90,000+ Legal Questions Answered
non able to pay credit card and unsecured loan
3 years ago
Respected sirs,
As I've not paid since 8 months credit card payment as well as unsecured loan. Now i am not in position to pay for minimum one or two year. Bank recovery agents demand but i can't pay what is legal way to get rid of it ,i m not running from making payment but i need at least 1.5 years for make payment in one time. i have borrowed money from friends so my salary goes in giving money return to them, i cant able to manage even my personal expense like rent,food arrangements.bank officers not listening ,they want payment immidiately
A.Just neglect and be strong to face them or get issue a legal notice on the basis of judgment of SC against recovery agents.
If my answer is helpful to you then please give my FIVE STAR
If my answer is helpful to you then please give my FIVE STAR
Helpful
Helpful
Share
Shreesh Chadha
Responded 3 years ago
A.I got the same issue resolved for a client two days back.
I sent a strong legal notice, which contained details of moratorium policy (might be different for each bank) and the harassment being faced by recovery agent during this time. This is in violation of RBI guidelines.
The bank immediately called my client, and said that they will not call anymore and waive of additional interest + late fee, also a payment plan suitable for my client was set up by the bank. This resolved issues to a certain extent.
You may seek similar course of action, and take my assistance.
Regards
Adv Shreesh Chadha
I sent a strong legal notice, which contained details of moratorium policy (might be different for each bank) and the harassment being faced by recovery agent during this time. This is in violation of RBI guidelines.
The bank immediately called my client, and said that they will not call anymore and waive of additional interest + late fee, also a payment plan suitable for my client was set up by the bank. This resolved issues to a certain extent.
You may seek similar course of action, and take my assistance.
Regards
Adv Shreesh Chadha
Helpful
Helpful
Share
A.I have gone through your query in detail.
1) As you was the regular payer of Bank credit card & loans there is nothing much to worry as the covid-19 situation is NOT been deliberately bought by you, but it is due to the situations beyond your control.. & a national Disasters .
2) Using of any abusive language with you or family members is very much illegal as the card is not in their names request you to record all the calls immediately along with the Caller name, time and date and save it into a pen drive forward it to us
3) All this has been banned by the RBI then to advice you that as the situation is beyond your control straight away tell to them that you are unable to pay the outstanding dues. The maximum they can do is keep your name in CIBIL and a secondary advise to you do not convert the credit card dues into the personal loan as credit card interest rates are not backed by RBI & once you get it transferred to personal loan again main point is from where will you pay. Do not mess-up by shifting the liability from one shoulder to another shoulder, it is of NO use, But 1st try to get yourself a good job or business & be stable then only you will be able to repay the bank dues. Don’t worry it is NOT a serious offence that the bank people will hang you. Relax due to COVID-19 the economy has already slowed down & you are not doing this deliberately.
4) Send a email to all the banks asking for more time & if situation improves tell them you have a very positive intend to pay just like you have paid regularly before & if they keep on harassing you then you can tell that they may never get the amount. Also record all their calls & make a pendrive ready of all the recording with date & time & Name of the person calling, as if things really go bad you will have to take a legal action against them.
5) Now it’s the Time to file a police complaint that some unknown people / Recovery Agents with different numbers are calling them, a stern action will be taken.
6) But if you want to defend them and running the legal battle will be a slightly costly task for you …as you have NOT mentioned what is your total outstanding dues. But If you are ready for the cost… then we can send legal notices to them and all then I am sure none of the Bank agencies will Harass you anymore as you will be on the side of Legal & more
If you realize my professional skills, the time & efforts put in by me needs to be truly appreciated, and then Please “CLICK MY LIKES/ THUMBS UP/GIFT” button shown below this reply format & also CLICK/ WRITE a “REVIEW” in 5 star as I have answered your query in detail. Hope this information is useful
ADV. ANISH PALKAR (High Court)
1) As you was the regular payer of Bank credit card & loans there is nothing much to worry as the covid-19 situation is NOT been deliberately bought by you, but it is due to the situations beyond your control.. & a national Disasters .
2) Using of any abusive language with you or family members is very much illegal as the card is not in their names request you to record all the calls immediately along with the Caller name, time and date and save it into a pen drive forward it to us
3) All this has been banned by the RBI then to advice you that as the situation is beyond your control straight away tell to them that you are unable to pay the outstanding dues. The maximum they can do is keep your name in CIBIL and a secondary advise to you do not convert the credit card dues into the personal loan as credit card interest rates are not backed by RBI & once you get it transferred to personal loan again main point is from where will you pay. Do not mess-up by shifting the liability from one shoulder to another shoulder, it is of NO use, But 1st try to get yourself a good job or business & be stable then only you will be able to repay the bank dues. Don’t worry it is NOT a serious offence that the bank people will hang you. Relax due to COVID-19 the economy has already slowed down & you are not doing this deliberately.
4) Send a email to all the banks asking for more time & if situation improves tell them you have a very positive intend to pay just like you have paid regularly before & if they keep on harassing you then you can tell that they may never get the amount. Also record all their calls & make a pendrive ready of all the recording with date & time & Name of the person calling, as if things really go bad you will have to take a legal action against them.
5) Now it’s the Time to file a police complaint that some unknown people / Recovery Agents with different numbers are calling them, a stern action will be taken.
6) But if you want to defend them and running the legal battle will be a slightly costly task for you …as you have NOT mentioned what is your total outstanding dues. But If you are ready for the cost… then we can send legal notices to them and all then I am sure none of the Bank agencies will Harass you anymore as you will be on the side of Legal & more
If you realize my professional skills, the time & efforts put in by me needs to be truly appreciated, and then Please “CLICK MY LIKES/ THUMBS UP/GIFT” button shown below this reply format & also CLICK/ WRITE a “REVIEW” in 5 star as I have answered your query in detail. Hope this information is useful
ADV. ANISH PALKAR (High Court)
Helpful
Helpful
Share
Read Related Answers
Under the Provincial Insolvency Act 1920
Dear Client,
Under the Provincial Insolvency Act, 1920 (which is now repealed as IBC Code 2016), you can file a petition for bankruptcy if you are unable to repay a debt greater than ₹500. After anal...
Repayment of loans and credit cards
Dear Client,
Under the Provincial Insolvency Act, 1920 (which is now repealed as IBC Code 2016), you can file for bankruptcy if you are unable to repay a debt greater than ₹500. After analyzing wheth...
Multiple unsecured loan defaults
Dear Client,
Once a borrower fails to repay his debt, the Lenders/FIs initiate a routine course of action for recovery of the loan/debt from the borrower following the provision under the SARFAESI Ac...
Unfreeze
Dear Client,
Once a cybercrime scam or fraudulent transaction is reported online to the National Cyber Crime Reporting Portal(NCCRP), on the instruction of the Cyber Crime Cell, the investigating tea...
For bank loan
Dear Client,
the loan amount must be repaid by the legal heirs of the deceased or the nominee by the deceased if the assets would be frozen by the bank. there is no other legal remedy to non payment
Read Blogs on Bankruptcy and Debt
Bankruptcy and Debt Lawyers
Find Lawyers by Location
