Legal Question in Credit and Debt Law in India

Unable to repay Personal Loan

I took a personal loan of Rs. 2 lacs from Barclays Bank. I paid a few EMI's and after that I lost my job and therefore couldnt pay any EMI's. The collection agents started calling threating me. I changed my mobile no and house (I used to live in a rented house in Bangalore). I have 10 EMI's pending. I havent been able to find a job so far. For the past 10 months the bank has been trying ECS from my account twice every month and it has bounced every time. However they havent able to contact me as I changed my house and telephone no. Now the bank has got my permanent address (in Coorg) and telephone no. through CIBIL (I had taken a loan from ICICI bank earlier which I preclosed). They called up my mother and enquired about me and threatned criminal proceedings against me. What are the options that I have. I have absolutely no savings and I am struggling since I lost my job. I also met with an accident and yet to recover from it. My family doesnt know that I have taken this loan. Please let me know about the options that I have. Is suicide the only option?


Asked on 4/30/09, 5:27 am

1 Answer from Attorneys
Sudershan Goel India Law Offices of Sudershan Goel - Advocate

Re: Unable to repay Personal Loan

You may consider filing a bankruptcy case in the local court disclosing your loans and your assets.

the court may stay the recovery against the Bank and you may get sufficient relief till you start earning again having enough income to pay off your bills/loans.

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Answered on 5/01/09, 2:24 am


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