Non ability to pay my personal loan
3 years ago
Dear Sir/Madam, I am not not able to pay my personal loans taken from 4 banks (Rs.26 lac). As I lost my job in Jan 2020. Since April 2020 I am not able to pay my EMIs. I do not have any money / assets as I lost heavily in stock market. I have nothing to pay the banks. I will pay the banks once I get a job. Now can I declare my insolvency / bankruptcy. I expect that in 3-4 years time I will be able to pay back the money. I need legal advise, please help.
A.ask for me thru Vidhikarya to file the case, I have filed 30 percent of insolvency cases in Bangalore this year.
Helpful
Helpful
Share
A.Yes, you can declare urself insolvency. 1) As you was the regular payer of Bank loan/ credit card there is nothing much to worry as the covid-19 situation is NOT been deliberately bought by you, but it is due to the situations beyond your control.. & a national Disasters .
2) Using of any abusive language with your wife/ family members is very much illegal as the card is not in her name request you to record all the calls immediately along with the Caller name, time and date and save it into a pen drive forward it to us
3) All this has been banned by the RBI then to advice you that as the situation is beyond your control straight away tell to them that you are unable to pay the outstanding dues. The maximum they can do is keep your name in CIBIL
4) Send a email to all the banks asking for more time & if situation improves tell them you have a very positive intend to pay just like you have paid regularly before & if they keep on harassing you then you can tell that they may never get the amount. Also record all their calls & make a pendrive ready of all the recording with date & time & Name of the person calling, as if things really go bad you will have to take a legal action against them.
5) Now it’s the Time to file a police complaint that some unknown people / Recovery Agents with different numbers are calling them, a stern action will be taken.
6) But if you want to defend them and running the legal battle will be a costly task for you …as you have NOT mentioned what is your total outstanding dues. If you are ready for the cost… then task of legal steps are ready
If you realize my professional skills, the time & efforts put in by me needs to be truly appreciated, and then Please “CLICK MY LIKES/ THUMBS UP/GIFT” button shown below this reply format & also CLICK/ WRITE a “REVIEW” in 5 star as I have answered your query in detail. Hope this information is useful
ADV. ANISH PALKAR (High Court)
2) Using of any abusive language with your wife/ family members is very much illegal as the card is not in her name request you to record all the calls immediately along with the Caller name, time and date and save it into a pen drive forward it to us
3) All this has been banned by the RBI then to advice you that as the situation is beyond your control straight away tell to them that you are unable to pay the outstanding dues. The maximum they can do is keep your name in CIBIL
4) Send a email to all the banks asking for more time & if situation improves tell them you have a very positive intend to pay just like you have paid regularly before & if they keep on harassing you then you can tell that they may never get the amount. Also record all their calls & make a pendrive ready of all the recording with date & time & Name of the person calling, as if things really go bad you will have to take a legal action against them.
5) Now it’s the Time to file a police complaint that some unknown people / Recovery Agents with different numbers are calling them, a stern action will be taken.
6) But if you want to defend them and running the legal battle will be a costly task for you …as you have NOT mentioned what is your total outstanding dues. If you are ready for the cost… then task of legal steps are ready
If you realize my professional skills, the time & efforts put in by me needs to be truly appreciated, and then Please “CLICK MY LIKES/ THUMBS UP/GIFT” button shown below this reply format & also CLICK/ WRITE a “REVIEW” in 5 star as I have answered your query in detail. Hope this information is useful
ADV. ANISH PALKAR (High Court)
Helpful
Helpful
Share
Ankur Goel @ Complete Law Shield
Responded 3 years ago
A.if you have nothing then insolvency / bankruptcy is only option for you.
stock market was going up so what you did in share market ?
stock market was going up so what you did in share market ?
Helpful
Helpful
Share
Ayantika Mondal @ Prime Legal
Responded 3 years ago
A.Hi,
You can formally request the banks to grant you some extra time to repay the loans. If this does not work, you can approach the Banking Ombudsman and have them facilitate some alternative remedy. You can file for insolvency if you believe that is the appropriate step.
If you found this helpful, please rate us.
You can formally request the banks to grant you some extra time to repay the loans. If this does not work, you can approach the Banking Ombudsman and have them facilitate some alternative remedy. You can file for insolvency if you believe that is the appropriate step.
If you found this helpful, please rate us.
Helpful
Helpful
Share
A.Hi,
Yes, you can declare insolvency. Alternatively, you can approach the Banking Ombudsman and have them facilitate a compromise between you and the bank authorities.
If you found this helpful, please rate us.
Yes, you can declare insolvency. Alternatively, you can approach the Banking Ombudsman and have them facilitate a compromise between you and the bank authorities.
If you found this helpful, please rate us.
Helpful
Helpful
Share
Mradul Bhatnagar
Responded 3 years ago
A.Send representation to all 4 bnakd regarding issues you are facing as of now due to loosing job. Alao, request your banks to reschedule your laon accounts amd to increase the tenure so that your emi's het reduce. For more details call and discuss.
Helpful
Helpful
Share
Read Related Answers
Strong Legal Notice--Recovery of amount
Dear Client,
Unfortunately, there are no legal remedies for illegal issues. A contract for an illegal purpose is void from the beginning and in case such an illegal act is revealed from any source, bo...
Bajaj Fin Overdraft loan default
Dear Client,
A borrower of a loan or debt is held liable personally for his or her debt for non-payment of the outstanding amount of the loan. Once the repayment of the loan stops or bounces for cons...
Unsecured busniess loan default
Dear Client,
Under the CGTMSE Scheme, in case of default by the borrower subject to the overall guarantee cap amount, the liability of the Trust in respect of credit facility shall be in case of Term...
Scaler Scam
Dear Client,
In the given scenario, since the institute is providing online service, the complaint against them over deficiency in service and unfair trade practices needs to be filed online mode thro...
Loan and online gambling
Dear Client,
The Information Technology Act 2000 regulates cyber activities or online gambling in India. There is no explicit law that makes online gaming and gambling an illegal activity in India. O...
Read Blogs on Bankruptcy and Debt
Bankruptcy and Debt Lawyers
Find Lawyers by Location
