Personal loan and credit card payment defaulter

M Srijesh Kumar (Querist) 10 February 2021 This query is : Resolved
Dear Sir/Madam,

I am a defaulter of personal loans and credit card bills due to the Corona Pendemic and I have lost my job and jobless since 23rd March' 2020.

I am receiving threats of legal action against me.

I want to know and understand gthat what kind of legal action can be taken on me and hor to escape from these circumstances without paying outstandings because I am not able to pay at this moment.

I will be oblige for your kind suggestions.

Thanks & regards,

Srijesh

Follow Query

Report Abuse

Quick Summary

If you've defaulted on personal loans and credit card payments due to job loss, legal action is a real possibility. Lenders can file civil suits, potentially leading to asset attachment if a court decree is issued. While there's no legal way to escape these debts, discussing your situation with your bank or financer to arrange a settlement is the best course of action before legal proceedings begin.

kavksatyanarayana (Expert) 10 February 2021
There are no such laws to escape and you cannot ask for how to escape. You have to request the bank authorities to give you some time and you shall pay the amount.

Message likes : 1 times

Sudhir Kumar, Advocate (Expert) 11 February 2021
they can file civil suit and on decree by the court they can apply for attachment of your assets.

Message likes : 1 times

Advocate Bhartesh goyal (Expert) 11 February 2021
You can't escape for making due and outstanding payments of loan .Bank will initiate legal proceedings against you and will recover by attachment of your property .

Message likes : 1 times

M Srijesh Kumar (Querist) 11 February 2021
Thanks to all of your for your reply.

Dr J C Vashista (Expert) 12 February 2021
Jusr discuss the issue with the banker/ financer and find out an amicable settlement before a case is instituted against you, which you will have to pay.

Message likes : 1 times

Previous

Next

You need to be the querist or approved LAWyersclub expert to take part in this query .

Click here to login now

Similar Resolved Queries :

Ask Query
Unanswered Queries