Default of loan
anupamm gupta
(Querist) 25 August 2011
This query is : Resolved
sir i have two loans one as used car loan and another one is pl. i paid 17-18 installments for the used car loan and 23-25 of pl out of 36. now due to losses in business i am not able to pay the installmetns since last one year. as i have changed my residense to a rented one and my ph. nos. are also changed now. i requested the bank officials to settle the same but it lingered on at that time. i settled my od a/cs,credit cards a/cs,other pl's after selling my property but these two remained pending. now what action i can take to clear them but at this time i have no work to do and short of cash.ecs's are getting bounced of installemtns.regards
M.Sheik Mohammed Ali
(Expert) 25 August 2011
either tell your real story to the bank and ask some time for settlement, or send the legal notice to bank aforesaid reason, or get insolvency certificate and submit to the bank.
ajay sethi
(Expert) 25 August 2011
request bank to reschedule your loan . the fact that you paid 25 out of 36 installments will weigh in your favour .
it is always better to approach the bank as in event of default bank will proceed legally against you
anupamm gupta
(Querist) 29 August 2011
thanks to all of you for your kind and valuable advise
