Upgrad LLM

over-burdened with personal loan and credit card obligation

I have been paying all my EMIs and min amount for credit cards until jan this year. unfortunately I lost my job as the company project closed off and they were unable to bear my salary. It was a private. I do not wish to default purposefully but dues have happened in my loan emis and cards.

I have been trying to discuss with banks on my tough situation and requested for 6 months stop EMI, but there is no response from their highest set teams regarding this matter

Some collection agencies are calling me and visiting me at my house for payments.

My personal loan and credit card outstanding is total of ~40lacs. I am trying to get a formal source of income to regain the obligation financially. Can you please suggest what can be done to buy the time from banks so that I can get a peace of mind and re-join a new emoloyer,due to corona issue the time required to join another new company is slowed now. Please suggest any implications and how my situation can be upholded to regain my financial health.

Please pay the pending instalments by arranging cash from personal sources.After that give a request for the government declared EMI Holiday.Try to get a new job within 3 months.


Whatever the situation or your predicament, the so called collection agents have no authority to overawe you. If they take law into their hands, you are entitled for protection of law.


Thanks for the responses. Although I have approached the banks to seek a moratorium for few months due to the slowness in the job market to rejoin a new company. however the collection agencies are of real pain.the banks don't tend to pay any attention to real issues and problems, as it is not of their interest. If collection agency issues of these banks go over the line, what are immeadiate legal and protection options that I can look for? I have a small family to look after. and in the interim as I try to arrange the money to pay these banks, I do not want these collection agencies to be around, and would like to deal with banks directly. Any suggestions?

You should not shirk your responsibility, you have to pay you dues at an early date. Bank has the right to start legal proceedings to collect their legal dues. However if Bank resorts to illegal coercive measures, you can file a complaint with the local police authorities.

Pay the outstanding amount and buy peace for yourself and your family. Ultimately you will have to pay.

There is no legal issue involved in the post.


No doubt you were not able to repay the loan amount on time and ther is a huge outstanding.

However the banks cannot send agencies to your home  especially the rogues in the garb of agencies.

You can issue a legal notice to the bank to refrain from sending such thugs to home  or else you will be constrained to lodge criminal complaint against their illegal activities in the name of recovering the loan amount.

You can ask the bank to initiate legal action through court for recovery of loan amount instead of adopting such illegal tactics.

When they approach court, then you will get sufficient time for the case to be disposed, in the meantime you can arrange funds and repay the entire loan amount.



Yes, the bank cannot make use of forceful methods of recovery. It is not unusual that a citizen of this country may fall in debt. However, he still has a right to be left at peace; then only he can recoup his life and try to clear his debt. No individual or institution is entiled to take law in thir hands; the option for them is to resort to the due process of law,




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