Default in Credit card / person loan repayments

anckoora (Querist) 07 June 2009 This query is : Resolved
dear sir,
(1)out of personal loan of 1.60lacs, i repaid 60000/- from mar 09 onwards i am unable to repay & my EMI (thro' ECS) is bounced since april 09.Due to financial crisi, I shifted to another state in end feb 09 and didn't inform the bank from whom i took the loan.
(2) also i am having creidt card outstanding dues of 1 lac (card of another bank)which i am not paying since mar 09 due to same situation.
still for about next 3 months i will not bale to repay them.
my question is :(a)in above scenario, what both banks will take actions against me and how ? (b) according to you, what should i do if i don't want to face legal action ?
thanks in advance
regards
anckoor

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Y V Vishweshwar Rao (Expert) 08 June 2009
b) - You may request the Bank Authorities to give three months time and You can ask to reschedule the installments- House Loan

You may request the Credit Card Bank to covenrt the due amount as Clean loan amoount and request for time for three months

Guest (Expert) 08 June 2009
You do what Mr. Rao has said. Despite your letter, if the banks approach the coercive methods of approaching the court of law, by the time you receive court notice (it would take time), you would be in a position to repay the loan. Hence, do not worry.

Uma parameswaran (Expert) 10 June 2009
Give a request letter to bank manager and ask time for repayment. You can also give copy of the letter to higher authorities of Bank. If you don't want to face legal action find out a way for repayment forthwith.

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