vishnu teja (Student) 29 October 2014
I had taken a loan from public sector bank in the year 2004. we have paid installments for one year correctly and after then due to financial loss I failed to pay the bank. the bank went to the court and filed a civil case and proceedings are going on for some time. the court passed judgement in favour of court in preliminary proceedings. we have not any intention to write off the loan amount. can I have the option for one-time settlement with bank. Advice i in this regard?
Gundlapallis (Advocate) 30 October 2014
After a decree is passed against you, you have no option but to pay the amount as per the court order and get your securities released from the bank. At this stage, no bank will entertain concessional one time settlement.
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