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Anant Saxena (n)     20 October 2012

Non payment of personal loan

I took a personal loan form citifinancial in 2007 for 36 months and i have paid 13 Installments but after that i changed my job and moved to a small village.Citi financials office was not there so i have tried to customer care over phone to contact me and change my bank details so that loan could be pay but nobody contact me and as citifinancial office was not there,am also unable to contact them personally. Now it has been 4 years passed and i was thinking that citifinancial is not bother about my loan so why should i.But after 4 year i came to know that 1 legal notice came to my registered address from an advocate and returned undelivered as i was not there. I just want to know the legal aspects if I am unable to pay the loan .can they issue a n arrest warrant against me or my father .Can they kurk my house.one of officer told me that they can seal my house .please note i do not have any property on my name all are my fathers assets and i want to pay off the loan should i pay all the interest for 4 yaers.Please help



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 1 Replies

ajay sethi (lawyer)     10 November 2012

personal loan does not have any security . since you dont have nay property in your name citfinacial would find it difficult to recover the loan even if it files a case . it is bette you contact cit financial and arrive at an amicaable settlement . if you have the funds repay loan with interest

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