clarification

it is not a simple matter but a serious matter.

she first has to file a complaint in the police station of the jurisdiction, where she stays about the harassment of the collection people in recovery of loan.  next send a legal notice to bank clearly explaining her inability to pay the loan right now and warning them not to send any collection agents to recover the amount and as and when, she will have the money, she will pay it back to bank.  further, she has to mention if the bank cannot wait for this, it shall proceed only to recover the loan through due process of law (it means the bank has to file a recovery suit and lead evidence and then only the bank will get decree and later on the bank has to execute decree, which is a very lengthy process).  if she does not get any relief and the collection agents harass,  if she stays where High court situated, she can file a writ petition against the bank and also making the police as party saying that the bank has followed unethical means to recover its loan insted of following due process of law and seek police protection.  if the conditions persist, she can get a declaration of insolvency.  but it has got its own disadvantages.  contact a good advocate and all the problems will be solved. 

Dear Friend,

If u go for case against the banker means... they will defend the case with merits as you are the defaulter... Because the have enough legal team... and also they will file a counter claim...  And don’t forget...Banker will file a case against the chronicle defaulter in criminal manner and civil manner whatever the possible way to collect the payments....

As per my concern,

Pl close the issue amicably... after having talk with collection manager and the legal manage....

Definitely they will come forward to settle the matter by giving waiver by considering the cost of legal expense and collection agency... Even u can make the part payment... But they won’t deduct single money from principle....

But if you getting harassment from collection agency, then you can file a suit and u can get interim injunction to restrain the agency people not to disturb your peaceful premise...