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.
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ADV. ANISH PALKAR (High Court)
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ADV. ANISH PALKAR (High Court)
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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.
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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.
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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.
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