Legal notice for non payment of personal loan emi by bank
udayreddy
(Querist) 22 December 2014
This query is : Resolved
Dear Sir/Ma'am,
I have taken a Personal loan from the bank 1 year ago, after 6 months i have closed that loan by taking TOP UP for 3lakhs loan amount. Now i need to pay 6th month EMI. Due to Some Personal and financial conditions i'm unable to pay that. 20 days has passed that i have not paid my EMI. Now people from Bank calling me and telling that im at your office address to handover the legal notice from bank to you. I've explained my Problem to him and bank people also that my wife has got delivered this month and i have lost my Job also before that. But they are forcing me to pay before 25th of this month if fails to do so, they will issue a legal notice to me. i need minimum 2 months time to pay maintain the track again. Kindly suggest me the alternatives and the legal issue involved in this. I wanted to know if they go legally how much time it will take for court proceedings..... And i'm not staying in the same rented house which i have provided to the bank. will they go to my present address and creates newsense? And also will they take any of my belongings?
Kindly do reply at the earliest as i'm in big trouble.
Regards,
Uday
Isaac Gabriel
(Expert) 22 December 2014
Meet the Manager and explain your position and seek permission for extension of time.
Devajyoti Barman
(Expert) 22 December 2014
Only bank can give you such liberty for which you have no option but to place request to them. Continuous default may put you under trouble.
T. Kalaiselvan, Advocate
(Expert) 27 December 2014
You should understand that at any point of time you cannot escape the liability hence it is better call on the bank manager personally and convince him about your position, with an assurance for repayment, seek time, your request may be considered, if the reasons given by you appear to be genuine.
