personal loan on credit card defaults what bank action
Querist :
Anonymous
(Querist) 07 April 2011
This query is : Resolved
dear sir,
i have a credit card of Hdfc bank. bank give me personal loan on my credit card on behalf of my saving a/c. i m paying my emis from two years. but unfortunatly i cant pay emis from 4 months. then i m not staying that place,where i giving Address in a/c. i m not give any Document or bank Cheques in bank. but i give my PAN no. in bank. what they can treck me. and i want open another saving a/c for some saving ,
can i open bank a/c.
plz tell me what action can take by Bank for recovery of loan and what should i can.
if i collect some money i m pay whole amount to bank. but what i can till then.
plz give me ur answer.
malipeddi jaggarao
(Expert) 09 April 2011
You can not run away from the problem. Bank has its own mechanism to trace out such defaulters. You need maintain contact with the Bank and represent them your problems if they are genuine and seek reschedulement of EMIs. If you are wilful defaulter, Bank will take legal action, attach your salary, moveable and immovable assets and even seek civil arrest. You establish contact with the concerned Bank officials, repay some amount if not the entire overdue amount, and have a dialogue with them, if you intention to repay the loan. If you are wilful defaulter, you may have to face the counter actions of the Bank.
