MAINAK (COO) 09 October 2012

Personal loan settlement

Taken a peronal loan from City Financial 2 years back. Amount was Rs 1,15,000/-. Till date paid back Rs 90,576/-. Being defaulter for last five months want to settle the loan now. At present unemployed so not in a position to pay any more in near future.

What will be the minimum amount mandatary for settlement? May I settle it with the rest of the principle amount ? Or with the rest of the 85% of the principle amount ?

What kind of legal actions can be taken by the company ? And what are the counter measures of those actions from my side ?

If the company put an F.I.R against me then can I take the bail? What are the procedures ?

If the company put a case against me then how can I defend it ?

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4 Replies

Adv. Nikhil Seth (legal consultant (9867264707)) 09 October 2012

You can settle the amount of principal by paying balance amount which they should settle . As you are unemployed they cant force you to pay money . Call them for settlement they will come amicable solution So dont worry.

Adv.Nikhil Seth

(Mumbai)

MAINAK (COO) 09 October 2012

Sir,

Can the 85% of the principal amt. will work ?

Thanks for your reply

Adv. Nikhil Seth (legal consultant (9867264707)) 09 October 2012

85% or what ever okay with you , You bargain with them they may come down less than 85% principle amount also .

Kumar Doab (FIN) 09 October 2012

Obtain offer of settlement in writing. Pay by cheque and obtain acknowledgment.

Demand a written communication from bank that it shall not update the OTS as “written off “ in its record and also with credit bureaus like CIBIL, Equafax, Experian and shall call back your name from list of defaulters and shall supply you free copy of your CIBIL report, with name of Bank{member} mentioned in it, and this settlement shall have no bearing on future ability to take loan. Else you shall have to contact them again and they may demand another amount from you.