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Dear Sir, I have multiple personal loans from various banks around 4.5 lakhs & credit cards over due around 1.5 lakhs. Due to some financial issues I didn't pay the dues from last 5 months. All EMI'S will be auto debited every month in the first week. Now my salary account went into minus rs.50000/-. I need a stay order & willing to send the legal notice for money lendors. Kindly suggest me the best solution to resolve the issue.
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A. When you have taken money in the form of loans then you will have to repay that money back to the lenders and banks. No court will issue a stay order in your favour. If you are really bankrupt and do not have any means to pay the money to the lenders then file a bankruptcy case in the court. But please do understand that filing a individual bankruptcy case has its own problems.
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Abhimanyu Shandilya Exp: 14 Year(s) Kolkata

Chandra Shekhar

Posted 1 month ago

Dear sir, I am a salaried employee in a private organization. I have multiple personal loan debts from various banks & credit card over dues from last 4 months. My financial position is very bad & I can't clear the dues for a long time. Kindly suggest me about legal notice to get relaxation from recovery agents harassment.
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A. The recovery agents can not harass you as harassing someone is illegal and is criminal act. So. when they call you and abuse you or threaten you then tell them that you will lodge complaint with Police if they don't stop and if need be then do lodge a complaint. They can call you formally and ask you to repay the loan but cannot harass you.
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Abhimanyu Shandilya Exp: 14 Year(s) Kolkata

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