Defaul in payment

Querist : Anonymous (Querist) 22 November 2011 This query is : Resolved
sir,i have a house in ghaziabad with a loan amount of 4.12 lacs since last 8 years.for some months i was unable to pay the dues and bank sent me the closure of account with a notice to pay the full amount within sixty days. in the mean time i borrowed money from my friends and wanted to pay the pending instalments but they refused to activate my account and are going for legal recourse. i dont hv money to pay full amount.
kly let me know that what is the remedy and how much time it will take. thanks

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ajay sethi (Expert) 22 November 2011
you cna write to bank that you ahve no intention to default on the loan . that on account of finacialconstraints you were unable to pay .

send demand draft of outstanding EMI to bank .

even if bank refuses to accept the same it will help you when matter goes to court as it proves your bonafides

Sankaranarayanan (Expert) 22 November 2011
yes you follow mr sethi's advise and settle the prob.

Rajeev Kumar (Expert) 22 November 2011
I agree with experts

Sailesh Kumar Shah (Expert) 25 November 2011
Make representation before higher officer of the bank as same was suggested by Mr.Sethi.

prabhakar singh (Expert) 26 November 2011
Yes!you write to the bank as well as to its'
regional office with copy forwarded to its head office along with an a/c payee bank draft payable to the credit of your loan a/c,stating the bona fide circumstances in which the payment was delayed.Caution is that do not state you are in financial ill health.
you should state casual reasons suddenly arose before you attending which you could not deposit these installments timely.

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