Need 3 to 4 months time to strat paying emi

Rituparno Sarkar (Querist) 03 August 2013 This query is : Resolved
I have a personal loan of rs 1,55,000 in 48 EMI’s I already paid 12 EMI out of 48 but suddenly from this month I am job less I need 3 to 4 months time to start repaying my EMI. But bank told me they are not ready to give me any time either they file a caes against me in 406, 420 and 138 or I need to declare insolvent can I plea some time to court ? please suggest

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prabhakar singh (Expert) 03 August 2013
Getting declared insolvent creates INCAPACITY OF LOSING JUDICIAL PERSONALITY
WHICH SHALL RENDER YOU JOBLESS FOR EVER.

Rituparno Sarkar (Querist) 03 August 2013
Dear sir thank you for your kind suggestion, should i plea some time to court ?

Rajendra K Goyal (Expert) 03 August 2013
You may request the Bank and if suit filed to court to give some time for paying EMI. You may pay some amount each month till regular payment starts from you.

Raj Kumar Makkad (Expert) 05 August 2013
Declaration of insolvent shall not solve your problems for ever. Le the banker take its action.

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