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R.manavalan (Student)     04 January 2010

personal loan dispute

dear sir, my friend who borrowed personal loans from various banks. he repayed regularly morethan 50% of principle outsatndings. now he struckup with heavy business loss. past six months he wld not able to repay the installments. he is asking one year time for proper repayment. but banks not want to hear his sufferings and send recovery agents. please give some advices for remedy. if there is any way to get court directions from our court.? awaiting for reply



Learning

 2 Replies

Devajyoti Barman (Advocate)     04 January 2010

To buy time from paying further in repayment of loan one can initiate proceeding under Provincial Insolvency Act.

Kanika (Student)     29 September 2010

Dear All,


My brother took personal loan from couple of banks and then lost his job. He requested the bank through letter and personal visit to give him time till he get a job for 6 months but they denied. It's been 5 months now and he still doesn't have a job. He is the only earning member and has paid 5 EMI even after that and now it is not possible so we decided to sell our house and try to settle loan but the bank is saying pre closure is fine but not settlement. I would like to talk to a lawyer who can get this done for us as the bank is harassing all of us and my brother is in great tension. Please email me your details and I will call you if any one can help us close this ASAP.

mail me at: kanikamehra89@rediffmail.com

 

thanks and hope one of you can help.


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