Default on Personal loan

Querist : Anonymous (Querist) 12 May 2010 This query is : Resolved
I had taken 2 different prsonal loans of 3lacs and 5 lacs from private banks for a tenure of 48 months.On one loan i paid about 13 emi's and on the second 18 emi without any bouncing but since April 2009 i have not paid any money to the banks as my business got shutdown and i don't have any money. Since i don't have any property or family support and i am around 40 years old i wanted to findout what are the remedies in my case?i left my rented accomodation about a year back and have not received any notice or anything since from the banks.I am very worried as to what i the best way forward now?

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Devajyoti Barman (Expert) 12 May 2010
In your particular circumstances the proceeding under 'Provincial Insolvency Act' for your declaration as Insolvent seem to be the better solution.

adv. rajeev ( rajoo ) (Expert) 13 May 2010
If you don't have any property then go for insolvency suit.

Sachin Bhatia (Expert) 19 May 2010
Go for Insolvency suit with the help of legal aid counsel scheme in Courts.

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