Personal Loan & Credit Card
Shahzad I
(Querist) 11 July 2009
This query is : Resolved
Hi,
I had taken 7 personal loan , 2 car loans & also have credit cards from 4 banks. I have managed to close 2 car loans and 3 personal loans, few loans were provided on the basis of my clear credit rating and track records, but due to recession i had lost my job and i have been unemployed since last 10 months and till Mar 09 i had paid ll my EMI and have exhausted my savings and now i am not able to pay my EMI and Credit card dues. Currently am completely broke and the respective banks have started harrasing my family members and have used abusive language on call while informing them the situation. i managed to pay some amt borrowing it from my family & friends. Due to unemployment i am not able to pay any due and am getting legal notices from advocates and Brihan Mumbai District legal service authority. Currently and until i get a job i am not in a position to pay off my loan and the layoff,these notices and calls have actually effected me mentally & physically. Please advice on what can be done in these situations as its just effecting me & my family
Jayashree Hariharan
(Expert) 11 July 2009
Only thing to do is request the loaners for time. Hope you are on the lookout for a job. I would personally advice you to take up any decent job, which gives a decent salary, which may not be the same as your previous job, so that you can start repaying the loans bit by bit.
As far as law is concerned, you cannot do anything, since you are liable and you have to pay. There is no other remedy as far as I know.
Best wishes and prayers
SHYAMSUNDAR
(Expert) 11 July 2009
Rightly advised by jayashree.
you may ask some time for making the installments.
See the Managers of the concerned companies.
this may help you.
Hopefully u will be soon employed.
a.manoharan
(Expert) 12 July 2009
Rightly advised by jayashree.
you may ask some time for making the installments. Further, See the Managers of the concerned companies and ask them the availability of any concession , if one time settlement is possible, only if you are capable.
Shahzad I
(Querist) 14 July 2009
Thanks for the advice, but I have already spoken to a few Managers and they have said that nothing can be done about it as I had taken a loan and I have to pay. Even after telling them the situation the collection team have used harsh language and upfront told me that they would trouble my family for payment. Plz Advice
Shahzad I
(Querist) 12 August 2009
Thanks for the advice, but I have already spoken to a few Managers and they have said that nothing can be done about it as I had taken a loan and I have to pay. The current jobs offers 10K and Even after telling them the situation the collection team have used harsh language and upfront told me that they would trouble my family for payment. Plz Advice
