Unable to pay loan

Deepti S (Querist) 08 August 2021 This query is : Resolved
My name is Deepti Shishupal. I was working with a travel firm due to pandemic there was reduction in the salary due to which I was not able to make payment of the loan. I had infed the bank about the same but the were not reduce the emi. Now they have issued a legal notice . Please advise

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Deepti Shishupal is unable to pay her loan due to a pandemic-related salary reduction. Despite informing the bank, her EMI wasn't reduced, and she has now received a legal notice. The advice suggests attempting to pay at least half the EMI regularly to avoid legal action and to reply to the notice explaining the situation and assuring future payments.

kavksatyanarayana (Expert) 08 August 2021
During the pandemic, all companies reduced salaries, as the employees also are working online. But you shall pay the EMI regularly otherwise bank issues notice. At least try to pay some EMI(not less than half of EMI), as at a time you will not to pay more amount in one time.

Advocate Bhartesh goyal (Expert) 08 August 2021
You have to pay EMI's regularly may be less amount else bank has no option but to initiate legal action against you.

Dr J C Vashista (Expert) 09 August 2021
The banker is well aware about financial circumstances of their customers created by contemporary pandemic.
Settle the issue with your banker and avoid such circumstances which may spoil your relation with them.

P. Venu (Expert) 10 August 2021
You may reply to the Notice explaining thr situation and assuring to honour your commitments.

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