unsecured business loan repayment

Querist : Anonymous (Querist) 11 December 2009 This query is : Resolved
I had availed unsecured business loans from couple of financial institutions. The loans were used for expansion of business. From April 2009 our business deteriated and we had severe problems making the repayment. We had approached for rstructuring of the said loans. Now it has reached a stage where we will never be able to repay the current EMI. We never have any collateral to convert these loans into a secured loan. Should we hire an advocate and what wil be the outcome , because we feel once the maket corretion happens we will be able to make the EMI regularly.

Please advice.

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Dr.Anjani Kumar Vaidyasen,09431271130,Patna (Expert) 11 December 2009
You have no any option except the repayment of loan or EMI regularly.Please contact to the financial institution and convinced him for repayment of loan.
thanks

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