NON PAYMENT OF LOAN INSTALLMENTS

cyberca (Querist) 02 December 2009 This query is : Resolved
Dear Sir,

One of my client taken a loan from reputed financial Institution and paying interest 17% p.a. (flat rate). He use to pay the regularly till Oct. 2009. Due to non receipt of regular collection he is not in a position to pay emi of Nov. 09. One of the person advice him that if you continue for 3 to 4 months (non payment of emi) the financial institute will ask for one time settlement with lesser amount than the due amount. My question is that the suggestion given by the person is correct? If he do so what will be effect or action will take financial institution against him for non payment of regular emi? or they may come for one time settlement ? Pl. suggest

Regards,
cyberca

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