Huge debt unable to pay personal loans- creditors chasing
Irondeb@8
(Querist) 16 December 2018
This query is : Resolved
Hi Due to some bad investment I an unable to pay personal loan EMIS- taken from NBFC and Banks, the montly outgoing EMI s are 2lakh and above but my monthly salary is 1 lakh working in IT firm Any how I was managed last 6 months but this month onward I am unable to pay and the collection agencies as well banks calling and abusing, I want to pay but need time to pay these amounts, please help
Vijay Raj Mahajan
(Expert) 17 December 2018
No lawyer can help you for your debts, you invested badly on advice of investment manager, so ask that person you help you out of this trouble.
Otherwise be ready for jail sentence if you're unable to repay your debts.
SHIRISH PAWAR, 7738990900
(Expert) 17 December 2018
You cannot avoid paying the dues of NBFC. However you can negotiate with NBFC to reduce the EMI.
rajeev sharma
(Expert) 17 December 2018
Bank is not liable for the bad investment made by you . there is no respite except paying the loan. To avoid any embarrassment visit your banker explain your situation and make a request to realise loan in easy installments and extend the period of repayment of total loan
Kumar Doab
(Expert) 17 December 2018
The lender may agree to provide repayment schedule.
Irondeb@8
(Querist) 18 December 2018
Thanks all for your kind information
I posted the I to how to get the solution from exports mistakes can happen to any one by any means which is practical what I am facing right now does it mean all finished
If I believe that there is no law for debt mistakes that means finished
And I am not deny to pay I asked how to get rid of threaten calls abuse behaviour and reschedule of emissions
There is no intention of not pay the loans
I thought from this forum I will get some response and solutions
But it is easy to simply finger out some one without knowing the situational things happen ed to him or her
If you can't help please don't destroy life
If you want to help please help otherwise don't harass at least in this forum
First time I am seen exports are no solution for critical situation
Sudhir Kumar, Advocate
(Expert) 18 December 2018
Experts on this forum are giving charitable advise using their precious time, net connection and electricity.
Experts are not sitting here to say what smooths your ears and eyes. No expert is spoiling your life.
No expert of this forum advised you to borrow money beyond paying capacity and invest in bad investment.
It is surprising how you could get a loan of EMI of double your salary as banks will pay you loan worth less then half of your salary.
If this loan is taken by misrepresenting income then criminal case can also be filed (non-bailable). If it is a govt bank and some bank staff has connived in sanction of such loan then CBI (with good record of conviction)may also step if as it appears loan may be of very heavy amount. You can take this sentence as it as harassment.
In case you raised loan for "X" purpose and invested for "Y" purpose then you are criminally liable as well. You can take this sentence as it as harassment.
If correct advise seems harassment to you then it is your misfortune.
But the fact is that given facts indicate that you need not take head on with the bank.
As far as avoiding threatening calls is concerned you can take following steps :-
1. complain to banking ombudsman
2. complaint to RBI.
3. Complaint to police.
Then bank will be forced to file civil suit and payment will be delayed but interest will keep swelling. Bank will also be forced to file criminal case if feasible.
Dr J C Vashista
(Expert) 18 December 2018
Nothing more to add to the advise of experts.
Take self care for your mistakes.
