Legal Question in Credit and Debt Law in India
Hello Sir,
Availed 1).Home Loan 2). Credit cards 3). Personnel Loan from same bank, and repayment was excellent , not even mised one day in past 4 and half years., But suddenly lost job and cou'dnt able to repay the emi's since 8 months.
Now received a notice u/s 13(2) and when i approach them to repay the ammount what they mentioned in notice , they are insisting me to first close personnel loan and credit card dues then home loan. they are willing to take possesion of property by showing home loan againest my three loans . Please suggest me remedy for this problem.
Thanks in anticipation
2 Answers from Attorneys
As per the norms of banks you are aboslutely bound to pay off the debts,but at the same time the bank cannot threten you of taking possession of your property against other loans,which are unsecured loans.You may approach the management of the concerned bank and if it didn't work out then you may file a petition in the Ombudsman office for redressal.
you may consult a lawyer of your area and he would suggest you the way out. you can only delay the repayment but ultimately you have to pay.
Related Questions & Answers
Looking for something else?
10,200 active attorneys ready to answer your legal questions today.
Featured Attorneys
Earn additional revenue and grow your business.
