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RAJAPU MOHANA RAO (operations manager)     09 December 2023

Personal loan

Good morning respected sirs/mams

On my wifes name there is personal loan in baja finance ltd taken on 2019 we paid upto 70% but after corona we failed to pay the loan. Yesterday we received a legal notice to attend before the lok adalat at vijayawada. Today we have to attend but we are staying at visakhapatnam. They came for settlement also. If dont attend today before lok adalat what happens before please give us some suggestion



Learning

 1 Replies

anjali tamrkar   05 January 2024

consequence of not attend lok adalat

If you don't attend the Lok Adalat for the settlement of your  loan, it may result in legal consequences. The Lok Adalat is a forum for alternative dispute resolution, and non-compliance could lead to the continuation of legal proceedings by the bank. It's essential to communicate your financial situation and status of changing your residential place to the bank and explore options for a reasonable settlement or repayment plan. Ignoring the notice may not be in your best interest.
Lok Adalat is a forum for the settlement of disputes in India, and failure to attend when summoned may result in consequences such as the issuance of a warrant for your arrest or a judgment being made against you in absentia.
 In the case of an personal loan, if you have received a notice for settlement and cant attend it’s important to reach out to the bank or financial institution that issued the loan to explain your situation and explore alternative options for repayment. This could include negotiating a modified payment plan or seeking a loan settlement or debt relief.
If you are unable to reach a resolution with the bank, it’s recommended to seek legal advice from a qualified attorney or consumer advocate. They can help you understand your rights and responsibilities, evaluate your options, and represent you in court or in negotiations with the bank.
It's Important to remember that ignoring the notice and not attending the Lok  Adalat may only make the situation worse and could result in legal or financial consequences.
 


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