Show case notice from bank

Querist : Anonymous (Querist) 21 October 2011 This query is : Resolved
Hello respected sirs/ madams, I have been jobless for almost 2 years, n also goin tru divorce. I had taken a loan of 4 lacks from Bank A , and was able to pay only for 4 months, now i get the show case notice. Please advise me as to what shud i do?

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Devajyoti Barman (Expert) 21 October 2011
You are silent about about the nature of the loan.
Anyway since you have availed the loan you have no option but to repay it. The pending divorce case has no connection with it.

Since most of Bank do enter into settlement with the defaulter borrowers, it would be advisable if you negotiate with the Bank and go for an amicable settlemnt which should be uch lesser than the arrear amount.

prabhakar singh (Expert) 21 October 2011
Negotiate with bank and settle it with bank.No other better option is there for you.

Shailesh Kr. Shah (Expert) 21 October 2011
do as advised.

ajay sethi (Expert) 21 October 2011
agree with experts . if you dont repay the loan bank will take recovery proceedings against you . you cna reduce the bank to reduce the emi payable per month

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