Irfan (Fresher) 21 January 2013

How to deals with peronal loan and credit card

Currently I am facing huge financial loss, I was falsely implicated in 498a by my ex wife due to this NBW issued. some how we all family member got anticipatory bail in OCt 2013 due to this scenario I have lost my job in july 2012, Currently two personal loan is going on and 3 credit card bill amount is due. Repayment of personal loan is paid till january 2013. The minimum amount of three credit card bill was paid till november 2012. But now the scenario is recovery agent of credit card is regualry asking me for the payment but now I am not in the situation of repayment as I am job less now. Please provide me the legal suggestion in this matter as How I can deal with this situation, from next month personal loan Emi may get stuck due to lack of money and my family is not finacialy sound. what kind of action bank could take in case of no payment for credit card and personal loan.Please help me in this matter.

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Rajinder Singh Bhalla (Proprietor) 22 January 2013

For personal loans you might have given ECS mandate or post dated cheques. Withdraw your mandate by sending a letter to your bank as well as to the bankers giving details of your financial conditions.

If after this the recovery agents trouble you, file a consumer complaint against the banks for harrasment demanding Rs. 50K.

For credit cards also send a detailed letter giving details of your financial conditions.

Ask all the parties for rescheduling their loan amounts.

The bank and credit card companies can move the regular courts for recovery of their dues. They might get you declared bankrupt. In that case whatever assets you have can be forfeited. You can not become a director in a company etc if after selling your assets they can not recover the due amount.

In case you do not have any assets you need not worry. In case you have assets then try to pay the loan amounts by selling them. No need to sell your house or other big assets if the loan amount is small. Simply request them for rescheduling.

Joseph Wilfred (Voluntarily Retired from Indian Overseas Bank) 23 January 2013

THE PRIVATE BANKS GIVE LOANS IN A VERY CLEVER WAY THAT ONE SHOULD GIVE ONLY ECS MANDATE TO THEIR BANK ACCOUNTS . ONCE YOU GIVE THIS THEY CAN INCLUDE YOUR NAME IN THE DAILY LIST SENT FOR CLEARING ALMOST EVERY 3 DAYS AND CHARGE YOUR ACCOUNT RS. 500/- FOR EVERY RETURN . YOU CANNOT WITHDRAW YOUR ECS MANDATE GIVEN TO YOUR ACCOUNT WITHOUT THE APPROVAL OF THE BANK WHERE YOU HAVE AVAILED THE LOAN . THERE ARE SEVERAL SUPREME COURT JUDGEMENTS THAT THE AGENTS SHOULD NOT HARASS THE BORROWERS EITHER OVER PHONE OR ANY OTHER METHOD . SOME STATES HAVE LAWS THAT THE POLICE SHOULD NOT INVOLVE IN MONEY MATTERS AND THE MAGISTRATES SHOULD NOT FORWARD ANY PRIVATE COMPLAINTS FOR RECOVERY FOR INVESTIGATION TO THE POLICE STATIONS CONCERNED . BUT BE CAREFUL THAT YOU DON'T ATTEND ANY LOK ADALAT IN THIS MATTER . ONCE YOU GIVE A COMMITTEMENT THERE YOUR FATE IS SEALED . BUT YOU CANNOT PROLONG THIS MATTER TILL YOU GET ANOTHER JOB . YOU CAN ARRIVE AT A SETTLEMENT FIXING A TIME FRAME AND YOU MUST ADHERE TO THAT . EVEN THEN THEY WILL RAISE A CLAIM AFTER 6 TO 7 YEARS . BUT YOU NEED NOT BOTHER .THEY WILL ASK FOR YOUR CLOSURE LETTER BUT YOU CAN TELL THEM THAT YOU WILL PRODUCE THE SAME IN THE COURT .- JOSEPH WILFRED - 23/01/2013 AT 23.21 HRS