I have taken a personal loan from a Finance Company and after 24 instalments I defaulted, due to loss in business.
I requested the finance company to accept lower EMI on temporary basis and sent a letter with AD. But got no response from them. However I paid the lowered amount what I requested to them,by cheque. Later they send me a Summon and charged me under SECTION 25 PSS Act, As amended.
I have no sufficient fund for a settlement at this moment.
I got no idea what to do? please help.
