loan repayment failure


Hello i have taken loan from serval financial companies. I paid all the emi on date and time till now.
But due to my financial conditions i can not pay emis for next 2 months. I will pay fines for late payments
But i want to know that can legals seize my property or arrest me for not paying emi?
I have not done any mortgage yet just loan on bank statements only

I will pay emi from next 2 months what's the option

should i deny taking notice from post? or what should I do
i am totally depressed how to face banks ?
 
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Originally posted by : Amrut Jadhav
Hello i have taken loan from serval financial companies. I paid all the emi on date and time till now.But due to my financial conditions i can not pay emis for next 2 months. I will pay fines for late paymentsBut i want to know that can legals seize my property or arrest me for not paying emi?I have not done any mortgage yet just loan on bank statements onlyI will pay emi from next 2 months what's the optionshould i deny taking notice from post? or what should I doi am totally depressed how to face banks ?

 

Don't get depressed......

Just mail to those company that you will able to pay after 2month you are in some issue and also stated that you will pay fine(penalty) charge.They will relax the time....but your CIBIL Score will damage

 

 
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