition to declare you as insolvent in case your debts exceed your assets and you feel that you can no way settle the dues.
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