Demand Legal Notice about Loan Payment
3 years ago
Before lock down I was financially doing very well, never bounced any EMIs, Post lockdown my business went down and income is very low.
So my Auto Loan EMIs bounced. In November there was 3 pending EMIs, but I cleared one on November itself.
Again paid another EMI this month, still 2 EMIs are pending, because December EMI was also bounced.
Today I received a "Demand Legal Notice" asking me to pay the pending amount within 7 days otherwise civil/criminal proceedings will start.
I contacted the bank and they told me as long as I am making payments (even if there is bounces/pending EMI) I dont have to worry.
What should I do ? Should I hire a lawyer and reply ?
Or as per the bank says, do nothing about the letter ?
It will take atleast 4-5 months for my business to get better and clear all pending payments. Till then there will be 2-3 EMIs always pending.
You have to get issue a fitting strong reply legal notice. Please share the legal notice.
Ankur Goel @ Complete Law Shield
Responded 3 years ago
try not to miss 2 emi.
also you can ask for restructure if you feel you might miss emi.
Hope this clarifies,
Advocate Ankur Goel (Complete Law Shield)
#YourLifeYourChoice
sanjay panda
Responded 3 years ago
Once defaulted banks normaly send demand notices . Once you continue payment as per mutual agreed amount which they need to remove npa pressure they do not proceed in further legal action. But i suggest to have mou or letter between both specifically to hold the legal proceedings and method of payments for safer side.
If it is of vehicle loan then on the basis of previous issued notices they justify their unwarranted repossesion where you need to be careful if mou or letter is not there.
Ayantika Mondal @ Prime Legal
Responded 3 years ago
If the bank itself has told you not to worry, then I do not think it would be necessary to contact a lawyer at this stage.
If the bank itself has told you not to worry, then I do not think it would be necessary to contact a lawyer at this stage.
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