Legal Question in Credit and Debt Law in

Sir/ Madam,

I Have a PL of Rs. 500000/- with a bank. Till date i have paid them 248000, since last one year iam unable to pay on a monthly basis the EMI of Rs. 15215/- therefore iam payinmg them in alternate months since last one year, now the bank tells me to pay the entire amount or they will take legal action against me. Due to financial reasons iam unable to settle the amount. Please advice what options do i have to avoid legal action.


Asked on 9/27/10, 5:35 am

1 Answer from Attorneys
Vishwa Arya Arya & Co.

if i go strictly by your question, your only option is to settle and make the payment to avoid legal action. However, it may not be a bad idea to write to the high ups in Bank for rescheduling with less emi to enable you to pay over a longer period or request for a moratorium

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Answered on 9/27/10, 6:50 am


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