Hi All,
This is regarding my Education loan of 7 lakhs. It's an old loan (9Y) which I wasn't able to maintain properly due to unemployment & single earning member in (my-self).
However till date I had made 5 lakhs back to the account. Despite of that, there is pretty good amount of due in it.
A week back I got a call from the BM regarding clearing the due & maintaining the account. However due to my current financial status, at present I cannot make onetime payment of such huge amount in one go to clear the dues.
Now I got a better job & I do understand that I have to pay the bank back & I am happy to do that. Since last 9 months, I have been sending letter & having verbal conversations with the BM & RM to reschedule my account (ie: add the due to principle & increase my emi). This will help me to regularly maintaining my account with no due.
No response till date for those letters & today I got a letter from bank advocate asking me to pay full amount in 3 days.
To be honest, I tried to take PL from multiple banks to clear this loan, unfortunately due to CIBIL (this loan) all those got rejected.
Can someone please suggest me how to proceed further & get time to repay the amount & reschedule the account?
Do I have to respond to the adv letter?
