Reg: personal loan defaulted- legal notice

Querist : Anonymous (Querist) 24 October 2011 This query is : Resolved
Dear Sir,

I had received an legal notice from GE Money for a defaulted emi & payment in 2005. Now what should I do. What is the consequence if wanted to go legally, will i be arrested for this or will be given an solutions to amicably settle this. Pls help me asap.

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Sankaranarayanan (Expert) 24 October 2011
If really you are defaulter then you have to pay the money. if already paid then you fight with your evidence.
If you really like to pay the money then ask them to give time or installment to pay it

ajay sethi (Expert) 24 October 2011
GE money generally settles the cases if defendat is willing to pay .it offersfacility for payment in installments too .

Devajyoti Barman (Expert) 24 October 2011
Moreover the same seems to be time barred. Do not ever reply the said notice.

Guest (Expert) 24 October 2011
I agree with Shri Devajyoti.

prabhakar singh (Expert) 24 October 2011
Since 2005 ,now it has passed 6 years ,hence the GE Money can not realize the loan through any process of court.

To pay or not to pay is your choice now.They can not do any of the things you apprehend provided no emi was paid at any time in past
during 03 years.

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