rtegarding personal loan repayments

monika (Querist) 15 January 2010 This query is : Resolved
I had taken a loan from HSBC but due to some unavidable huge losses, i could not repay my loan from last 7 months. yesterday hsbc has sent me a lok adalat notice which is going to be held on 16.01.09 at delhi High Court. I don't whether the notice is fake or actual. I want to finish up the loan . I have paid 17 installments on time out of 48. but now i can not repay it. Please suggest how can i settle my loan & how i will know the notice is real or fake?

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R.R. KRISHNAA (Expert) 15 January 2010
It cannot be fake. You have to definitely attend to the lok adalat hearing and negotiate with the HSBC staff and try to reduce the quantum of amount and repay the entire loan immediately. Lok adalat will definitely assist you and HSBC to arrive at an finalised amount.

N RAMESH. (Expert) 15 January 2010
Though attending lok adalat is not compulsory, it is advisable to attend it to negotiate with the bank and also explain your situation.
You can utilise this opportunity to seek time for settlement and also bargain the quantum of repayment.