Hi..
I had taken an education loan. And for the same I have been making prompt payments. This year I had been going through some financial crisis. So I had missed a few payments. I was given a notice by the bank in March although I had made the payments in February, March and April. But I have missed the payments in May, June and July.
Today I have received a notice from Lok Adalat to appear in a hearing.
My concerns are,
Why was this notice served? I was not served any notice by the bank before they approached the court. Also, had they approached the court before being refered to Lok Adalat? If yes, they why did the court not serve a notice to me?
I want to press for two pleas, one, I want a one time settlement at 50% of the outstanding amount. This is because I have already paid they twice the amount owed. Second, I was to make this payment in 3-4 installments, in a period of 6-12 months. Is it possible to get an approval on this plea?
Also, since the date of appearance is very short, is it possible that I can get another date? Possibly of a month later.
Also, should I visit the bank and talk to bank manager, and see if I can sort it out on their level?
One more thing, I am not working from past 3 years. I have been studying. Despite this, I have been making payments. Can I plea this to seek consideration on above terms?
Thanks.
