personal loan defaulter
sandeep pandey
(Querist) 12 November 2009
This query is : Resolved
Dear sir,
i have a personal loan running with DBS bank. i made payments of emi for the first year without fail but after that i failed due to loss of job and financial crisis. i have recieved a letter from an advocate of DBS bank ststing to pay the loan in 7 days or else they will take legal action .
kindly suggest and guide what are the consequences that i may face and what are the steps that i should take to secure myself .i intend to pay the loan but i am helpless as i have lost my job
kindly suggest ASAP as i am in great depression since i recieved the letter two days before. i stay in kolkata.
A V Vishal
(Expert) 12 November 2009
Pandey
Legally the bank can proceed against you, however, you can approach them and state facts and seek time for repayment. In the worst scenario you can ask for rescheduling your loan.
adv. rajeev ( rajoo )
(Expert) 12 November 2009
Except recovery suit they cannot initiate any action against you. Request them to make the payment explaining your present situation, if they didnt agree keep quiet, let them file a recovery suit.
PJANARDHANA REDDY
(Expert) 12 November 2009
50% OF UNSECURED LOANS LIKE PERSONAL,CREDIT CARDS,ETC., ARE FALLING NPA DUE TO RECESSION EFFECT. BANKS ALSO FACING LOT OF FINANCIAL CRUNCH DUE TO BAD RECOVERY.
BETTER ASK FOR THE RESHEDULING THE BALANCE LOAN WITH LONGER PERIOD AND LESS EMI.
OR
ONE TIME SETTLEMENT VARIES FROM 30% TO 50%WAIVER OF BALANCE LOAN TO PAY IN 5-10 INSTALMENTS.
STILL YOUR F CONDITION IS WORST, BETTER CONSULT ONE ADVOCATE, REPLY FOR THE NOTICES.
Raj Kumar Makkad
(Expert) 12 November 2009
In th given circumstances there is no option before you except to pray bank authorities to postpone their initiation of any legal action keeping in view your actual condition and your intension to clear the loan. It is possible that after verifying your statement, they may provide you some more time to arrange for payment.
Sachin Bhatia
(Expert) 12 November 2009
Bank can proceed and can take legal action against you, however you can approach bank and request for some more time for repayment.
sandeep pandey
(Querist) 13 November 2009
Sir,
thank u all for giving me some important inputs,i would be very grateful to u all if u can explain me that what are the legal steps that the bank can take against me.do i have the provision to reach and pray to any government institution or regulatory bodies who intend to help people like me who have lost their jobs and are unable to repay
