I have taken a Loan Against Propert from a private financial institution in 2 Nov. 2007. At that time I was running my own printing press. During the recession period I have suffered major loss in business and finally I decided to close the business in June 2011 and now I am working in a private company.
First two years I was paying my loan installments regularly and after business loss there was irregularity in paying installments. But, whenever it was possible for me I have paid the installments by cash. I have the receipts with me. I never have any intension of not paying the loan.
In the month of November 2010 a representative from financial institution have committed me to reschedule my monthly installment from Rs. 19902 to Rs. 9000 so that it will be possible for me to pay the installments through my salary. But, there was no written assurance given to me. But I have recorded all calls made to the representative. He asked me to pay the pending installments so that he can reschedule my loan from the month of February 2011 and I borrowed the money and paid 9 installments by cheque to him from November 2010 to Jan 2011 and was expecting rescheduling from February. But, when I called him in Feb he said that my request is refused and there will be no more rescheduling. Meanwhile I have started receiving notices from Sole Arbitrator from Dec. and whenever I talked to the representative he kept telling me that do not worry about the notices I will restructure your loan as you are genuinely facing difficulties.
Now, I have received an Order of Award (exparty) from Sole Arbitrator from Gurgaon, Delhi and had given me 30 days notice to pay the loan amount in one stroke, which is highly impossible for me.
I also do not want to lose my only home. I have a family of 5 members. (2 kids, wife and a mother with severe kidney failure).
Please suggest me the way to come out of this.
Sincerely,
