Hi guys, please advise me on what to do in my situation. I had taken a loan from a co-operative bank of rs 1 lakh. I repaid 30k but then I came to uk and now here my situation is very bad and i was without job for long so i could not pay the loan. This loan was taken 5 years back out of which I paid for 1 year and have not been paying for last 4 years....till now they send few email reminders but now my family in india received court notice with something like "section 84 multi state coopertive socities act". The bank is in Pune and my family lives in bangalore...i spoke to the recovery manager of the bank and they are not ready to co-operate and says that i need to pay the loan asap.
my question is that since I am not in a position to pay this loan what will be the implications? the bal amount is 70k only...how far can the bank go to get this amount? what will be the consequence of ignoring the notice? will it cause any issue when i return back to india? please let me know about it..
