Legal options available on non payment of loan settlement
VijayK
(Querist) 01 December 2009
This query is : Resolved
Hi All
I had taken three personal loans in December '06. The money was required for Medical as well as business reasons.The foll is the loan I had taken:-
Citibank (Personal)- 5Lakhs@48 months
Citibank (CC Loan)- (1+2 Lakhs)@48 months
IDBI - (6 Lakhs)@48 months
I was able to pay the EMI's till my business suffered heavy losses and I had to shut shop this year. I have paid the following till date:
Citi (personal) - 20 EMI's (Rs.273260)
Citi (CC Loan) - 20 EMI's (251174)
IDBI (Personal) 27 EMI (Rs.459108)
In 2009 since the close of my business Ive been unemployed and still am in the process of searching a job. In july I came to a settlement with Citibank to restructure my loan. This is the new restructure:
Citi (Personal) - Rs.4785/51 Months
Citi (CC Loan)- Rs.6583/60 Months @4% Int
IDBI (Personal) - Havent Restructured yet (Stopped payment after 27th Installment)
I was able to pay the Citi Loan (Personal & CC Loan) Restructured EMI from July '09 - August '09 but with great difficulty since I dont have a job yet. To add to that my father has been undergoing medical treatment for a condition (Undisclosed) since November '07. Money is scarce at home till Im able to get a job. The Citi loans are restructured but Im no more in a position to pay them and have to endure persistant phonecalls from the bank 4 times a dayx 7 times a week both on my mobile as well as at home. I want a practical and peacefull end to this torture.
I would appreciate it if you could tell me my legal rights once I have got the loans restructured. Please dont get me wrong; I want to repay my loan but cant till I get a job. I want to know what my legal options are and if I can approach the bank and tell them to give me some time frame (6 months - 1 year, etc)during which if I get some Income I would repay. Please let me know as Im at my wits end and want to solve this practically. Thanks for your help in advance.
VijayK
(Querist) 01 December 2009
Im sorry I meant to say that Ive paid my restructured loan from July '09 - November '09 with great difficulty
Raj Kumar Makkad
(Expert) 01 December 2009
If your bank officials accept your request then you can re-pay your loan EMI/restructured loan.
VijayK
(Querist) 01 December 2009
What legal rights do I have in this case? Thanks
VijayK
(Querist) 11 December 2009
Please, any advice on how I can manage the situation? Im not sure what I am supposed to do or how I am to manage this. Thanks in advance.
