Debt consolidation
3 years ago
I have upto 20lacs debt in all 7 banks and have stopped paying from last 6months due to financial crisis. Now my salary is the only source of income to my family and I can pay maximum 20k monthly EMI. Please suggest me what options I have to handle this situation and whom I should approach.
A.As far as I know Bank managers have no freedom to make any relaxation for you.
Helpful
Helpful
Share
A.to file case for you ask Vidhikarya for calling me.
Helpful
Helpful
Share
Sidhaarth
Responded 3 years ago
A.You can ask bank for OTS. You can also take assistance of mediation center situated in ever district court.
Helpful
Helpful
Share
MOHIT ADARSH
Responded 3 years ago
A.It is advisable please approach the bank with all relevant documents like proof of salary cut/termination letter if any, bank statement showing your inability to pay EMI. You can avail loan restructuring facilities of the bank. Bank will definitely help you in this situation.
Helpful
Helpful
Share
A.you have to give a notice to all your banks where you have loans in one letter and give your income status so that you can get an amicable settlement
Helpful
Helpful
Share
A.you have to give a notice to all your banks where you have loans in one letter and give your income status so that you can get an amicable settlement
Helpful
Helpful
Share
Ayantika Mondal @ Prime Legal
Responded 3 years ago
A.Hi,
Request may be made to the bank officials for extension of time period for repayment of loan amount or for reduction of EMI amount.
If you find this answer helpful, please rate us.
Request may be made to the bank officials for extension of time period for repayment of loan amount or for reduction of EMI amount.
If you find this answer helpful, please rate us.
Helpful
Helpful
Share
A.Hi,
you may contact the banks and request for either extension of time period or for reduction of EMI amount.
If you find this answer helpful, please rate us.
you may contact the banks and request for either extension of time period or for reduction of EMI amount.
If you find this answer helpful, please rate us.
Helpful
Helpful
Share
Varun Vij
Responded 3 years ago
A.Hello,
You can approach the bank manager and come about a settlement in this regard. The bank provide relief to distressed individual on them addressing their concerns to them. You can also request them to state the minimum amount which you can pay and clear your loan.
Warm Regards,
You can approach the bank manager and come about a settlement in this regard. The bank provide relief to distressed individual on them addressing their concerns to them. You can also request them to state the minimum amount which you can pay and clear your loan.
Warm Regards,
Helpful
Helpful
Share
Read Related Answers
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
Bankruptcy and Debt
Dear sir,
You may join any reputed NGO and render your personal service where you can get at least free accommodation and boarding.
Read Blogs on Bankruptcy and Debt
Bankruptcy and Debt Lawyers
Find Lawyers by Location
