Unability to pay EMIs of HDFC bank and subsequent Legalities

Ankur, I sympathise with U or to say empathise with U, but loans taken should be repaid as per my ethics also.

Ur options----the summons U received, seem fake.But situation U describe shows that bank have filed the case against U till now.Re-check the court record for case against U.

Banks know that it is very difficult to get the loans back even after NI138 cases.Some Bombay high court judgement says that security cheques can not be used in NI138 cases.Generally banks get a settlement with their clients on very meagre amount. But this way your CIBIL record would be further spoilt, which I know would already have been spoilt.That means in future no bank would give any loans easily.

Hope I helped ,U ask further,mind U I am a commoner,no advocate,so cross check my info,might be wrong or right........

Thank you Sir!

I do intend to pay it back

But your information helped. Thanks again :)

Ankur,I am sorry to say that I did not like Ur response that U do not intend to repay the loan.

Dear me ,I know so many the loop holes,yet every months i go on paying my loans. Because I feel that loans should be re-paid,the only reason.

The real Honest---who can be dishonest easily ,yet does not adopt dishonesty. Try to be that one ,if possible.

sorry,Ankur,I read that U do not intend to pay back,so ignore that response of mine.

Dear Sir,

I said " I do intend to pay it back"

Apologies for the confusion in the sentence structure. I have already told the bank that I want to repay them and need time , but they said no :)

Please rest assured that my intentions are good.  :)

Thanks a lot for your help. If you can help me more to pass through this painful period it would be great

No Problem Sir, Its very kind of you to offer help in the first place :) Thanks once again

Ankur,there are so many companies ,who deal in getting loans settlement with banks,they even promise sometimes that the name of the Borrower would not show up in the defaulter list of CIBIL,but I do not believe that,but otherwise a deal could be clicked with them,though I again assert that it is not a moral way,should be avoided.

Get yourself declared an insolvent. You'll find many agents on the net who wil declare you an insolvent for a trivial amount. This is a thriving business viz becoming an agent for declaring others insolvents. Notice under NI ACT itself proves that you are bankrupt.

If I declare myself insolvent ,

Will my parents property be attached as well. I personally have only clothes and an old tv and a smartphone. I live in a friend's servant quarter which he has given me to stay for free.

All my loans are unsecured personal loans.

Mr. Ankur dont be afraid of your loans with bank and not necessary to declare insolvency. go and attent the court case with the help of a lawyer, act on his advice he will organise breathing time atleast 2 or more years. mean time u arrange funds and settle the loan. nothing to worry u will solve all ur problems. if u feel personal advice mail me @ shivasurya@in.com or call me @ 9092043123

Shivasurya, advocate, Madras Highcourt

Your parents property won't be attached but in any case you get them disowning you. Remove whatever clothes you are wearing and change the SIM of the smartphone.

Hire a lawyer. Have you received complete copy of complaint along with all annexures. If not, then kindly procure the same. Check whether any warrant has got issued against you for the reason of non appearance. If yes, get it cancelled.

Whether you are paying EMI through ECS or post dated cheques and what is the EMI amount?

Please consider what experts have said. I believe you do not even have money to pay lawyers.

You questions are answered as under :-

Can I plead before the court that I will pay after a year ?

Ans : Better plead settlement before Bank as advised.

That I will pay the principal outstanding then ?

Ans :  Ask Bank

Can I go for insolvency petition (paupar chit ); and will it help me ?

Ans :  Yes as advised. You already appear to be insolvent.

Since its Rs 2 lacs to 3 lacs outstanding , do you think the court will send me to 2 years in jail ?

Ans : No your choice.

I know I am responsible for returning money taken and would be willing to go to jail as well. However 2 years for 2-3 lacs is very harsh.

Ans :  bahar rah kar bhee kya karoge

Can you help me with trends , timelines , next course of action etc.

Ans : Experts have already advised kindly read above advises.