Personal loan
Querist :
Anonymous
(Querist) 18 January 2012
This query is : Resolved
Dear Experts,
I had taken personel loan of 1 lakh from one of finance company@24% intrest per annum,i had paid some nearly 13 Emi's later i loosed my job.i was unable to pay installments from last 10 months and as on date iam unable to pay.can any body help me in this raard that what actions do company takes on me? how could i defend?.If i want to settle,how could i?I hope if i appear before them,they could charge criminal cases on me?
Devajyoti Barman
(Expert) 18 January 2012
Since you have taken mony on loan you have no option but to repay it in some point of time.
The bank is very notorious to increase the balance amount in leaps and bounds.
So without wasting any time do negotiate with bank, ask for Moratorium , settle with a lesser amount and repay it in easy installments.
Deepak Nair
(Expert) 18 January 2012
You have to go to the bank and convince them regarding your current situation. they might consider and allow you to pay back the remaining amount and they may waive off the loan.
However, you have to pay back the money.
You can settle the matter by discussing with the bank only.
Non payment of loan is not at all a criminal offence. The bank can initiate civil proceedings against you for recovery of money.
Advocate. Arunagiri
(Expert) 18 January 2012
You can meet the officers of the bank, convince them on your difficulty. Take time for repayment.
They can initiate civil suit on you for recovery loan. No criminal case.
Raj Kumar Makkad
(Expert) 18 January 2012
Sorry to point out all experts that the financer is nor bank rather a finance company.
Generally finance companies try to take possession of the mortgaged property and auction it. The best remedy is to arrange for money and make One Time Settlement with the company.
If you show your real position to the officials of the company, a respectable settlement may arise but you shall have to bear a lot of harassment and inhuman behaviour in the hands of company representatives prior to that stage.
Advocate. Arunagiri
(Expert) 18 January 2012
Yes I stand rectified, please read my post as finance company instead of bank. All others needs no change.
