I HAVE DEBTS WHICH I CANNOT PAY IMMEDIATELY, WHAT TO DO?

Querist : Anonymous (Querist) 13 September 2010 This query is : Resolved
I HAVE CREDIT CARD PAYMENTS AND A PERSONAL LOAN TAKEN. I AM NOT IN A POSITION TO PAY THE LOAN AND CREDIT CARD PAYMENTS AS MY SELF-OWNED BUSINESS IS IN HUGE LOSES.

WHAT IS THE WAY OUT?

THE BANKS ARE NOT CO-OPERATING?

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M/s. Y-not legal services (Expert) 13 September 2010
you have to pay your debts.. its your liability.if you want mean you can ask some time for your paymants.. try to explain your situation to your banker.. thats all.. but you can not escape from your liabilitys.. so try to settle the amount as amicably..

..tom..

Devajyoti Barman (Expert) 13 September 2010
If you are now so incapacitated then you have no option but to wait till the bank take any legal action. Else you could also initiate proceeding under Insolvency Act for adjudging you as nsolent.

Rajeev kulshreshtha (Expert) 13 September 2010
I agree with Mr. Barman.

Parthasarathi Loganathan (Expert) 13 September 2010
Declaration as Insolvent is the only permanent solution to your problems.

Guest (Expert) 13 September 2010
In this situation, you may get Statement of Accounts of your liability in each bank/financial institution and verify them and afterwards you may send a written proposal citing your financial problems (by RPAD) to all of them and request for concessions and One Time Settlement (OTS) or instalments and propose a payment schedule as per your convenience. If this step does not work out, then you can file an Insolvency Petition in the Court.

Y V Vishweshwar Rao (Expert) 13 September 2010
I agree with Lr Friends!

You can ask the Bank to convert your Credit Card liability as Personal Loan and personal loan and Card Liability- both can be converted as personal loan/s and Reschedule of repayment of the loan/s is possible - if the Bank consider the same on the request of the Borrower /Card Holder.

M/s. Y-not legal services (Expert) 13 September 2010
Very nice solution given by mr.y.v.v rao. Really its will be amicable..

Parthasarathi Loganathan (Expert) 14 September 2010
Normally banks do not encourage conversion of Demand Liability into a Term Liability. The only option is to go for One Time Settlement with fixed terms for repayment.

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