Legal Question in Credit and Debt Law in India
Sir/Madam,
I am having two personal loans with me, due to some reason I am unable to pay the EMIs of those loans, because of that currently I am having 10 EMI pending in one loan and 5 EMI in another.
Even though I am in a job I can�t able to pay the due amount in one shot.
Now both the banks are planning to issue me a legal notice. My intention is not to cheat the bank. I will pay all the barrowed money with in loan tenure i.e 4 years, from 2008 to 2012.
I need a lawyer�s help in this. Is it possible to get the timeline extended with the help of court to pay back the loan amount to the bank.
And also please clarify is the bank is having rights to issue legal notice to the company where I am working.
2 Answers from Attorneys
yes, the bnak can issue you legal notices or can even sue you in the court of law. however it is advisable to visit the bank and try to make them assure about your honest intentions
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