I am RK and experiencing huge trouble in view of my Personal Loan Settlement from major private bank. I got a personal loan of Rs. 1,00,000/- in the year 2004 and since then I had paid some 5-6 installments regularly through ECS. However, since my job was lost I was unable to pay the rest of the EMIs till date. Now the bank has approached me and asking to go for Full & Final Settlement of Rs. 1,15,994/- in 2 installments after around 6 years. They haven't threatened me however they are calling me every now and then asking me to make the payments before June 2011.
I received the copy of the settlement letter through courier from them however I have not acknowledged it yet and I have not yet returned my acceptance apart from what I did on the phone calls. Now I am finding it difficult to make this payment in only 2 installments. One this month before May 31 and one more before June 30, 2011. I am worried if there will be any legal implication of not settling the amount within the time specified.
Please suggest how shall I go about it since I am in a new job now and cannot accumulate this much of money within short span of one month.
Your urgent suggestion and feedback on this is much appreciated.
Thanks & Regards,