Civil Procedure Code (CPC)

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balaji ji   11 November 2020

Financial issue

This is Balaji. I took loan from onlines (Available in Google play store - Instant cash loans). Due to Covid situation, jobless and lot of financial issue, I take lot of loans from lot of finance institutions. (total above 30 apps loan I took) Now not able to repay. All loans repay within 7 days. Now the time loan value is around Rs.150000. They not ready to give more time for repayment. Please help in this situation. How to solve. Please help and guide me.  



 3 Replies

Subhasri Chatterjee   19 November 2020

Hello

If you are genuinely out of options when it comes to repaying your loan, you can file insolvency. But you can file an insolvency petition only if your liabilities exceed your assets, making it impossible for you to repay your debts. If a petition is filed on flimsy grounds, or if you are unable to prove that you cannot pay off your debt, the petition will be dismissed. 
On filing a petition of insolvency, the court will fix a date for hearing and you will be required to file all books of accounts, income statements, details of your assets etc. The court will investigate on this to ensure that you are genuine and has made full disclosure of your assets.The treatment of the debt will be as per the court’s verdict. However, if the loan is having collateral, the lender still has all the rights to acquire the mortgaged asset. For non-collateralized loans like personal loans or credit card loans, the lender will have to follow the court's directives.On being declared as insolvent, the court will appoint an officer who will take charge of the property and take decisions on dividing it among the lender(s) to settle your debts.
There is no fixed period for legal recourses and the proceedings depend upon the complexity of each case.The advantage in declaring insolvency is that the lenders will no longer be behind you for recovery. Also, while the matter is in the court, the lenders cannot file separate suits against you without the court’s permission. 

Hope this answer helps you.

Best regards,

Subhasri Chatterjee

Dacia Stacey   19 December 2020

Originally posted by : Subhasri Chatterjee wobble man
Hello

If you are genuinely out of options when it comes to repaying your loan, you can file insolvency. But you can file an insolvency petition only if your liabilities exceed your assets, making it impossible for you to repay your debts. If a petition is filed on flimsy grounds, or if you are unable to prove that you cannot pay off your debt, the petition will be dismissed. 
On filing a petition of insolvency, the court will fix a date for hearing and you will be required to file all books of accounts, income statements, details of your assets etc. The court will investigate on this to ensure that you are genuine and has made full disclosure of your assets.The treatment of the debt will be as per the court’s verdict. However, if the loan is having collateral, the lender still has all the rights to acquire the mortgaged asset. For non-collateralized loans like personal loans or credit card loans, the lender will have to follow the court's directives.On being declared as insolvent, the court will appoint an officer who will take charge of the property and take decisions on dividing it among the lender(s) to settle your debts.
There is no fixed period for legal recourses and the proceedings depend upon the complexity of each case.The advantage in declaring insolvency is that the lenders will no longer be behind you for recovery. Also, while the matter is in the court, the lenders cannot file separate suits against you without the court’s permission. 

Hope this answer helps you.

Best regards,

Subhasri Chatterjee

Thank you, this question was also relevant to me.

Kami Joy   26 December 2020

I can share with you some tips on this topic because my brother works in a company that helps solve financial problems. You can take out a Bank loan and a loan from a private company. Now it is much more popular to use payday loans online in Arkansas. This company helps you find lenders and borrowers. You can leave a request on the site, and the Manager will approve it the next day. I also used this system several times to solve my problems. The last time I used $2000. This amount was necessary for me to buy my mother the bag of her dreams.


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