Sanat Nandi (Therapist) 04 February 2010
I have not paid the installment for a personal loan for almost last one year. Another 11months I need to pay. (Till Nov'10). Is it possible to speak to restart that for another 2years? I want to repay that amount but not possible in one shot. Please advice me how to go on this.
R.R. KRISHNAA (Legal Manager) 04 February 2010
Negotiate with the bank officials to extend the period of paying the installment ie., for longer installments to pay the amount easily. It is the discretion of the bank to consider it and you cannot challenge any negative decision of the bank in the issue.
DR.SANAT KUMAR DASH (Eye Specialist) 04 February 2010
MR. R,R,KRISHNAA IS RIGHT. I AGREE WITH HIM.
Sanat Nandi (Therapist) 04 February 2010
Thanks Mr. R. R. Krishna for your valuable suggestion, also I would like to know what kind of legal action they can take against me ? If they go to court and as you suggested to extend the period if I ask for that ; can I get some relief from there? Off course I will show positive interest to repay the amount.
N RAMESH. (Advocate Chennai. Formerly Civil Judge. Mobile.09444261613) 06 February 2010
Mr. Krishna has given the apt reply.
R.R. KRISHNAA (Legal Manager) 06 February 2010
Dear sanat nandi,
If the bank goes to court or you go to the court, the case will take time and in the meantime your interest payable will also increase. It is better to discuss with the bank officials immediately and arrive at a one time settlement (OTS), wherein you can request them to reduce interest rate or some amount from the principal amount etc etc. It is advisable to settle the entire amount immediately by negotiation. Going to court will only increase your financial liability towards bank.
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