CC LIMIT LOAN ON STOCK
3 years ago
MY FATHER TOOK A CC LIMIT LOAN NAMED A FIRM , WHICH PROPRIETOR MY MOTHER SO MY FATHER TAKE A LOAN AS MY MOTHER NAME WHICH A CC LOAN AGAINST GOOD , MY FATHER MANAGE THAT BUSINESS 3 YEAR AGO MY FATHER DIED . NOW ALL RESPONSIBILITY COME TO MY MOTHER , SHE TRIED TO RUN BUSINESS BUT SHE CANT BECAUSE THERE NO MONEY AND NO OTHER SUPPORT , WE DONT HAVE MONEY TO PAY THAT LOAN , I M A 17 Y OLD , TELL ME ANY ADVICE , HOW CAN WE SAVE OR WHAT IS LEGAL ACTION IF WE NOT PAID BANK INSTALLMENT
A.The CC limit is given by bank on the basis of business performance as your family/mother cannot run the business so the Cash Credit facility will be closed by the bank & the balance amount will be recovered by selling off the business assets. If ur current business is NOT working shift it to something else, otherwise u will go into more losses.
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)
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
A.Hi,
File for insolvency/bankruptcy. The insolvency resolution professionals will then take control of the company and dispose of its assets to recover the loss. You can approach the Banking Ombudsman if you wish for an alternative remedy.
If you found this helpful, please rate us.
File for insolvency/bankruptcy. The insolvency resolution professionals will then take control of the company and dispose of its assets to recover the loss. You can approach the Banking Ombudsman if you wish for an alternative remedy.
If you found this helpful, please rate us.
Helpful
Helpful
Share
Ayantika Mondal @ Prime Legal
Responded 3 years ago
A.Hi,
You will have to file for bankruptcy. Alternatively, you can approach the Banking Ombudsman.
If you found this helpful, please rate us.
You will have to file for bankruptcy. Alternatively, you can approach the Banking Ombudsman.
If you found this helpful, please rate us.
Helpful
Helpful
Share
Read Related Answers
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.
Strong Legal Notice--Recovery of amount
Dear Client,
Unfortunately, there are no legal remedies for illegal issues. A contract for an illegal purpose is void from the beginning and in case such an illegal act is revealed from any source, bo...
Read Blogs on Bankruptcy and Debt
Bankruptcy and Debt Lawyers
Find Lawyers by Location
