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daw   11 March 2019

Rescheduling education loan

Hi All,

This is regarding my Education loan of 7 lakhs. It's an old loan (9Y) which I wasn't able to maintain properly due to unemployment & single earning member in (my-self).

However till date I had made 5 lakhs back to the account. Despite of that, there is pretty good amount of due in it.

A week back I got a call from the BM regarding clearing the due & maintaining the account. However due to my current financial status, at present I cannot make onetime payment of such huge amount in one go to clear the dues.

Now I got a better job & I do understand that I have to pay the bank back & I am happy to do that. Since last 9 months, I have been sending letter & having verbal conversations with the BM & RM to reschedule my account (ie: add the due to principle & increase my emi). This will help me to regularly maintaining my account with no due.

No response till date for those letters & today I got a letter from bank advocate asking me to pay full amount in 3 days.

To be honest, I tried to take PL from multiple banks to clear this loan, unfortunately due to CIBIL (this loan) all those got rejected.

Can someone please suggest me how to proceed further & get time to repay the amount & reschedule the account?

Do I have to respond to the adv letter?



Learning

 1 Replies

Suhail suhail (LAWYER)     12 March 2019

It is better to reply the Notice in detail and mention everything properly.However it appears the bank would proceed against you  . They may harress you and or file a case in the court.If they filed a case against you that is better as you can request in the court to make the monthly installments for repayment .


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