Dinesh (na) 25 July 2013

Unable to repay loan - need advice

Unable to repay loan – need advice

I’m working in private sector and got a loan of Rs.300000/- from private bank and repaying around 14000/- EMI and there were about 23 months to be paid and the total tenure is 48 months.

Further, I miss used my credit card and the outstanding amount is around 3.5 lakhs. The minimum due is coming around 20000 INR.

However my salary is 33000 INR and I tried to get it cleared the credit card outstanding amount partially getting financially help from my friends/relatives. Due to family finance problem, it forced me to withdraw money thru’ credit card multiple times and finally the outstanding amount in credit card is around 3.5 lakhs again.

Currently, I’m not able to repay the loan or the credit card outstanding amount or credit card minimum due of Rs.20000INR.

Moreover, I’m not able to get financially help from my friends or relatives or PL from company is also not possible.

Since I had not properly maintained my expenses, it’s dragged me to corner of my life financially.

Please give me an idea on how I can clear my debits.

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4 Replies

(Guest)

Delaying in response shows the depth of the issue. please understand, there is NO WAY OUT to get rid from this. The due amount should be returned my friend... better go for settlement with the bank and pay the outstanding through EMIs as per your convenient..

vijayalakshmi (student) 29 July 2013

prof.Ravi shankar is correct. Banks and credit card companies are open for negotiations.

But ensure that after settlement, your name will not placed in CIBIL block list. so in negotions, pls discuss this thing too.

wishes for a peaceful life sir.

Prashant Agnihotri (Lawyer) 29 July 2013

don't worry,Settlement of loan with the bank is the final positive solution for you.

malipeddi jaggarao (retired banker) 30 July 2013

You have at least some financial discipline.

However to come out of the problem, you represent the bank about your financial position and ask for One time settlement.

Banks do agree if in their assessment, you do not have sufficient means to pay.

But you have arrange the agreed amount in one lumpsum.

If that is also not possible, file IP petition asking the court of declare as insolvent and whatever assets you have will be shared by your creditors according to the directions of the banks.