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Q. Arbitration

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Anonymous

posted 3 months ago

question iconArbitration

I have taken a personal loan due to loss of job I am unable to pay the EMI for 5 months now they have told to pay it by tomorrow or there will be a warrant issued and the property will be attached. Please suggest the best way

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Anik

Anik

Responded 3 months ago

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A.Dear Client,'
In case you are unable to pay a loan you does not become a criminal but it is a civil dispute. You can contact your lender and tell your problem and ask for new repayment plan which is easy for you. You can also take loan insurance which will fulfill your short time loan payment.
Thank You.

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Vidhi Samaadhaan Vidhi Samaadhaan

Kishan Dutt Kalaskar Retired Judge

Kishan Dutt Kalaskar Retired Judge

Responded 3 months ago

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A.Dear Sir,
It is not so easy to issue attachment warrant since it has to undergo court proceedings or arbitration proceedings. You must increase thick of your skin and ask them to do whatever they like since it is a civil in nature and losing jobs during this COVID situation is universally known.

I could have explained more if background is known to me. If background is made known in full then legal experts will be in position to understand correctly. Moreso, the background must be in brief.

Please give me FIVE STAR if satisfied by my answers.

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