Claim for bebt recovery

Guest (Querist) 21 February 2012 This query is : Resolved
I ve availed a loan from the mnc bank 4 years back i ve given few instalments but later fail to pay the amount due to loss of job.....now the bank filing a case for recovery ...few days back i got the notice from the bank to come for visit in mumbai to their advocates for talks but as i am in delhi i am not visited mumbai after that agin one notice came and metioned in it that you are treated as a absent and that means you have nothing to say on this matter so they are filing case for recovery .so dear advoctaes i want to know that how much time i left to respond in this matter the date they mentioned is 10-2- 2012 which is gone so what legal action can i take to save my self as i am ready to pay the amount in instalments ......

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Deepak Nair (Expert) 21 February 2012
Since you are ready to pay the outstanding amount, meet the bank officials and inform them that you are rady to pay, but on certian installments. There is no legal action to protect you from paying the loan amount which are legally payable.

As per my opinion, the notice received by you might be of Arbitration initiated by the bank as per the loan agreement. If you fail to attend the arbitration proceedings, the arbitrator will consider that you don't have anything to produce in your defence and the proceedings will be ex-parte. If you could not attend personally, you would atleast have contacted the bank officials.

Anyway, the remedy available to you is to contact the bank officials and try to convince them for an amicable settlement.

adv. rajeev ( rajoo ) (Expert) 21 February 2012
start paying the dues in instalments, but keep the records with you for having sent the amount to your loan account.

Guest (Querist) 21 February 2012
But What they have done i have availed loan amount 1 lac 50 thousand and they claim of rs 2 lac 28 thousand with interest and all dues that can be reduced or not because i am jobless rite now what remedy i can take to avail more time to repay the dues

Raj Kumar Makkad (Expert) 21 February 2012
Law is nothing but a common sense. Why are you raising such nonsense queries here when you are not honest towards your undertaking and repeatedly time provided to you by bank through its lawyer?

Instead of getting time from us, make a representation to the lawyer of bank and feel apology for not responding to him during the time provided by him and fix a new day for meeting and resolving your matter.

It is not good to become over-smart.

Guest (Querist) 21 February 2012
Dear Mr raj Kumar Makkad i ve the intention to pay the dues .....but what i am asking is a guidance from you seniors its not good to use such words on this portal, as this disgrace your profile..if you not feel good to give some sugestion then who told you to jump into this conversation....And Dont think too much that is also not good for a lawyer, as a friend or brother i will sugest you to take some rest....