I am in need of some advise. I took a personal loan in 2012 and that was going fine. After 6 months I was offer a topup on that loan which I went ahead with.
Since 2013 June, I have not made any payments towards that loan. I left my job in March'13 and now doing odd jobs as a freelance and not making much of money. My wife, after our kid was born could not rejoin the work due to medical problems.
I have recently got a good offer to work for a firm and I took it and should get paid any day. Today 22nd Jan 2014 a chap from HDFC back "Rahul" called me up (he has been following it up with me for some time now) to ask for the payment and I told him that I still have not got my pay. He went crazy and said and I quote "mai tere ghar akar tere kapde utar ta hu kal, tu aise nahi mane ga, tere ko summon de kar jail me dalta hu, 6 mahine see pagal banna rakha hai, tu ruk kal milte hai". He was not abusive, but his tone was really threatening and scary if you ask me.
I have 2 question:
1 - I have recently got a job and I have prepared to pay the loan, but starting next month, this month salary will go on Electricity Bills and other more urgent expenses. What can I do in this case and what should I do in this case
2 - I do not have any assets and is it true that I can be jailed for this non-payment due to loss of job. I am the only bread earner in my family and I am really worried.
Request you to please advise ASAP.