Loan defaulter
roland peter athaide
(Querist) 12 October 2013
This query is : Resolved
Dear Sir
i have personal loan from 4 banks
1 schedule bank and three from co-op. credit society. the schedule has file case lavat on me. i attented the court and promised to pay 500 every month.past six month i was looking for settlement so i have not paid any amount.
when i had taken the first loan it was small amount and because i was a defaulter that time all this banks rebound my loan now iam 52yrs old with commission job.and not able to repay pls advice what to do. 2 have not file the case
Devajyoti Barman
(Expert) 12 October 2013
Better negotiate with the banks and try to settle with a lesser amount.
There is no other way.
ajay sethi
(Expert) 12 October 2013
if you are unable to repay the loan court will pass an order against you to repay same with interest . you can request the banks to reduce the amount of installments payable by you and to reschedule the loan
Rajendra K Goyal
(Expert) 12 October 2013
There is no other alternate but to reschedule the installment or settlement at lesser amount.
Failing court would file decree against you and the loan would be realized from your assets. In default civil imprisonment can be imposed.
