hi, i need advice on what to do next,
i have defulted banks cash credit (unsecured) loan amount...had taken facility in 2008 since last year could not repay due to heavy loss..now bank has send me 138 notice..i am not receiving there calls since few months...have no money to repay...few friends told me bank can go in to settlement...cc amount was 5l..i checked what all i can do and i can adjust only rs 1.5l (fathers retirement fund) is it possible to settle that account with the money...i got few more credit card dues asweell..but this is biggest loan...i am in complete disarray not knowing what to do...6 months back when bank ppl visited i had told them it is not possible for me to repay...and told them about heavy losses...they hardly got back to me in personal after that...but now with notice..i am helpless.....
also i wld like to know if the insurence police they sold me at that time(35k *3 yrs)can b surrendered to settle the loan as it is of same bank..pls give me your valuable suggestions..on how to handle issue
